NEW
YORK, July 19, 2024 /PRNewswire/ -- The global
digital health market size is estimated to grow by USD 1.06 billion from 2024-2028, according
to Technavio. The market is estimated to grow at a CAGR of
over 33.53% during the forecast period. Increase in the
number of M and A activities in the market is
driving market growth, with a trend towards use of
AI in digital health. However, threat of open-source
service providers poses a challenge. Key market players
include 3M Co., Agfa Gevaert NV,
AirStrip Technologies Inc., ALLSCRIPTS HEALTHCARE SOLUTIONS INC.,
Alphabet Inc., Apple Inc., Cisco Systems Inc., Computer Programs
and Systems Inc., Epic Systems Corp., General Electric Co.,
Honeywell International Inc., International Business Machines
Corp., Koninklijke Philips N.V., McKesson Corp., Oracle Corp.,
Qualcomm Inc., Samsung Electronics Co. Ltd., Siemens AG, Telefonica
SA, and UnitedHealth Group Inc..
![Technavio has announced its latest market research report titled Global digital health market 2024-2028 Technavio has announced its latest market research report titled Global digital health market 2024-2028](https://mma.prnewswire.com/media/2464336/IRTNTR40912_bw2.jpg)
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Digital Health
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
33.53%
|
Market growth
2024-2028
|
USD 1063.5
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
27.22
|
Regional
analysis
|
North America, Europe,
Asia, and Rest of World (ROW)
|
Performing market
contribution
|
North America at
41%
|
Key
countries
|
US, UK, Germany, China,
and France
|
Key companies
profiled
|
3M Co., Agfa Gevaert
NV, AirStrip Technologies Inc., ALLSCRIPTS HEALTHCARE SOLUTIONS
INC., Alphabet Inc., Apple Inc., Cisco Systems Inc., Computer
Programs and Systems Inc., Epic Systems Corp., General Electric
Co., Honeywell International Inc., International Business Machines
Corp., Koninklijke Philips N.V., McKesson Corp., Oracle Corp.,
Qualcomm Inc., Samsung Electronics Co. Ltd., Siemens AG, Telefonica
SA, and UnitedHealth Group Inc.
|
Market Driver
Artificial Intelligence (AI) plays a significant role in
enhancing medical equipment output and expediting diagnosis in the
digital health sector. By providing smarter results and informed
insights to medical professionals, AI functions as a valuable
clinical decision-support tool. In radiology, for instance, AI
algorithms help meet the growing demand for diagnostic imaging,
streamline clinical workflows, and prevent diagnostic errors.
Leading digital health vendors, such as Siemens, incorporate AI
into their Research and Development efforts to drive comprehensive
medical image understanding. The increasing utilization of health
data and analytics is a primary factor fueling the expansion of the
global digital health market throughout the forecast
period.
The Digital Health Market is booming with trends like remote
stroke monitoring, medication reminders, and telehealth platforms
leading the way. Secure messaging apps, continuous glucose
monitors, and symptom tracking apps are also popular. Pregnant
women benefit from telehealth services, while pharmacy delivery and
health information apps cater to diverse needs. Digital health
startups leverage mobile services and smartphone penetration,
offering low-cost devices and high-speed mobile networks.
Telemedicine services collect personal health information, ensuring
data security. Obesity management solutions include tablets and
tablet PCs. Personal Digital Assistants and Internet connectivity
sources facilitate chronic disease management. Despite concerns
about data security and the black market, the Digital Health Market
continues to grow, transforming healthcare delivery.
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Market Challenges
- The digital health market is witnessing a significant influx of
open-source vendors offering diverse digital health solutions.
These vendors' offerings collectively provide nearly all the
functionalities of proprietary on-premises and cloud-based digital
health solution providers. Open-source software boasts benefits
such as unrestricted innovation, enhanced credibility, and
decentralized control, potentially impacting the
market share of proprietary players in the digital health sector.
Notably, NHS England, a UK public body, employs open-source IT
solutions in healthcare to cater to all, enabling customization to
local needs. Leeds Teaching Hospitals, a UK hospital trust, is
utilizing open-source software to create Electronic Health Records
(EHRs). This trend poses a challenge to the expansion of the global
digital health market during the forecast period.
- The Digital Health Market is experiencing significant growth
due to the increasing adoption of digital technology in healthcare.
However, challenges persist, such as fraudulent insurance claims
and compromised healthcare records. Telemedicine, mHealth, and
digital therapeutics are key areas of focus, with tele-healthcare
segment, software, hardware, and services segments all
contributing. Healthcare providers, payers, and patients/consumers
benefit from self-health management tools, preventive healthcare,
and consumer-centric approaches. The proliferation of smartphones
and mHealth devices facilitates better healthcare access for
adults. Telehealthcare platforms, wearable device manufacturers,
e-prescription systems, and IT industry collaborations are driving
innovation. Digital health technology addresses chronic illnesses
like diabetes, heart disease, and cancer through digital portals,
health management tools, and telehealthcare services. The elderly
population's needs are met through digital solutions, ensuring
better healthcare decisions and improved healthcare infrastructure
in hospitals and the healthcare ecosystem.
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challenges - Request a sample report!
Segment Overview
This digital health market report extensively covers market
segmentation by
- Application
- 1.1 Wireless health
- 1.2 Mobile health
- 1.3 EHR
- 1.4 Telehealth
- Component
- 2.1 Software
- 2.2 Services
- 2.3 Hardware
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 Asia
- 3.4 Rest of World (ROW)
1.1 Wireless health- Wireless health is an
innovative sector in the digital health market, integrating
wireless technologies into traditional medical activities. Key
wireless technologies include 4G, Bluetooth Low Energy (BLE), and
BodyLAN. Dexcom's G4 Platinum, a continuous glucose-monitoring
device, transmits data wirelessly within a 6-meter range using BLE,
while Dexcom STUDIO is the accompanying software. RFID technology,
another essential wireless solution, enables hospitals to monitor
the real-time location and status of critical equipment like
infusion pumps and specialty beds. STANLEY Healthcare's Hugs Infant
Protection system uses a hospital's Wi-Fi network to locate infants
within coverage. These advancements contribute to the anticipated
growth in the wireless health market.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global medical devices market is experiencing significant
growth, driven by technological advancements, increasing prevalence
of chronic diseases, and rising demand for minimally invasive
procedures. Key players are focusing on innovation and strategic
collaborations to expand their market presence.
The global equine healthcare market is expanding due to the
rising awareness of animal health, increasing horse ownership, and
advancements in veterinary care. Key segments include diagnostic
products, therapeutic products, and supplements, with major players
investing in research and development to meet the evolving needs of
horse owners and veterinarians.
Research Analysis
The Digital Health Market is experiencing rapid growth as
tablets and mobile platforms become the new norm for managing
healthcare requirements. Chronic diseases such as diabetes, heart
disease, and cancer are being addressed through innovative digital
health tools. Tablet PCs and Personal Digital Assistants (PDAs) are
transforming healthcare delivery, enabling real-time monitoring and
communication between adults and physicians. Internet connectivity
sources and high-speed mobile networks ensure seamless access to
digital portals and telehealthcare platforms. Low-cost devices and
e-prescription systems cater to the IT industry's demand for
affordable and efficient healthcare solutions. Digital technology
is revolutionizing the healthcare ecosystem, with telehealthcare
platform developers and wearable device manufacturers leading the
charge. Preventive healthcare is a key focus area, with digital
health tools offering personalized health management solutions. The
healthcare IT infrastructure is evolving, with hospitals adopting
digital technology to streamline operations and improve patient
care. The digital health market is poised for significant growth,
with the potential to revolutionize the way we approach
healthcare.
Market Research Overview
The digital health market is experiencing rapid growth due to
the proliferation of mobile devices and high-speed mobile networks.
Tablets and Mobile platforms are transforming healthcare delivery,
enabling telemedicine services, remote monitoring, and self-health
management. Low-cost devices and digital health tools like Personal
Digital Assistants and smart sensors are making healthcare more
accessible to adults and the elderly population. Digital health
solutions include telehealthcare platforms, mHealth devices, and
digital therapeutics. The software segment offers digital health
management tools, electronic medical records, and secure messaging
apps. The hardware segment includes tablet PCs, wearable devices
like continuous glucose monitors and wearable ECG monitors, and
blood pressure cuffs. Telehealthcare services offer patient-doctor
communication, medication reminders, symptom tracking apps, and
pharmacy delivery. Telehealth platforms provide preventive
healthcare services for chronic diseases like diabetes, heart
disease, cancer, stroke, and obesity. However, digital health also
presents challenges such as data security and privacy concerns,
with the risk of compromised healthcare records, fraudulent
insurance claims, and criminals in the black market. Digital health
startups and IT industry players are working to address these
challenges and ensure a consumer-centric approach to digital health
technology. The healthcare ecosystem, including healthcare
providers, payers, and patients and consumers, is embracing digital
technology to improve healthcare requirements and healthcare IT
infrastructure. Hospitals and physicians are adopting digital
health tools and digital portals for efficient healthcare delivery
and better health decisions.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Wireless Health
- Mobile Health
- EHR
- Telehealth
- Component
-
- Software
- Services
- Hardware
- Geography
-
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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