In a recent published report, Kenneth Research has updated the market report for Digital Health Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Digital Health Market products.
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Kenneth Research has recently added a report titled Digital Health Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2030. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth.
According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
Digital health is the combination of digital with healthcare, living, and society. With the use of information & communication technologies (ICT), the digital health can track the health indicator of an individual like blood pressure, heart rate, and calories. Digitization in healthcare organizations across the globe has transformed the way it was being operated. In the past few years, expenditure on Digital healthcare solutions and services has increased at a rapid pace as these technologies allow the healthcare organizations to offer improved and efficient services to patients. In addition, advanced technologies have enabled patients to access health care services through their mobile devices like tablets, smartphones, notebook, and laptops.
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The market is witnessing growth due to the growth of chronic disease and old-age population across the globe has fueled the demand of enhanced remote patient monitoring solutions and services, which is projected to surge the growth of the market. Moreover, with the various initiatives taken by the government to promote digitization are anticipated to boost healthcare organizations to adopt enhanced solutions like connected electronic health records, healthcare information system, and clinical decision support systems, within the organizations to serve patients efficiently. This is further expected to foster the demand of the digital healthcare market.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
By Component Type
Based on the component, the market is categorized into software, hardware, and services. The service segment is dominating the market compared to other digital health components and is expected to dominate during the forecast years also.
By Product Type
The product type has been classified as a wearable and healthcare information system (HIS). Among this, the HIS is holding the major market share due to the increase in the adoption of advanced products includes telehealth and EHR/EMR. Moreover, the HIS is categorized into clinical solutions and non-clinical solutions. Clinical decision support system (CDSS) further includes EHR/EMR, computerized physician order entry (CPOE), telehealth, mHealth, and population health management as the key segments.
Wearable devices segment is anticipated to grow with highest CAGR during the forecast period. The growth is attributed to the technical advancement in medical devices, increasing demand of healthcare apps in smartphones and growing inclination for wireless connectivity among healthcare providers. The wearable devices are primarily used for monitoring the heart rate and to calculate the calorie intake and even track sleep. For instance, Fitbit, Garmin, and others are fitness wristband and is directly being tied in with your phone. It primarily monitors your sleep cycle, measuring deep sleep and giving you pointers for improvement.
By End-use Industry
The end-user industry is categorized into B2B and B2C. The B2B segment is the key contributor to the digital health market and is expected to dominate during the forecast year also. The major components of the B2B segment include providers, employers, pharmaceuticals companies, and others, and B2C segments include caregivers and patients.
Based on geography the market is categorized as North America, Latin America, APAC, Europe, Africa, and MEA. Among this North America is dominating the market due to improved healthcare infrastructure, and growth in health care spending For instance, the National health spending is at an average rate of 5.5 percent per year for 2017-26 and is anticipated to reach $5.7 trillion by 2026. In addition, various initiatives by the government to implement the digital health technologies, for instance, Ministry of Health & Family Welfare has undertaken E-hospitals, online registration system (ORS), and other such initiatives using Information & Communication Technologies (ICT) for improving the efficiency of the digital healthcare system. In addition, in 2009, U.S has adopted the Health Information Technology for Economic and Clinical Health (HITECH) for the rapid advancements in digital health, this further fuelled the market growth. With the growing mHealth apps, chronic care management apps, medical apps, healthcare and fitness apps, women health apps, and others, advanced application of medical sensors, and growth of the chronic diseases are further supporting the market growth. In addition, APAC is expected to grow with highest CAGR during the forecast period owing to the enormous growth potential for the digital health market in China, India, and Japan.
The digital health market is highly fragmented due to the presence of diversified global and regional vendors. The key vendors in the market include IBM Corporation, Accenture PLC, AT&T Inc., CGI Group Inc., PricewaterhouseCoopers LLP (PwC), GE Healthcare Limited, Syntel Inc., Deloitte Consulting, and others. To stay in the competitive market, the key players are constantly focusing on improving their technological capabilities through strategic planning, collaboration, or merger with the established players. For instance, in 2017, RightPatient has entered into a partnership, with Caradigm to introduce unique healthcare solutions for cloud-based biometric patient identification and single sign-on. With this partnership, it is expected to deliver solutions to safeguard patient identity & data and also to improve operational & clinical efficiency.
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