The digital health market is slated to gain substantial momentum over the coming years due to the increasing number of COVID-19 infections across the globe, as they are shifting consumer focus more towards virtual visits. Healthcare systems are likely to face immense pressure in order to lower the number of coronavirus cases. Healthcare services provided through video consultations can play a key role in controlling the spread of infection.
This has impelled several global governments agencies to amend their respective regulatory policies that govern their digital health services. these efforts are expected to further the growth of the digital health niche, ensuring revenue growth.
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Citing an example, the Australian and the U.S. governments have permitted the reimbursement of healthcare services provides through video consultations. This move is expected to encourage the adoption of these services in these region. Amendments as well as revision such as these in existing governing policies to promote the adoption of digital health services will drive the industry growth.
As per a research report by GMI, Inc., digital health market is estimated to surpass $639.4 billion valuation by 2026.
In addition, key industry players have been focusing on enhancing their position in the market through several tried-and-tested strategies such as partnerships, mergers & acquisitions, and product development among others. Citing an instance, recently, on 18th February 2020, Allscripts Healthcare Solutions, a renowned leader in healthcare IT reportedly announced a new strategic partnership with an Indian healthcare IT firm, Manorama Infosolutions. The focus of this partnership would be to deliver an integrated healthcare MIS and Health information exchange platform.
In terms of technology, the overall market landscape is classified into digital health systems, healthcare analytics, telehealthcare, and mHealth. Among these, the telehealthcare technology segment is projected to grow at an impressive CAGR of more than 26.2% over the forecast time period. High growth of the segment is ascribed to the growing use of video consultations and telehealth services. Furthermore, numerous players are focusing on expanding their respective telemedicine platform capabilities to serve a larger segment of their consumer base, thereby stimulating segmental growth.
With respect to component, the market is categorized into services, software, and hardware. Among these hardware component segment accounted for more than 30% of the market share in 2019 and is slated to show substantial growth over the projected time period.
Growing use of health devices like wearables, smartphones, tablets and others is the main factor leading to segmental growth. Furthermore, ongoing advancements in telecommunication, sensor manufacturing techniques, microelectronics, and data analysis, has offered new business opportunities for wearables in the overall digital health environment.
The anticipated growth of healthcare services need leaders to educate as well as empower their workforce to build digital health capacity through training and education, enabling new care models like care pathways, remote care delivery, and virtual care. This would further allow patients to manage their health and wellness by utilizing digital technologies and tools. The subsequent rise of virtual visits technology is likely to drive the digital health market as it also boosts the cost effectiveness and quality.
On the geographical front, APAC digital health market is projected to reach a valuation of approximately $105.7 billion by the end of the analysis period. The regional market is anticipated to establish itself as the most rapidly growing region over the projected timeframe.
The regional growth can further be ascribed to the growth of the telecommunications infrastructure across developing nations like China and India. Moreover, increasing venture capital investments and rising smartphone user demographic will also be encouraging the market growth.
Cisco Systems, Inc., eClinicalWorks LLC, McKesson Corporation, Qualcomm, Allscripts Healthcare Solutions Inc., and Philips Healthcare among others are some of the key players operating in the market today.
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Partial Chapter of the Table of Content
Chapter 2. Executive Summary
2.1. Digital health market industry 3600 synopsis, 2015 - 2026
2.1.1. Business trends
2.1.2. Technology trends
2.1.3. Component trends
2.1.4. Regional trends
Chapter 3. Digital Health Market Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 - 2026
3.3. Industry impact forces
3.3.1. Growth drivers
22.214.171.124. Increasing use of smartphones, tablets, and other mobile platforms
126.96.36.199. Rapidly moving healthcare IT infrastructure in industrialized nations
188.8.131.52. Favorable government initiatives in U.S. and European region
184.108.40.206. Rising demand for remote patient monitoring services
220.127.116.11. Growing venture capital investments
3.3.2. Industry pitfalls & challenges
18.104.22.168. Security concerns regarding patient data
22.214.171.124. High capital expenditure and maintenance requirement
3.4. Growth potential analysis
3.4.1. By technology
3.4.2. By component
3.5. Impact analysis of COVID-19 on market
3.5.1. Impact of COVID-19 on major markets, 2020-2022
126.96.36.199. South Africa
3.5.2. Impact of COVID-19 on industry segments
188.8.131.52. Healthcare analytics
184.108.40.206. Digital health systems
3.5.3. Impact of COVID-19 on industry value chain
220.127.116.11. Research and development
3.5.4. Impact of COVID-19 on industry competition
3.5.6. Product portfolio
3.5.7. Business growth
3.6. Market entry landscape
3.7. Regulatory landscape
3.8. Technology landscape
3.8.1. Upcoming technologies
3.9. Porter's analysis
3.10. Competitive landscape, 2019
3.10.1. Company market share analysis, 2019
3.10.2. Strategy dashboard
3.11. PESTEL analysis