NEW
YORK, July 30, 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..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application (Wireless
health, Mobile health, EHR, and Telehealth), Component (Software,
Services, and Hardware), and Geography (North America, Europe,
Asia, and Rest of World (ROW))
|
Region
Covered
|
North America, Europe,
Asia, and Rest of World (ROW)
|
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.
|
Key Market Trends Fueling Growth
Artificial Intelligence (AI) plays a significant role in
enhancing medical equipment output and expediting results in the
digital health sector. This technology empowers medical
professionals with more efficient diagnosis tools and informed
insights. In radiology, for instance, AI algorithms help
radiologists meet the rising demand for diagnostic imaging,
streamlining clinical workflows and reducing diagnostic errors. AI
is a crucial component of Research & Development (R&D) for
leading digital health vendors, such as Siemens. The expanding use
of health data and analytics is fueling the global digital health
market's growth during the forecast period. AI's integration into
healthcare promises to revolutionize clinical decision-making
processes, ensuring improved patient care and heightened
efficiency.
The Digital Health Market is booming with trends like stroke
care through remote monitoring, medication reminders, telehealth
platforms, secure messaging apps, and symptom tracking apps leading
the charge. Continuous glucose monitors and wearable ECG monitors
are popular devices for managing chronic diseases such as diabetes
and heart conditions. Pregnant women and those with obesity benefit
from telehealth services, mobile platforms, and tablet PCs. Digital
health startups leverage mobile services, smartphone penetration,
and high-speed mobile networks to offer affordable, low-cost
devices and telemedicine services. Data collection and management
of personal health information are crucial, ensuring security
against black market criminals. Electronic Medical Records and
Internet connectivity sources facilitate seamless access to medical
information. Overall, the Digital Health Market is transforming
healthcare delivery for various chronic diseases.
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Market Challenges
- The digital health market is witnessing a significant influx of
open-source vendors offering diverse digital health solutions.
Combining multiple open-source products can provide nearly all
the functionalities of proprietary on-premises and cloud-based
digital health solution providers. Open-source software offers
advantages such as unrestricted innovation, enhanced credibility,
and decentralized control, which may negatively impact
the market share of proprietary players. NHS England, a UK public body, utilizes
open-source IT solutions in healthcare to make services accessible
and customizable to local needs. Leeds Teaching Hospitals is one
example using open-source software for Electronic Health Records
development, potentially hindering the expansion of the global
digital health market during the forecast period.
- The Digital Health Market is experiencing significant growth
due to the increasing use 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. The market is
segmented into software, hardware, and services, catering to
healthcare providers, payers, and patients. Self-health management
is on the rise due to the proliferation of smartphones and mHealth
devices. Tele-healthcare services, consumer-centric approaches, and
digital portals are transforming healthcare decisions for adults
with chronic illnesses like diabetes, heart disease, and cancer.
The elderly population also benefits from digital health
technology. Telehealthcare platform developers and wearable device
manufacturers are driving innovation, while e-prescription systems
streamline healthcare processes. The IT industry plays a crucial
role in developing healthcare IT infrastructure, including
hospitals and the healthcare ecosystem. Preventive healthcare is a
growing trend, and digital health tools are essential for managing
non-communicable diseases.
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challenges - Download 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 a burgeoning
sector in the digital health market, leveraging wireless
technologies for traditional medical activities like diagnosis and
treatment. Notable wireless technologies include 4G, Bluetooth Low
Energy (BLE), and BodyLAN. Dexcom's G4 Platinum continuous glucose
monitoring system uses BLE to transmit data within a 6-meter range,
while Dexcom STUDIO software processes the information. RFID
technology, another key player, enables hospitals to track critical
equipment like infusion pumps and specialty beds in real-time,
updating their status. STANLEY Healthcare's Hugs Infant Protection
system uses Wi-Fi for hospital-wide infant security. The digital
health market, fueled by these advancements, is projected to expand
significantly.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The Digital Health Market is experiencing exponential growth,
driven by the increasing use of digital technology in healthcare.
Tablets and Mobile platforms are revolutionizing healthcare
delivery, providing easy access to medical information and mobile
applications for adults managing chronic diseases such as diabetes,
heart disease, and cancer. Tablet PCs and Personal Digital
Assistants offer convenient solutions for physicians to access
healthcare IT infrastructure, enabling remote consultations and
telehealthcare services. Internet connectivity sources and
high-speed mobile networks enable seamless communication between
healthcare providers and patients, ensuring timely and effective
care. Digital portals and telehealthcare platform developers are at
the forefront of this transformation, creating innovative solutions
to meet the evolving healthcare requirements. Wearable device
manufacturers are also contributing to this trend, providing
low-cost devices that enable individuals to monitor their health in
real-time. The IT industry is investing heavily in digital health
tools, from e-prescription systems to preventive healthcare
applications. The healthcare ecosystem is embracing digital
technology, with hospitals and healthcare providers integrating
digital solutions into their operations to improve efficiency and
patient outcomes.
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 for chronic diseases. Low-cost devices and digital
health tools, such as Personal Digital Assistants and smart
sensors, are making healthcare more accessible to adults and the
elderly population. Digital health technology includes software,
hardware, and services segments catering to healthcare providers,
payers, and patients. Telehealthcare platforms, mHealth devices,
and digital therapeutics are revolutionizing healthcare IT
infrastructure in hospitals and healthcare ecosystems. However,
digital health also presents challenges, including data security
and privacy concerns. Criminals may exploit the black market for
compromised healthcare records, leading to fraudulent insurance
claims. Digital health startups and telehealth platform developers
must prioritize secure messaging apps and e-prescription systems to
mitigate risks. Preventive healthcare applications, such as
medication reminders, symptom tracking apps, and continuous glucose
monitors, are essential for managing non-communicable diseases like
diabetes, heart disease, cancer, and stroke. Wearable devices, such
as ECG monitors, blood pressure cuffs, and smartphone applications,
are transforming healthcare decisions and enabling remote
monitoring for pregnant women. The IT industry's consumer-centric
approach to healthcare is driving innovation in digital health
technology, with telehealth services, health management tools, and
pharmacy delivery becoming increasingly popular. The future of
digital health lies in the integration of digital technology and
healthcare, providing personalized healthcare solutions for
patients and consumers.
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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