NEW YORK, Sept. 15, 2021 /PRNewswire/ -- As per the findings of Zion Market Research study, digital health industry gathered revenue about US$ 96.2 billion in 2020 and is slated to earn revenue of approximately US$ 201.9 billion by 2028. The digital health market is projected to register highest gains of approximately 15.2% in 2021-2028. With reputed firms in life sciences, retail, and technology sectors trying to enter digital health business along with many start-up firms, it is likely that digital health market is predicted to gain traction over years ahead.
In addition to this, these firms are trying to generate value for healthcare activities through use of technology for addressing specific issues pertaining to management & delivery of healthcare solutions, thereby driving market trends. Apart from this, digital health solutions have huge potential for enhancing patient care along with reducing escalating costs. Additionally, massive use of machine learning, AI, data analytics, and deep learning in digital healthcare activities will boost growth of digital health industry over ensuing years. Moreover, digital health systems can help country save billions of dollars spent on healthcare. For instance, the U.S. healthcare system costs can be reduced to large extent through utility of digital health technologies as the later can improve drug research processes & wellness of patients, determine right patient, enhance operational efficacy, improve disease screening, offer remote patient support, and optimize financial model.
Moreover, outbreak of COVID pandemic and need for digital interventions for enhancing favorable health outcomes in diabetics, COVID patients, and asthma candidates will promulgate expansion of digital health industry during forecast timeline. In addition to this, customers want those healthcare services that they can access from remote locations and also assist them in taking care of themselves as well as their loves ones in their households along with assisting them in dealing with healthcare tools. This is only possible due to digital health solutions. With new digital technologies enhancing outcomes, minimizing costs, and improving experience of patient & service provider, market for digital health is set to register optimum gains over forecast timeline.
Digitization of Healthcare Data & Easy Availability of Data Accessing Apps to Drive Market Growth
Swift digitization of healthcare data and easy availing of apps that can access healthcare data from anywhere across globe through use of smartphones, tablets, and laptops will drive digital health market growth. In addition to this, introduction of network facility and internet penetration across globe along with launching of 5G network in Europe and North America will result in a large increment of market size. Apart from this, government focus on prevention of disease & well-being of patient through early disease diagnosis, launching of digital & interoperable healthcare tools by various governments, and need for increasing customer engagement with digital health tools will drive growth of digital health market across globe. For instance, India and Chile have launched mobile health applications referred as ReMiND and AccuHealth. Reportedly, ReMind has helped in improving health performance of community workers along with bringing improvement in health outcomes of mothers and infants in rural areas of countries such as India. Moreover, use of AI, remote monitoring, nutritional & psychological aid, and bringing behavioral change in patients through use of AccuHealth has enhanced quality of life of subjects affected due to chronic diseases in countries such as Chile.
Additionally, use of national health information technology tools in countries such as Holland, Estonia, and Australia has helped patients garner immense healthcare information due to secured & interoperable exchange of information among service providers. Furthermore, digital health apps have also enhanced customer engagement and best example of this is use of gamified e-therapy app known as SPARX in New Zealand. The app has helped in enhancing emotional resilience of the country youths who suffered from depression by educating them on how to make use of insights gained from online games for handing or solving real-life problems.
North American Market to Hit Highest Growth Peak By 2028
Growth of digital health industry in North America over forecast timeline can be attributed to surge in healthcare costs along with massive penetration of digital devices such as smartphones, laptops, notebooks, think pads, and tablets in countries such as Canada and the U.S. In addition to this, a prominent increment in utility of telehealth services in the sub-continent will proliferate expansion of digital health market over upcoming years. Rapid spread of COVID pandemic across globe and its massive & devastating impact witnessed in countries such as the U.S. is likely to help digital health market establish a strong foothold in North America along with succoring regional market enter a new era of growth in forthcoming years.
Key players are making huge impact on growth of digital health market and creating ripples. Few of them are profiled in our report and include Philips Healthcare, AT&T Inc., Cerner Corp., Cisco Systems, Allscripts Healthcare Solutions Inc., Agfa-Gevaert N.V., GE Healthcare, McKesson Corp., Siemens Healthineers, and Qualcomm Inc.
This review is based on a report by Zion Market Research, titled,"Global Digital Health Market - by Product Type [Healthcare Information Systems (Clinical Solutions and Non-Clinical Solutions) and Wearable Devices (Diagnostic & Monitoring Devices and Digital Therapeutic Devices)], by Component [Hardware, Software and Services] and by End User [B2B (Employers, Wellness Centers, Fitness Centers and Gyms) and B2C (Patients and Caregivers)] - Industry Perspective, Comprehensive Analysis and Forecast, 2021 – 2028."
This report segments the global digital health market as follows:
Global Digital Health Market: Product Type Segment Analysis
Healthcare Information Systems
Clinical Decision Support System
Computerized Physician Order Entry
Diagnostic & Monitoring Devices
Digital Therapeutic Devices
Global Digital Health Market: Component Segment Analysis
Global Digital Health Market: Sales Channels Segment Analysis
Global Digital Health Market: Regional Segment Analysis
Middle East and Africa
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