The new report by Expert Market Research titled, ‘Global Digital Health Market Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global digital health market, assessing the market based on its segments like technology, components, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 95 Billion
Over the past couple of years, the market of digital health has gained huge traction. Several factors, such as consumer demand, increasing production of digital healthcare solutions, growing interest in self-health management, and reducing the burden on healthcare staff, are likely to propel the market in the coming years. Digital tools also help an individual to keep an eye on the recovery of existing disease and can even help identify a new illness. It not only contributes towards the quality of life but also reduces the total healthcare cost of a person over a lifetime. Thus, digital health simultaneously benefits people as well as healthcare providers. The growing awareness about the advantages of using digital health is expected to boost the market growth over the forecast period.
Industry Definition and Major Segments
Digital health refers to the use of technologies for improving one’s health and wellness. It is a broad term that includes wearable gadgets, ingestible sensors, mobile health apps, robotic carers, and electronic records, among others. Thus, digital health is the application of digital transformation of the healthcare sector. Digital healthcare tools have the potential to allow us to take care of ourselves in a better way and treat our diseases timely and accurately.
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The market has been divided on the basis of technology into:
- Telehealthcare
- mHealth
- Health Analytics
- Digital Health Systems
- Others
Also, on the basis of major components, the market has been segmented into the following categories:
- Hardware
- Software
- Services
The EMR report also provides an in-depth analysis of regions like:
- The Asia Pacific
- Latin America
- The Middle East and Africa
Market Trends
Several market players have been constantly involved in bringing a revolution in the digital health market. For instance, Google, through its Google Wear and Fit (health platform), has brought innovation in the digital health market, further aiding the market growth. The major technological trend shaping the digital health market is the excellent growth in the use of wearables and mobile health apps. The increasing awareness about healthcare and conveniently tracking daily routine through smart watches and fitness trackers is likely to be a major driving factor. Also, medical hardware is rapidly gaining digital functionality. Medtronic, a medical device company, has created an app that allows people with internet-enabled pacemakers to share data with their doctors via their cell phones. Further innovations in the market are expected to support the market growth over the forecast period.
Key Market Players
The major players in the market are Apple Inc., Google LLC., AirStrip Technologies, Inc., Biotelemetry Inc, and iHealth Lab Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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