Press Release

Digital Health Market to witness a CAGR of 26.2% by 2026; Adoption of smart technology by consumers Globally to Drive Market Growth
May 2021

Digital Health Market to witness a CAGR of 26.2% by 2026; Adoption of smart technology by consumers Globally to Drive Market Growth

The latest report from iCognition Insights predicts the global Digital Health Market to grow at a CAGR of 26.2% and reach USD 511.4 billion by 2026. This global report focuses on market size and forecast at global, segmental, regional and country level providing an end-to-end market overview of the industry segment for period 2020-2026. The report further delivers key insights on growth drivers, restraints, demand and supply analysis, future opportunities, and market dynamics that are driving the growth by 2026. iCognition Insights have analyzed the competition- key market leaders and new market entrants offering deep-dive intelligence on their strategies and market approaches, mergers and acquisitions, disruptive technologies which could alter or change the entire market trend.

Digital health refers to any software, connectivity, sensors and other communication technology used to improve medical care and health. The concept covers everything from healthcare and wellness apps, wearable devices, ingestible sensors, robotics to artificial intelligence technologies, intended towards improved diagnosis, disease treatment and enhanced delivery of healthcare to the patients. Compared to traditional medical systems, digital health offers several benefits such as cost-effective diagnostics and treatment, improved patient care, teleconsultation and long-term care services. Technological advancements in the healthcare systems and adoption of smart technology by consumers is stimulating the global digital health market. According to the data published by Pew Research Center in 2021, around 97% of the U.S citizens own a cell phone of some type with 85% of them owning smartphones. Moreover, government initiatives for improved healthcare services and growing need to curtail healthcare expenditures is projected to stimulate the demand for this market. However, unavailability of explicit technology training programs in the emerging economies are expected to deter the growth.

Read detail report sample pages @ Digital Health Market: Report Sample

The Digital Health Market is segmented based on technology (mhealth, telecare, digital health system, and healthcare analytics), by Product type (hardware and software) and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa).

Global Digital Health Market Share Analysis:

  • In 2020, the mhealth technology segment accounted for the largest revenue share and is expected to grow at a high CAGR during the forecast period is due to deep penetration of digital technology and innovation in mhealth apps worldwide.
  • The hardware product segment accounted for significant revenue share in 2020. This is due to its larger penetration and adoption of training, incorporation, and upgradation of medical hardware.
  • North America was the highest revenue-grossing segment of the global market in 2020 and is projected to maintain its dominance during the forecast period. This is due to the high adoption of patient-centric digital solutions and the rapidly rising demand to minimize healthcare spending in this region. According to Center for disease control & prevention (CDC) there was 154% increase in telehealth visits by March 2020 as compared to same period in 2019.
  • Asia Pacific is expected to grow at the fastest CAGR during the forecast period. The reason being significant funding by venture capitalists and government authorities in the medical technology infrastructure.

Key Industry Developments:

  • May 2021: Mayo Clinic and Kaiser Permanente announced a joint strategic investment in Medically Home Group to develop hospital-at-home care facility, aiming at transforming traditional health care model with technology amidst the COVID-19 pandemic.
  • April 2021: Microsoft Corp announced acquisition of conversational AI Company Nuance Communications in $19.7B deal to accelerate the growth of their digital health and cloud for healthcare offerings portfolio.

Key Leading Companies Profiled in the Digital Health Market Analysis Report:

This exhaustive research report analyzes 10 global companies that are adopting innovative technologies and approaches to gain maximum market share.

  • Cisco Systems
  • Cerner Corporation
  • McKesson Corporation
  • AdvancedMD Inc.
  • Biotelemetry Inc.
  • Allscripts Healthcare Solutions Inc.
  • eClinicalWorks
  • iHealth Lab Inc.
  • Koninklijke Philips N.V.
  • AT & T

Research Scope and Market Segmentation of Digital Health Report:

Key Parameters Details
Analysis Period 2017-2026
Historical Period 2017-2020
Forecast Period 2020-2026
Segmentation Product, Technology
Based on Product type
  • Hardware
  • Software
Based on Technology
  • mHealth
    • Wearables
      • Glucose Meter
      • BP Monitors
      • Pulse Oximeter
      • Neurological Monitors
      • Sleep Apnea Monitors
      • Activity Trackers/ Actigraphs
    • Apps
      • Fitness App
      • Medical App
    • Services, by Type
      • Healthcare Strengthening System
      • Diagnostics
      • Monitoring
        • Chronic disease management & post-acute care services
        • Independent aging solutions
    • Services, by Participants
      • Device Vendors
      • Mobile Operators
      • Healthcare Providers
      • Content Players
  • Telecare
  • Digital Health System
    • E-prescribing system
    • E-Health Records (EHR)
  • Healthcare Analytics
Based on Geography
  • North America
    • US
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Spain
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of LATAM
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • Rest of MEA

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