The global digital health market registered a revenue of $99.4 billion in 2019 and is projected to reach up to $1,045.8 billion by 2027, rising at a rate of 33.4% CAGR.
The global digital health market has experienced a notable growth in the past years, owing to growing consumer awareness levels about advantages of digital healthcare applications. The global market is expected to grow at a significant rate in 2020. This expected growth is majorly due to rapid growth in the adoption of digital health services to get real time health information during the coronavirus pandemic. Our analysts have predicted the behavior of digital health market in COVID-19 emergency and have come to the cited inferences.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|28.9%||33.4%||445||USD 127.5 Billion||USD 139.1 Billion|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Digital health services is a simple concept to help enhance individual’s health by utilizing electronic gadgets. These services are useful in preventing diseases and supporting patients, managing and monitoring chronic conditions, as well as minimizing healthcare expenditure. Due to the advantages, increasing adoption of digital health services is expected to drive the market growth in the forecast years. In addition, increasing demand for remotely monitoring services due to growing concerns to improve individual’s lifestyles with less visits to physicians is expected to fuel the demand for digital health services, which will boost the market growth in the forecast years. Moreover, there is swift growth in the penetration of smart mobiles among the healthcare professionals and physicians to monitor and track medical condition of the patients at any time. These above mentioned factors are projected to accelerate the digital health market growth in the estimated years.
However, high initial investments are required for the implementation of digital health services and is estimated to limit the market growth. Also, safety and security concerns regarding patients information is further predicted to hamper the market growth.
The COVID-19 virus is rapidly growing worldwide and almost 160 countries are facing serious consequences, disturbance, resulting in change to economies and societies across the globe. During this pandemic, global healthcare professionals are focusing on effective therapeutics or vaccines to treat coronavirus. Therefore, the healthcare authorities are implementing several policies to promote telemedicine and remote monitoring, as a part of “healthcare + internet” strategy. As per this strategy, healthcare authorities are encouraging digital health services for online consultation platform for chronic disorders, heart disease, as well as COVID-19. These factors are estimated to boost the market growth in the crisis period.
Furthermore, major market players are implementing several growth approaches to sustain in the global market during this crisis. For example, in July 2020, Koninklijke Philips N.V., a leading provider in health technology, collaborated with BioIntelliSense to improve remote patient monitoring solutions for high risk patients outside the hospital. This collaboration offers multi parameter sensors to monitor patients having chronic conditions such as diabetes, congestive heart failure, and cancer.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The global digital health market is expected to witness a noteworthy growth in 2020 and is anticipated to continue its trend even after recovery from COVID-19 emergency.
Rapid growth in technological advancements through incorporating innovative technologies such as IoT (internet of things) and AI (artificial intelligence) has resulted in the possibility of treating and monitor patients’ condition with virtual reality. These factors are projected to generate significant growth opportunities in the global digital health market. Also, increasing adoption of big data in healthcare facilities to minimize medication errors, enabling preventive care and more precise staffing is estimated to accelerate the market growth in the coming years. In addition, some of the government bodies are implementing several initiatives to support the digitalization of healthcare facilities through innovative technologies. For instance, in July 2019, Indian Ministry of Health & Family Welfare eHealth Section has released new national digital health blueprint. This blueprint is designed to provide the essential requirements to improve health IT programs in India and lowering the price of healthcare delivery as well as increasing accesses & quality.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Digital Health Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity