Digital Healthcare Market Segments, Opportunity, Growth and Forecast by End-Use Industry till 2028
The global Digital Healthcare 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.
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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
Healthcare 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
Healthcare market in the near future.
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However, concerns associated with data privacy and
security is expected to restrain market growth to a certain extent over the
forecast period.
Competitive
Landscape:
The report also covers
SWOT examination and Porter’s Five Forces analysis to offer details about
leading players. The key players in the market are focusing on developing new
strategies such as mergers and acquisition, joint ventures, new product
launches, agreements, and partnerships to retain their market position and
expand their product base.
Leading
companies operating in the market and profiled in the report include:
· Koninklijke
Philips N.V
· Cerner
Corporation
· Siemens
Healthineers AG
· Apple
Inc
· Epic
Systems Corporation
· McKesson
Corporation
· GE
Healthcare Inc.
· Qualcomm
technologies Inc
· Cisco
Systems Inc
Some Key Highlights From the Report:
- In
July 2021, Cerner Corporation announced strategic partnership with
Baystate Health for developing a Digital Healthcare platform and integrate
financing and care delivery system for providing a more consumer focused
approach. Through this partnership, Cerner will provide their technology
platform to Baystate for improving patient access to personalized care,
advance care delivery and improve patient care.
- Software
segment revenue is expected to expand at a rapid CAGR over the forecast
period owing to rising need for facilitating easy and timely procurement
and sharing of patient medical information and increasing implementation
of healthcare software for improving clinical outcomes, efficiency and organizational
workflow, reducing medical expenditure, and for automating various
administrative tasks.
- Mobile
Health (mHealth) segment is expected to account for largest revenue share
over the forecast period owing to increasing demand for wireless devices
such as fitness trackers, smart watches, and wrist bands, growing demand
for home care services, rising investment on m-health start-ups, and
increasing adoption of IoT technology.
- Hospitals
& clinics segment is expected to lead in terms of revenue share owing
to increasing adoption of Digital Healthcare care system for managing
increasing volume of patient data, improving clinical efficiency and
performance, and increasing adoption of wireless health technology or
connected medical devices to improve patient experience, support patient
care, and streamline business operations.
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- North
America is expected to account for largest revenue share over the forecast
period, attributed to increasing size of targeted population, increasing
implementation of healthcare information technology solutions, growing
usage of wireless sensors and mobile health apps, and increasing
development of advanced and innovative technologies.
For the purpose of this report, Reports and Data has
segmented the Digital Healthcare market based on component, technology,
end-use, and region:
Component Outlook (Revenue, USD Billion; 2018-2028)
- Hardware
- Software
- Services
Technology Outlook (Revenue, USD Billion;
2018-2028)
- Telehealth
- Teleconsulting
- Telemonitoring
- Mobile
Health (mHealth)
- Connected
Devices
- mHealth
Apps
- Fitness
Apps
- Medical
Apps
- Services
- Digital
Healthcare Systems
- Electronics
Health Record (EHR)
- E-prescribing
Systems
- Healthcare
Analytics
End-Use Outlook (Revenue, USD Billion;
2018-2028)
- Hospitals
& Clinics
- Diagnostic
Centers
- Others
Regional Outlook (Revenue, USD Billion;
2018–2028)
- North
America
- Europe
- Asia
Pacific
- Latin
America
- Middle
East & Africa
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