Digital Healthcare Technologies have seen remarkable growth in demand since the COVID-19 outbreak, used extensively for monitoring individuals suffering from the infection. These technologies help predict the symptoms among patients for faster intervention. Digitization in the healthcare industry has become even more prominent post the implementation of the lockdown as well as the soaring need to curb the spread of the pandemic. Digital healthcare technologies are increasingly being employed by healthcare workers and clinicians to gain accurate and faster clinical results. The market size is expanding thanks to the rising use of internet and smartphones to achieve self-reports and the widespread popularity of wearables to collect extensive physiological data.
Market Research Future (MRFR) believes that the digital healthcare market will capture a striking CAGR of 26.30% during the evaluation period (between 2019 and 2025). The global market value by 2025-end will be USD 3,28,887.8 Million, says MRFR.
Mobile health particularly witnesses robust demand worldwide, considering the rampant need to constantly monitor the patient and facilitate effective communication between the patient and the doctor. Soaring use of mhealth apps, especially in remote locations with no access to medical workers also acts in favor of the global market. Increased adoption of wireless technologies in various portable devices, high convenience, cost effectiveness, and the dramatic increase in lifestyle diseases also foster the market growth. The healthcare IT sector exhibits a robust growth potential, backed by the government bodies across the world.
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The global market for digital healthcare is all set to move forward with the contributions made by companies like Cerner Corporation (US), Allscripts Healthcare, LLC (US), BioTelemetry, Inc. (US), Koninklijke Philips NV (The Netherlands), Cisco Systems, Inc (US), General Electric Company (US), McKesson Corporation (US), EClinicalWorks (US), iHealth Lab Inc. (US), AT&T Inc. (US), Athenahealth Inc. (US), Qualcomm Technologies, Inc. (US), and others.
The global digital healthcare market, as discussed by the MRFR experts, has been segmented by application, delivery mode, technology, components, and end user. These segments reveal various factors and figures that would provide assistance during the mapping of the current market scenarios.
- By Technology, the digital healthcare market has been segmented into telehealthcare, mhealth, digital health systems, and healthcare analytics. The digital health systems include EHR/EMR and e-prescribing systems. The telehealthcare system includes remote medication management, LTC monitoring, activity monitoring, and video consultation. The mHealth segment comprises wearables and mHealth apps. The wearables have been segmented into neurological monitors, glucose meters, pulse oximeters, BP monitors, sleep apnea monitors, and others. The mHealth apps include fitness apps and medical apps.
- By Application, the study of the digital healthcare market has been segmented into diabetes, neurology, cardiology, oncology, sleep apnea, and others.
- By Delivery Mode, the report on the digital healthcare market has been segmented into on-premise and cloud-based. The cloud-based is gaining traction.
- By Components, the study on the digital healthcare market includes software, services, and hardware.
- By End user, the discussion on the digital healthcare market includes healthcare payers, pharmaceutical companies, healthcare providers, and others. The healthcare providers are taking significant steps to ensure better growth rate.
APAC/Asia Pacific, MEA/Middle East & Africa along with the Americas and Europe are the top markets for digital healthcare.
America has been identified as the most profitable market for digital healthcare, by virtue of the large-scale healthcare spending as well as the escalating use of advanced technologies by healthcare. The US market has shown signification growth in recent years, thanks the high adoption rate of modern technologies like cloud-based platforms. Numerous firms in the region are focused on creating highly innovative IT infrastructure via strategic acquisitions, mergers, and partnerships, which should favor the digital health industry in the following years.
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The second leading position has been captured by the European market, considering the surging pressure to cut down healthcare spending and the surge in technological advances. Robust efforts given by the leading firms in the region to further improve their market rankings by bolstering their existing solutions and services will also have a positive impact in the years to come.
Asia Pacific should chart the fastest trajectory, in terms of growth, given the rapidly improving healthcare infrastructure combined with the soaring number of healthcare IT companies. The mounting number of research & development centers and the strong presence of reputed firms across India, China, and Singapore. Government-backed reforms to areas issues related to the ineffective healthcare system and the surge in financial aid to encourage use of digital technologies will also benefit the Asia Pacific market between 2020 and 2027.