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With Market Size Valued at $441 Billion by 2026, it`s a Healthy Outlook for the Global Digital Health Market
SAN FRANCISCO, March 10, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Digital Health - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
What's New for 2022?
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
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- Access to our digital archives and MarketGlass Research Platform
- Complimentary updates for one year
Edition: 10; Released: February 2022
Executive Pool: 4403
Companies: 679 - Players covered include AdvancedMD Inc; AirStrip Technologies LP; Alcatel-Lucent S.A; Allscripts Healthcare Solutions Inc; Apple Inc; Aruba Networks, Inc.; AT&T Communications, LLC; Athenahealth Inc; Biotelemetry Inc; Capsule Technologies, Inc; Cerner Corporation; Cisco Systems, Inc; eClinicalWorks; Honeywell International Inc; iHealth Lab Inc; Koninklijke Philips N.V.; McKesson Corporation; QUALCOMM TECHNOLOGIES, INC; Siemens Healthineers AG and Others.
Coverage: All major geographies and key segments
Segments: Technology (mHealth, Digital Health Systems, Healthcare Analytics, Tele-Healthcare); Component (Services, Hardware, Software)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Rest of World.
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ABSTRACT-
Global Digital Health Market to Reach US$441 Billion by the Year 2026
The impact of digital technology on the healthcare industry has been profound, witnessing applicability, ranging from remote patient monitoring, medical equipment, in-vitro examination, imaging devices to pharmaceuticals. Digital health is anticipated to enjoy notable growth and abundance of lucrative opportunities as the area continues to remain relatively underinvested. Even though key digital health solutions such as telemedicine have been around for many years, the adoption of such technologies has been very low owing to lack of awareness, and resistance from stakeholders such as patients as well as healthcare providers. The wave of digital innovation around healthcare is supported by aging population and proliferating new diseases and chronic conditions. The digital health market is also driven by the transformation of patient data stored in the form of electronic forms saving time and space. Healthcare providers have been experimenting with different business models over the last decade. The emergence of personalized medicine and value-based healthcare (VBC) is among the most promising trends in healthcare. Both forms of healthcare delivery require advanced data aggregation and analysis, incentivizing healthcare providers to adoptdigital health technologies. Innovations and next-generation technologies continue to sustain their era-defining impacts not only on medical therapies, but also the health care sector as a whole. Over the past several years, driven by the impact of wearable health care devices, connected gadgets, and mobility, as well as that of multiple other technologies, the worldwide health care industry is in a grip of revolutionary changes.
Amid the COVID-19 crisis, the global market for Digital Health estimated at US$216.4 Billion in the year 2022, is projected to reach a revised size of US$441 Billion by 2026, growing at a CAGR of 18.5% over the analysis period. mHealth, one of the segments analyzed in the report, is projected to grow at a 19.3% CAGR to reach US$246 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Digital Health Systems segment is readjusted to a revised 14.4% CAGR for the next 7-year period. This segment currently accounts for a 30.8% share of the global Digital Health market. mHealth care is the most prominent trend within the worldwide digital health care market. In several regions of the world, in which the penetration of mHealth care apps into the overall health care systems is complete, these apps are making significant contribution in preventing, treating, and managing several chronic diseases.
The U.S. Market is Estimated at $89.9 Billion in 2022, While China is Forecast to Reach $45.5 Billion by 2026
The Digital Health market in the U.S. is estimated at US$89.9 Billion in the year 2022. The country currently accounts for a 41.3% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$45.5 Billion in the year 2026 trailing a CAGR of 22.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 14.8% and 17% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 16% CAGR while Rest of European market (as defined in the study) will reach US$20.8 Billion by the end of the analysis period.
The US is anticipated to dominate the digital health market led by high healthcare spending, government initiatives, including funding in EMR, adoption of high technologies and the adoption of healthcare information technology. Further, the usage of telemedicine and mHealth applications is on rise across the nation. Other factors driving market growth include implementing HITECH and HIPAA Acts, encouraging the usage of electronic health data, and rise in incidence of chronic diseases, and growth in the aged population. Europe is another major market for digital health led by increasing pressure to cut increasing healthcare costs, improved healthcare solutions, and innovative technologies. The Asia Pacific is forecast to be the fastest-growing region because of the increased usage of mHealth. Other factors driving the market in the region include continuous improvement in healthcare infrastructure, rising number of IT companies, increased usage of wearables and smartphones, countries such as India and China turning into medical tourism hubs, government initiatives for raising awareness about digital health, growing incidence of chronic disease, increase in aging population and increasing medical errors.
Healthcare Analytics Segment to Reach $88 Billion by 2026
Following an active role in COVID-19 response, healthcare analytics is anticipated to deliver an actionable performance through the recovery phase, enabling organizations to improve patient outcomes and reduce costs. Healthcare analytics enabled hospitals to quickly gain insights into COVID-19 trends, practices and patterns to ensure proper operations under pressure. Healthcare analytics is anticipated to be also influenced by the impact of pandemic on population health strategy. A large number of organizations are unlikely to devote additional resources for incorporating population health strategy into the decision making process. In the global Healthcare Analytics segment, USA, Canada, Japan, China and Europe will drive the 22.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$19.7 Billion will reach a projected size of US$83.6 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$7.5 Billion by the year 2026.
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Global Industry Analysts, Inc.
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www.StrategyR.com
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