Global Digital Health Market is anticipated to rise at a value CAGR of 28.1% over 2019-2028. According to a study published by Insure Insights on the Global Digital Health Market. Digital Health includes digital care programs, with the use of digital technologies so as to enhance the efficiency of healthcare delivery. These technologies include hardware, software solutions, and service. Digital Health consists of telemedicine, web-based analysis, email, mobile phones and applications, wearable devices, etc. The COVID- 19 Outbreak has increased the awareness among the consumers about the use of digital health, and the adoption of remote monitoring solutions and are further driving the market growth
Top Driver: The Technological advances in Digital health have improved the market growth
The rise in the penetration of smartphones and the use of different applications related to healthcare are primarily boosting the market growth. The growth in the healthcare IT infrastructure, especially in developed and developing economies, has obtained lucrative market growth. The rise in awareness among consumers about the importance of fitness and health has propelled the demand for Fitbit technologies have further escalated the overall demand for Digital heath.
mHealth has held the highest segmental growth in the Global Digital Health Market
Based on the Technology, mHealth segment has obtained the highest growth due to the high penetration of smartphones, internet connectivity, and high accessibility of a large number of mHealth apps have positively impacted the market. The advent of wearable technologies and incidences of chronic disease like Cardiovascular disorders has escalated the demand for health. The COVID-19 impact has significantly benefitted Health analytics and is expected to grow faster as they efficiently track the spread of COVID-19 infection and help to enhance the usage of hospital resources.
In terms of the Component, Services segment have held the most remarkable growth owing to the growing demand for electronic health records (EHR) propel and for digital infrastructure, mainly in developing economies have improved the growth of the market.
North America boosts the regional market due to the Technologically advanced products
North America has held the highest regional growth due to the availability of technologically advanced products. The rapid growth in the adoption of smartphones, the rise in the incidences of chronic diseases, and the growth in the geriatric population have highly attributed to the growth of the market. Favorable initiatives by the government to advance digital health solutions by promoting the competitors have escalated the regional market revenues. The outbreak of COVID -19 have lifted the market of Europe significantly due to the surge in the number COVID-19 cases; Governments had relaxed the regulations relating to telehealthcare have accelerated Europe’s the market
Product launches and Technological innovation are the major strategies of the competitors
The Players of the Global Digital Health Market is fragmented. Player focus on Product launches innovations, and also for collaborations, mergers, and acquisitions, for the overall growth. The key competitors of the Global Digital Health Market are BioTelemetry, Allscripts Healthcare Solutions Inc, Cisco Systems, Honeywell International Inc, Koninklijke Philips N.V., McKesson Corporation, Vodafone Group, Samsung Electronics Co. Ltd., Orange and Cerner Corporation.
Koninklijke Philips N.V: Koninklijke Philips N.V, is one of the key competitors of the Global Digital Health Market; for instance, In March 2020 Philips had announced the launch of a HealthSuite System of Engagement, it is a Cloud expertise that has capabilities to connect devices, collect electronic health data, combine and store data securely, analyze data, and create solutions on the Cloud. It is also inbuilt with AI capabilities to accelerate the digitalization of healthcare
Cerner Corporation: Cerner Corporation is a popular competitor in the Global Digital Health Market. In August 2019, Cerner Corporation had announced the launch of the Cerner Learning Health Network. It was designed to help clinicians to more easily use EHR data insights to guide better-informed care. The data collection from EHR systems and other sources would assist medical researchers in accessing information so as to improve care delivery.
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