Global Digital Health Market: Snapshot
The market for digital health is gaining remarkable momentum across the world, thanks to the surge in the prevalence of diabetes and various other chronic diseases. With the increasing number of government initiatives and the rising uptake of information technology in the area of medical and healthcare, the market is anticipated to witness significant growth over the next few years. In 2016, the global digital health market was at US$179.6 bn. According to Transparency Market Research (TMR), the opportunity in this market is anticipated to rise at a CAGR of 13.40% between 2017 and 2025 and increase to US$536.6 bn by the end of 2025. The technological advancement in the medical and healthcare infrastructure is also projected to support this market over the next few years.
Strong Demand for Healthcare Information Systems
The global market for digital health is assessed on the basis of the product, component, end user, and the geography. Based on the product, the market is classified into wearable devices and healthcare information systems. Among the two, healthcare information systems leads the global market due to the significant rise in the adoption of technological advanced products, such as telehealth, EHR/EMR, and population health management. Further, the healthcare information segment is bifurcated into clinical solutions and non-clinical solutions. Clinical decision support system (CDSS), EHR/EMR, computerized physician order entry (CPOE), telehealth, mHealth, and population health management are the key segments of clinical solutions. Of these, the market for mHealth is anticipated to propel at a significantly high growth rate on account of the rising penetration of smartphones across the world and the augmenting levels of awareness regarding health and fitness among people across the world.
Based on the component, the market is categorized into software, hardware, and services. The demand for digital health services is higher than other digital health components and is expected to remain high over the forthcoming years. Based on the end user, the market has been categorized into B2B and B2C. The B2B segment has emerged as the key contributor to this market over the last few years. Providers, employers, payers, and pharmaceutical companies are the main components of the B2B segment, whereas, the B2C segment includes patients and caregivers.
North America to Demonstrate Strong Rise in Digital Health Market
In terms of the geography, the global digital health market has been segmented into six regions: Europe, Asia Pacific, Latin America, North America, the Middle East, and Africa. North America, among these, has been dominating the global market. Various factors, such as the prescience of a large pool of players and increasing collaboration between them are instrumental behind the significant growth of this regional market. With the high demand from Germany and the U.K., the Europe market for digital health is expected to continue on the leading position over the next few years. Going forward, Asia Pacific is likely to offer lucrative opportunities for the growth of the global market for digital health in the near future.
Agfa-Gevaert N.V., Cerner Corp., Allscripts Healthcare Solutions Inc., McKesson Corp., Philips Healthcare, GE Healthcare, Siemens Healthineers, Epic Systems Corp., Truven Health Analytics, Qualcomm Inc., and Cisco Systems Inc. are some of the key participants in the global digital health market.
Global Digital Health Market: Overview
This report on the global digital health market analyzes the current and future prospects of the market. The report comprises an elaborate executive summary, including a market snapshot that provides overall information of various segments and sub-segments. This research is a combination of primary and secondary research. Primary research formed the bulk of our research efforts along with information collected from telephonic interviews and interactions via e-mails. Secondary research involved study of company websites, annual reports, press releases, stock analysis presentations, and various international and national databases.
The report provides market size in terms of US$ Mn for each segment for the period from 2015 to 2025, considering the macro and micro environmental factors. Growth rates for each segment within the global digital health market have been determined after a thorough analysis of past trends, demographics, future trends, technological developments, and regulatory requirements. A detailed qualitative analysis of factors responsible for driving and restraining market growth and future opportunities has been provided in the market overview section. This section of the report also includes market attractiveness analysis that provides a thorough analysis of the overall competitive scenario in the global digital health market.
Market revenue in terms of US$ Mn for the period between 2015 and 2025 along with the compound annual growth rate (CAGR %) from 2017 to 2025 are provided for all the segments, considering 2016 as the base year. Market size estimations involved in-depth study of services and product features of different types of services. Additionally, market related factors such as increasing preference for technologically advanced services, product innovation, and increasing prevalence of diabetes and other chronic diseases in various geographies and historical year-on-year growth have been taken into consideration while estimating the market size.
Global Digital Health Market: Segmentation
Based on product, the global digital health market has been segmented into health care information systems and wearable devices. Health care information system is further categorized into clinical solutions and non-clinical solutions. Clinical solutions is segmented into EHR/EMR, clinical decision support system (CDSS), computerized physician order entry (CPOE), mHealth, telehealth, population health management and others. mHealth is further segmented into connected medical devices, mHealth applications and mHealth services. mHealth application is categorized into fitness apps, medical reference, wellness, medical condition management, nutrition, remote consultation, reminders and alerts, diagnostics and others.
Wearable devices is segmented into diagnostic and monitoring devices and digital therapeutic devices. Digital therapeutic devices is further classified into pain management devices, rehabilitation devices, respiratory therapy devices and insulin pumps. Based on component, the digital health market is segmented into hardware, software and services. Based on end user, the digital health market is segmented into B2C and B2B. B2C end user is further segmented into patients and caregivers and B2B is further classified into providers, payers, employers, pharmaceutical companies and others.
Geographically, the global Digital Health market has been segmented into six regions: North America, Europe, Asia Pacific, Latin America, Middle East and Africa. In addition, the regions have been further segmented by major countries from each region. These include the U.S., Canada, the U.K., Germany, France, Italy, Spain, China, and Japan.
Companies Mentioned in the Report
The report also profiles major players in the Digital Health market based on various attributes such as company overview, financial overview, SWOT analysis, key business strategies, product portfolio, and recent developments. Key companies profiled in the report include Agfa-Gevaert N.V., Cerner Corporation, Allscripts Healthcare Solutions, Inc., McKesson Corporation, Philips Healthcare, GE Healthcare, Siemens Healthineers, Epic Systems Corporation, Truven Health Analytics (an IBM Company), Alphabet Inc. and Qualcomm Inc.
The global Digital Health market has been segmented as follows:
By Product Type
- Healthcare Information Systems
- Clinical Solutions
- Clinical Decision Support System (CDSS)
- Computerized Physician Order Entry (CPOE)
- Connected Medical Devices
- mHealth Applications
- Fitness Apps
- Medical reference
- Medical Condition Management
- Remote Consultation
- Reminders and alerts
- mHealth Services
- Population Health Management
- Non-Clinical Solutions
- Clinical Solutions
- Wearable Devices
- Diagnostic and monitoring devices
- Digital Therapeutic Devices
- Pain management devices
- Rehabilitation devices
- Respiratory therapy devices
- Insulin Pumps
By End User
- Pharmaceutical Companies
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Middle East