WASHINGTON, Feb. 21, 2022 (GLOBE NEWSWIRE) -- Digital health technology is designed to provide patients new method of healthcare system. This system includes concepts for saving time, boosting accuracy and cost efficiency to manage illness, health risks and promote wellness. Digital health, or digital healthcare, is a broad, multidisciplinary concept that includes concepts from an intersection between technology and healthcare. Digital health applies digital transformation to the healthcare field, incorporating software, hardware and services. These enhanced capabilities of digital health technology are expected to generate revenue in coming years, states Vantage Market Research, in a report, titled “Digital Health Market by Technology (Telehealthcare, mHealth, Healthacare Analytics, Digital Health Systems), by Component (Hardware, Software, Services), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
The market size stood at USD 145.57 Billion in 2021. The Global Digital Health Market size is expected to reach USD 430.52 Billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 16.9% during the forecast period.
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Impact Analysis 150+ Pages Research Report (Including latest research)
Provide chapter-wise guidance on request 2021 Updated Regional Analysis with Graphical Representation of Trends, Size, & Share, Includes Updated List of figures and tables.
Updated Report Includes Major Market Players with their Sales Volume, Business Strategy and Revenue Analysis by using Vantage Market Research methodology.
(Please note that the sample of this report has been updated to include the COVID-19 impact study prior to delivery.)
List of Prominent Players in the Digital Health Market:
Allscripts Healthcare Solutions Inc. (US)
Cisco Systems (US)
Koninklijke Philips N.V. (Netherlands)
McKesson Corporation (US)
Cerner Corporation (US)
The report on Digital Health Market highlights:
Assessment of the market
COVID Impact Analysis
Value Chain Analysis
Historic Data, Estimates and Forecast
Porter’s Five Forces Analysis
Global and Regional Dynamics
Increasing Adoption of Mobile Health
The broad scope of digital health includes categories such as mobile health (mHealth), health information technology (IT), wearable devices, telehealth and telemedicine, and personalized medicine. From mobile medical applications and software that support the clinical decisions made by healthcare professionals has been driving a revolution in healthcare.
The Digital Health Market is gaining huge potential across the globe owing to the increasing adoption of smartphones in clinics and hospitals. Further, the introduction of advanced technology like artificial intelligence (AI) is expected to play a crucial role in the improvement of digital health services. According to the World Health Organization, Digital tools are giving providers a more holistic view of patient health through access to data and giving patients more control over their health. Digital health offers real opportunities to improve medical outcomes and enhance efficiency. These are few factors that are adapted using mobile applications which are expected to drive the Digital Health Market.
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Cyber Security & Privacy Concerns might hinder the Digital Health Market
In recent years, information security is key area of interest for IT professionals. Cyber-attacks in the industry and consumer sectors have been widely echoed in the past and recent cyber-attacks in the healthcare sector which are of concern. Food and Drug Associations (FDA) has provided certain norms on digital health cyber security which are currently used in the healthcare sector. This includes vulnerability or weakness in software, hardware or other factor that could pose a risk is identified in the application. This is because of high risks of cyber-attacks which are expected to slow down the Digital Health Market.
COVID-19 Impact Analysis:
World health Organisation (WHO) is harnessing the power of digital health to be applied during the COVID-19 pandemic. WHO is working on a global social enterprise improving lives using mobile used for COVID-19 vaccines with people having simple phones or limited access to the internet. Mobile technology is revolutionizing organizations engage with their end users. More than 96% of the world’s population has access to a mobile phone, meaning it is now possible to reach nearly every single person on the planet. These are few factors that are promoting the growth of market during the COVID-19 pandemic
The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data- points:
Impact Assessment of COVID-19 Pandemic
Middle East & Africa
Quarterly Market Revenue Forecast by Region 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
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Increasing Growth of Digital Health Market in North America
The Asia Pacific is expected to grow at the fastest rate during the forecast period, owing to the prevalence for increase in number of well-established digital health companies and research institutes in the U.S. and Canada. Rising healthcare costs, advancements in coverage networks, increasing adoption of smartphones and a surge in demand for digital health services is driving the market growth in the region. Key players funding in developing software are also booming the development of Digital Health Market in this region.
North America accounted for the largest share of the Digital Health Market in 2021. The rising healthcare spending in the India and China is expected to drive the regional market growth. The majority of hospitals in the China have implemented software solutions, enabling them to achieve their digital healthcare goal.
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(Please note that the updated sample of this report has come up with the COVID-19 impact analysis)
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Digital Health Market?
How will the Digital Health Market change in the upcoming six years?
Which application and product will take a lion’s share of the Digital Health Market?
What is the Digital Health market drivers and restrictions?
What will be the CAGR and size of the Digital Health Market throughout the forecast period?
This market titled “Digital Health Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size in 2021
USD 145.57 Billion
Projected Market Size in 2028
USD 430.52 Billion
CAGR Growth Rate
CAGR of 16.9% From 2022 - 2028
2016 - 2020
2022 - 2028
Quantitative Data - Units
Revenue in USD Million/Billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
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