Digital Health Market: An In-Depth Look at the Current State and Future Outlook
The global digital health market size was USD 175.20 Billion in 2021 and register a revenue CAGR of 27.2% over the forecast period, according to the latest analysis by Emergen Research. Increasing health expenditure by government of various countries and rapid adoption of digitalization in health services are key factors driving global digital health market revenue growth. Governments of various countries have increased their public health expenditure post COVID. Developing countries, such as India, have increased their healthcare expenditure by 2.1% of their GDP. Similarly, in the UK current healthcare expenditure grew by 7.1% in 2021. In addition, central and state budgets have increased their priority in healthcare, which impacts citizens against financial hardships due to Out-Of-pocket expenditures made for healthcare. Increased public health spending lowers patients overall Out-OOP, facilitating access to healthcare, particularly for underprivileged and marginalized. OOP expenses are payments made upfront by patients at Point of Care (PoC) when no financial protection plan covers full cost of medical care. Furthermore, increasing health expenditure by governments of various countries is driving market revenue growth substantially.
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Some Key Highlights from the Report
- On 09 March 2022, Epic Systems Corporation announced to launch Garden Plot, a new software-as-a-service developed for independent medical groups. This model is designed to make it easier for providers who might find the transition to a new system burdensome to utilize ready-to-use epic solutions.
- The tele-healthcare segment is expected to account for largest share over the forecast period. Increasing demand for telehealthcare services due to recent pandemic and growing popularity of virtual healthcare services are expected to contribute to revenue growth of the market.
- The services segment accounted for largest revenue share in 2021 due to presence of major digital health service providers and rise in new start-ups, providing analytics and cloud services to major healthcare providers.
- The healthcare consumer segment revenue is expected to grow at a rapid rate over the forecast period, which can be attributed to rapid adoption of mobile health applications and healthcare wearables by consumers.
Major Players/Manufacturers profiled in the report are:
Allscripts Healthcare, LLC., Cisco Systems, Inc., McKesson Corporation, Koninklijke Philips N.V., Cerner Corporation (Oracle Corporation), NXGN Management, LLC., Epic Systems Corporation., SoftServe, AirStrip Technologies, Inc., and Healthcare Information, and Management Systems Society, Inc
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Emergen Research has segmented the global digital health market based on technology, component, end user, and region:
Technology Outlook (Revenue, USD Billion, 2019–2030)
- BP monitor
- Glucose monitor
- Pulse monitor
- Medical apps
- Fitness apps
- Health analytics
- Digital health systems
Component Outlook (Revenue, USD Billion, 2019–2030)
End User Outlook (Revenue, USD Billion, 2019–2030)
- Healthcare providers
- Healthcare consumers
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Key Geographies Profiled in the Report:
- North America(the U.S., Mexico, and Canada)
- Asia Pacific(China, Japan, India, and Rest of Asia Pacific)
- Europe(the U.K., France, Germany, and Rest of Europe)
- Latin America(Brazil and Rest of Latin America)
- Middle East & Africa(GCC Countries and Rest of Middle East & Africa)
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