Digital Health Market: Current Analysis and Forecast (2021-2027)

Report Description

Digital Health Market was valued at US$ 150 billion in 2020 and is expected to grow at a CAGR of 26% over the forecast period (2021-2027). Digital health makes the use of technology to help people get better with their health. Wearable devices, mobile health apps, ingestible sensors, electronic health records, and automated care-like devices are mainly used in the case of Digital health. Several government organizations are taking the initiative to promote digital health in their country. For instance, the Australian Government has taken the initiative to promote healthcare IT in Australia through a lifetime policy PCEHR (Personally Controlled Electronic Health Record) for each of its citizens.

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The demand for digital health is increasing on account of the growing number of smartphone users across the globe, rapidly growing healthcare IT infrastructure in developed and developing countries, the growing awareness about the importance of health and fitness among the population, increase in the use of numerous health and medical apps to maintain fitness. Moreover, the growing geriatric population, rising healthcare expenditure levels, and increasing prevalence of diseases including Chronic Obstructive Pulmonary Disease (COPD), diabetes, and cancer also propels the market growth. According to the National Institutes of Health (NIH), more than 16 million Americans are suffering from chronic obstructive pulmonary disease (COPD).

Active Smartphone Users Globally, 2019 (Millions)

Insights Presented in the Report

“Amongst Technology, Mobile Health Technology segment holds the major share.”

Based on technology, the market is fragmented into Mobile Health Technology, Health Information Technology, Wearables Technology, Telehealth Technology, and Others. The mobile health technology accounted for the largest share in 2020 is anticipated to register a lucrative CAGR during the forecast period.  The increase in the use of mHealth apps, increasing penetration of internet connectivity & smartphones, and the high adoption of digital health technologies by patients and physicians mainly drive the segment growth. For example, Teva a pioneer in enhancing health and improving access to quality healthcare for society has launched a Bluetooth-enabled albuterol sulfate rescue inhaler. The new inhaler is available by prescription to U.S. patients age 4 and older, according to the Tel Aviv, Israel-based company. ‘ProAir Digihaler’ connects with the smartphone to detect and record COPD and Asthma symptoms.

“Amongst Component, Software is anticipated to grow at the highest CAGR during the analyzed period.”

Based on Component, the market is fragmented into Software, Service, and Hardware. The Software segment is expected to register the highest CAGR in the upcoming period owing to the rising demand for reducing medical costs, and several initiatives are taken by government organizations to boost healthcare IT also propels the market growth. FDA launched the Digital Health Center of Excellence in 2020, for the empowerment of stakeholders to advance health care by fostering responsible and high-quality digital health innovation.

Amongst Modality, the Wireless segment holds the major share”

Based on Modality, the market is fragmented into Wired and Wireless. The wireless segment accounted for the largest share in 2020 is anticipated to register a lucrative CAGR during the forecast period.  The wireless digital health technologies such as 4G, Bluetooth low energy (BLE), and BodyLAN are used for the diagnosis and treatment of diseases. In 2020, cos announced the global launch of its first hackproof Baby Monitor, a huge breakthrough offering customers an all-in-one intelligent way to keep tabs on their babies at home remotely.

Amongst End-User, the Hospitals segment holds the major share”

Based on End-user, the market is fragmented into Clinics, Hospitals, Ambulatory Surgery Centers, Home Care Settings, and Others. The Hospitals segment is expected to dominate the market owing to the high adoption of Artificial intelligence in a digital health setting, and advancements in technologies. For instance, in 2020, Quantib, a market leader in artificial intelligence solutions for radiology, received FDA clearance for its prostate solution which provides a workflow for the detection of abnormalities on MRI prostate scans.

“North America signifies one of the largest markets and Europe is expected to be the fastest-growing markets of Digital Health market.”

For a better understanding of the market dynamics of the Digital Health Market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. North America dominated the market and grabbed around XX% market share owing to an increase in acceptance of digital health by society and high-end healthcare infrastructure.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Digital Health market were the three major steps undertaken to create and analyze the adoption of Digital Health for the different applications across major sectors such as Clinics, Hospitals, Ambulatory Surgery Centers, and Home Care. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Digital Health sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Digital Health through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Digital Health market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are Technology, Deployment Mode, Modality, and End-User. Further country-level analyses were conducted to evaluate the overall adoption of Digital Health in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Digital Health. Further, we conducted factor analysis using dependent and independent variables such as a growing number of smartphone users across the globe, rapidly growing healthcare IT infrastructure in developed and developing countries, the growing awareness about the importance of health and fitness among the population, increase in the use of numerous health and medical apps to maintain fitness.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Digital Health  Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of Digital Health across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Digital Health market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Digital Health market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Technology, Deployment Mode, Modality, End-User, and Region of the Digital Health market.

Main Objective of the Digital Health Market Study

The current & future market trends of Digital Health were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Digital Health in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of Technology, Deployment Mode, Modality, End-user, and Region
• Define and analysis of the regulatory framework for the Digital Health industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Digital Health market for the major region
• Major regions studied in the report include North America (the United States and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), and Rest of the World
• Company profiles of the Digital Health market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry