The global digital health market size is expected to reach USD 328.48 Billion in 2028 and register a CAGR of 16.4% over the forecast period, according to the latest report by Reports and Data. Increasing preference towards personalized medicines and adoption of mHealth technology are some key factors expected to continue to drive market revenue growth over the forecast period. In addition, increasing adoption of blockchain technology, Artificial Intelligence (AI), and virtual reality is expected to contribute significantly to revenue growth of the market going ahead.
Rapid digitalization of healthcare delivery is accelerating development of precision medicine. The advent of digital technologies such as telehealth or eHealth tools are enabling healthcare professionals to provide individualized or personalized diagnosis and treatment plans for patients. Personalized care optimize therapeutic benefit or diagnostic efficiency by targeting or tailoring an individual patient's needs on the basis of their biomarker, phenotypic, genetic makeup, and psychological characteristics. This is leading to better treatment outcomes, reducing healthcare costs, and improving efficiency of care, which is expected to drive revenue growth of the market.
Increasing demand for wearable medical devices and rise in number of connected devices or wireless technologies is facilitating steady adoption of m-health technology. Rapid penetration of mobile technologies and increasing technological advancements in telecommunications with the advent of 5G offering high speeds of data transmission along with cheaper and more advanced handsets are transforming the way health care information and services are accessed, managed, and delivered. With increasing accessibility to mobile technologies, personalization and citizen-focused public health and medical care is gaining more prominence and governments of various countries are considering mHealth as a complementary strategy for strengthening health systems and achieving health related Millennium Development Goals mainly in developing countries. This is expected to propel growth of the market.
Digital Therapeutics (DTx) is a sub-set of digital health that delivers evidence-based therapeutic interventions to patients and is mainly driven by advanced software programs for preventing, managing, and treating various medical conditions or diseases. Majority of biopharmaceutical and biotechnology companies are focusing on developing new platform-based ecosystems or business models to incorporate digital therapeutic solutions into their business models and drive awareness, engagement, and adoption among stakeholders. This is expected to boost revenue growth of the digital health market in the near future.
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The report provides a panoramic view of the market and insights that will help formulate better business decisions. In addition to that, the study helps well-established companies and players gain a deeper understanding of the market and make informed decisions. The report also discusses in detail about the key factors influencing the market growth.
Key companies operating in the market include:
Koninklijke Philips N.V., Cerner Corporation, Siemens Healthineers AG, Apple Inc., Epic Systems Corporation, McKesson Corporation, GE Healthcare Inc., Qualcomm technologies Inc., and Cisco Systems Inc.
The report covers an extensive analysis of the key market players in the market along with their business overview, expansion plans, and strategies. The report also focuses on recent strategic alliances in the market including mergers and acquisitions, joint ventures, partnerships, agreements, corporate and government deals, product launches, and brand promotions, among others.
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The report aims to provide a better understanding of the market dynamics and the workings of the industry on a global level. To gain a deeper understanding of the industry, the global Digital Health market is further segmented on the basis of key geographical regions such as North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. The report also offers a country-wise analysis to provide crucial insights into market size, market growth, market revenue growth, and economic growth in each region.
On basis of product types and application offered by the Digital Health industry, the market is segmented into:
Component Outlook (Revenue, USD Billion; 2018-2028)
Technology Outlook (Revenue, USD Billion; 2018-2028)
- Mobile Health (mHealth)
- Connected Devices
- mHealth Apps
- Fitness Apps
- Medical Apps
- Digital Health Systems
- Electronics Health Record (EHR)
- E-prescribing Systems
- Healthcare Analytics
End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Hospitals & Clinics
- Diagnostic Centers
The regional analysis covers:
* North America
o Rest of Europe
* Asia Pacific
o South Korea
o Rest of APAC
* Latin America
o Rest of LATAM
* Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of MEA
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* Panoramic overview of the opportunities and risks in the Digital Health sector
* Study of recent innovations and developments in the industry
* Comprehensive study of the growth pattern of the Digital Health industry
* In-depth assessment of the competitive landscape of the key players of the Digital Health industry
* Analysis of the Digital Health market drivers, constraints, and opportunities
* Assessment of technological developments and latest trends of the industry
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