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techsuch May 9, 2021 0 Comments

Digital Health Market### Digital Health Market Size (2020 to 2025)As per our analysis report, the global digital health market size is predictedto grow at a remarkable CAGR of 19.04% from 2020 to 2025. This market isestimated to worth USD 312.6 billion by the end of 2025. Technologicaladvancements in the Healthcare industry are primarily hiking the growth rateof the global digital health market. People are adopting new technology likenever before, which has led many businesses to become more popular and newbusinesses being invented. People can monitor their health at home withoutgoing outside now and maintain their health with various health monitoringapps and fitness apps.Digital healthcare is the convergence of digital technology and healthcare toenhance the efficiency of healthcare delivery. Digital healthcareinterconnects the health system to improve computation technologies, smartdevices, analysis techniques, and communication, which help healthcareprofessionals and patients. This technology includes both software andhardware solution and services such as telemedicine, web-based analysis,mobile application, and remote monitoring sensors.MARKET DRIVERS:Factors such as increasing usage of smartphones, rising standards ofhealthcare IT infrastructure in different nations, and growing focus onfitness are majorly driving the global digital health market.The rising elderly population and creating awareness over the benefits ofdigital healthcare systems are also propelling the demand of the markettremendously. Patients with chronic diseases can need healthcare servicescontinuously where can be provided by digital healthcare very quickly. Digitalhealth can help to compensate for the shortage of healthcare professionalsworldwide. According to the WHO, the healthcare professional’s deficit canrise to 9.9 million by 2030.The government and the regulatory bodies worldwide are funding to developdigital healthcare services, which is estimated to favor market growth. Thegrowing usage of virtual reality devices in pain management and the increasingadoption of artificial intelligence and machine learning in healthcare alsocontribute well to the demand for the digital health market. Big data inhealthcare stores patient information and analyzes the data, so it lowers themedication errors next time. The data collected by the hospital can be used inthe research of the medical devices and also predict disease in a patient witha previous medical history. These factors are projected to escalate the growthof the digital health market.Furthermore, the increase in the smartphone and smart devices has led to theintroduction of apps that can help us monitor our body vitals like bloodpressure and heart rate and the number of calories burned during the day.Other types of apps allow us to do physical exercise and yoga correctly. Theeasy user interface is the prominent feature of these apps, contributing a lotto the market growth.The recent outbreak of COVID-19 further actively drives the growth of theglobal digital health market. In recent times, increased adoption of remotemonitoring has been noticed in hospitals worldwide, as most chronic patientsneed continuous monitoring. They are most likely to get infected by thecoronavirus.MARKET RESTRAINTS:Healthcare is not yet fully digitalized; only 7% of healthcare globally isdigitalized, which is a major restraining factor for the market growth. Risingconcern towards privacy and increasing data threats are hampering the growthrate of the market. The cost of installation and software is costly, and theservices related to technology are expensive.One of the significant challenges to the market players is introducing moreapps that can be operated on basic smartphones and not on expensive and moreadvanced smartphones to increase their accessibility. A lot of the populationis still below the poverty line, and they do not have access to smart devices,thus limiting the reach of the digital health market.COVID-19 impact on the global digital health market:COVID 19 has boosted the digital health market around the world. The lockdownensured that people remained at home during the pandemic, and thus people werenot able to visit gyms, do physical exercise, and yoga. The lockdown resultedin launching new apps or made the old apps famous, associated with the fitnessmarket. The smartphones ensured that this growth rises at a reasonable rate,and now to avoid being exposed to viruses, people have now started to doexercises at home. Many gym chains also introduced their apps to provideservices to their existing customers and new customers. The instructors havealso started taking online classes privately now. Many apps also offer dietcharts and apps that provide real-time data of COVID positive cases near theperson to take proper precautions.The situations caused by the COVID-19 outbreak positively influenced onlinepharmacies and markets related to Healthcare IT. Many countries had opted forthe lockdown to restrict the Coronavirus spread in their countries globally.The impact of Covid-19 has doubled the increase of online consultations, videocalls with the doctors, which ease up the regulations associated with remoteconsultation, which is favoring the global digital health market.REPORT COVERAGE:REPORT METRIC|DETAILS —|— Market Size Available|2019 to 2025 Base Year|2019 Forecast Period|2020 to 2025 Segments Covered|By Technology, Component, and Region Various Analyses Covered|Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers,Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five ForcesAnalysis, Competitive Landscape, Analyst Overview on Investment Opportunities Regions Covered|North America, Europe, Asia Pacific, Latin America, Middle East, and Africa This market research report on the global digital health market has beensegmented and sub-segmented into the following categories.Digital health Market – By Technology: * Tele-Healthcare * Telecare * Activity Monitoring * Remote Medication Management * Telehealth * LTC Monitoring * Video Consultation * mHealth * Wearables * Apps * Medical Apps * Fitness Apps * Health Analytics * Digital Health Systems * Electronic Health Records * E-Prescribing SystemsBased on technology, the health analytics segment had the most significantmarket shares in the global market in 2019. The rise in the infection rate isa substantial factor for the segment to grow in the forecast period. Thesehealth analytics also help analyze the patient’s data so the data could beused again if the patient needs it. The demand for health analytics isincreasing due to COVID-19. Health analytics is also used to track the sparedof the coronavirus through various applications.The digital health system had the second largest market share in 2019. Growingdemand for telemedicine and the rise in in-home care settings are majorlyfuelling the growth of this segment. There is a demand for paperless patientrecords, such as electronic health records (EHRs).The Tele-healthcare segment is estimated to progress at a promising CAGRduring the forecast period. The digital health boom has helped us in activemonitoring of our and other people’s health to take timely action in anemergency. The vitals then allows the physicians to provide medication to thepatients without being physically present with the doctor. In telehealth,there is LTC monitoring and video consultation. The patients are nowconsulting with their physicians on online video calls rather than beingphysically present to avoid the virus. It is expected to grow at a reasonablerate and currently has the second-largest market share among other segments.The mhealth segment is sub-divided into wearables and apps. The penetration ofwearable devices in the market has boosted the digital health market aroundthe world. These wearable devices include glucometers, BP monitors, PulseOximeters, Sleep Apnea Monitors (PSG), Neurological Monitors, and Activitytrackers. Wearable devices have become a lot popular due to increasingawareness among people about their health. Many companies have improved theirtechnology to make these devices smaller and have multiple functions. The bigtech giants have also introduced their products in the market, making thecompetition more tuff and thus benefiting the customers.Digital health market – By Component: * Hardware * Software * ServiceBased on the component, the global digital health market was dominated by thesoftware segment with a market share of 40% in 2019 and is predicted tocontinue its dominance throughout the forecast period. Rising requirementlevels of EHRs, fitness, and medical apps are majorly supporting thissegment’s growth. The continuous development in the IT sector is propellingthe market growth in the segment. Many old tech companies are in this market,and the new companies have also entered this market, or they can outsourcetheir software developments to other big players.The hardware segment was accounted for 29.4 billion in 2019 and estimated toshowcase a promising CAGR during the forecast period. Now we can seesignificant tech companies entering the hardware business like wearabledevices business to capture the untapped market. There is also the emergenceof new players that are providing effective and cheap hardware devices.The services segment is expected to witness a healthy rate during the forecastperiod due to the growth in hardware and software and constant up-gradationgrowth. The service segment has many sub-segments like diet-related,consultation-related, health monitoring-related, and exercises related. Theincrease in population, along with the health-conscious population, hasfuelled the growth of this market.Digital Health Market – By Region: * North America * Europe * the Asia Pacific * Latin America * The Middle East and AfricaRegionally, the global digital health market was dominated by North America in2019. It is majorly attributed to rapid growth in the adoption of smartphones,advancements in coverage networks, a rise in the prevalence of chronicdiseases, and an increase in the geriatric population. Artificial intelligence(AI) and the IT industry are well developed in this region and introduceinnovative healthcare solutions. The governments of this region are takinginitiatives to promote the digitalization of healthcare. The US FDA is alsoregulating and promoting digital healthcare to improve the healthcare facilityprovided to the patient. There is a rise in smartphone use, especiallyhealthcare apps in this region, which is predicted to propel the market growthin this region.Following North America, the European region has let the global market in 2019and is expected to grow faster than North America due to modern healthcareservices advancements. The government initiatives have also helped the marketgrow at a faster pace. The European Commission is working to provide thecitizen with the benefits of digital healthcare. Digital healthcare Europe isan initiative that promotes innovation in digital healthcare.The Asia Pacific market is estimated to grow at a prominent CAGR from 2020 to2025. The growth is attributed to the high population in countries like Indiaand China. The region is still very new to the technology in terms of reachbut can become number one in the long term. There is a rise in the adoptionrate of digital healthcare in the region. The governments in the area areadopting digital healthcare in the system. Countries like India, China, andJapan have a modern infrastructure for digitalization.KEY MARKET PLAYERS:Notable companies dominating the global digital health market profiled in thisreport are Apple Inc., AirStrip Technologies, Google Inc., Orange, AllscriptsHealthcare, LLC, Mckesson Corporation, Athenahealth Inc., At&T Inc.,Biotelemetry, Inc., Cerner Corporation, Cisco Systems, Inc., KoninklijkePhilips Nv, Eclinicalworks, Ihealth Lab, Inc. and General Electric Company.RECENT MARKET DEVELOPMENTS: * In June 2020, Happify Health and AHA partner collaborated and released the heart health-focused digital mental health program. The partnership between this digital health and cardiovascular health organization targets to lessen the stress and encourage healthy benefits of the employee with high blood pressure and high cholesterol. * In June 2020, Athenahealth launched a new EHR-embedded telehealth tool to enable professionals to conduct virtual visits without downloading separate software or using another third-party app. * In April 2020, Google Inc. announced the accessibility of technology to make it more comfortable for patients to access their health information through third-party apps. Google Healthcare API will need them to make it more convenient for patients to see and use their digital health data. * In February 2020, Allscripts Inc. collaborated with Manorama Info solutions to develop a coupled healthcare management information system and health information exchange platform. * In November 2019, Apple launched its new research app, which will claim advanced science by collecting information from iPhone and Apple watch wearers. * In October 2019, Google Cloud made a partnership with Suki’s digital clinical assistant technology for its artificial intelligence, machine learning, and clouded computing healthcare products. Based on the partnership, Suki will carry out administrative tasks for physicians like clinical documentation or information retrieval from an EHR based on the customers’/patients’ voice commands. * In October 2019, Allscripts Healthcare solutions announced that North well Health had enlarged its engagement with the comprehensive Allscripts sunrise inpatient platform. * In October 2019, OnMed made a strategic alliance with Athena health Inc. to intensify digital security in Telemedicine. * In May 2017, Partners Healthcare and GE Healthcare partnered to launch a 10year association to incorporate Artificial Intelligence in every patient journey aspect. It will develop within a short period, validate and integrate strategically.

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