Market Overview

Market Research Future (MRFR) expects the Digital Healthcare Market size to procure a dashing growth rate of 26.30% between 2019 and 2025 (review period). The market value by the end of 2025 is expected to be USD 3,28,887.8 Million, adds MRFR.

COVID-19 Analysis

The COVID-19 outbreak has left a debilitating impact on the healthcare sector, given the temporary shutdown of manufacturing facilities and weakened demand. Even as the world is trying to curb the spread of SARS-CoV-2, top companies are striving to bolster their supply chains and accelerate their operations to control further losses. Also, the social distancing practice prevalent worldwide has encouraged patients to go for remote healthcare consultation, which bolsters the need for digital healthcare. Healthcare professional are now offering consultation via video conferencing as well as phone calls, in view of the spread of the pandemic. This is more than likely to benefit the digital healthcare market in the years ahead.

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Market Growth to be Boosted by the Rising Prevalence of Big Data in Healthcare

The digital healthcare industry is majorly boosted by the rising adoption of big data in the healthcare sector, rising use of EHR as well as EMR systems, support given to maintain patient’s electronic health records, government mandates, to name a few.

Opportunities

Popularity of Telecloud to Offer Attractive Opportunities

In various countries, specialists and physicians work mostly in cities or metros, leaving patients residing in rural locations in a lurch. This issue can be handled by the use of telecloud, which allows healthcare workers to provide treatment to patients over long distances at an affordable rate and in real-time.

Challenges

Security Issues and Mounting Concerns for the Same to be a Challenge

Mounting security concerns in terms of patient data, requirement for substantial capital expenditure and the need for maintenance can present major challenges to the players in the following years.

Segment Overview

mHealth to Emerge as the Most Popular Digital Healthcare Offering

The digital health market segmentation, with respect to technology, caters to telehealthcare, mhealth, healthcare analytics and digital health systems. mHealth is currently one of the most popular digital healthcare market trends, in view of the surging internet usage, increasing sales of smartphones, and the extensive range of innovative mHealth apps available in the market.

Orthopedic Implant Type Takes the Lead

Application-wise, digital healthcare market segments include diabetes, cardiology, oncology, sleep apnea, neurology, and others. The cardiology segment is touted to be in the lead since with the escalating cases of lifestyle-related issues that lead to cardiac disease, prevention as well as recovery have emerged as prime focus areas, which go beyond treatment and diagnosis. Innovations in the digital healthcare landscape has led to a higher demand for patient-focused monitoring services and solutions, in the cardiology section.

Cloud-Based Delivery Mode Witnesses High Demand

Key delivery modes considered in the digital healthcare market report are on-premise as well as cloud based. On-premise mode is not viewed as a viable option as it requires higher investments in IT infrastructure, while cloud facilitates large-scale big data operations by providing huge storage as well as processing capacity.

Software Component to be the Leading Segment

Some of the key components described in the report are services, hardware and software. There has been a dramatic increase in the demand for digital healthcare software like EHRs, healthcare analytics and fitness and medical apps, which is assumed to be a key growth enhancer for the segment. The escalating number of novel coronavirus cases has bolstered the requirement for advanced software to keep a track of all the SARS-CoV-2 cases, which ultimately fosters the demand for EHRs. Also, post lockdown, recreation clubs and gyms had to be shutdown, which in turn, enhanced the downloading rate of various fitness apps.

Healthcare Providers Segment Procures the Top Position

Top end users in the global market are healthcare payers, healthcare providers, pharmaceutical companies, and more. Today’s healthcare providers extensively use smartphones or tablets for multiple functions, for improved communication and better information source at the point of care. As a result, the healthcare providers segment can take the lead in the global industry during the given period.

Regional Analysis

America Emerges as Global Leader 

The America digital healthcare market size is likely to be the biggest in the near future, given the substantial healthcare spending and the significant adoption rate of healthcare information technology. The US digital health market size has been burgeoning rapidly due to the fact that the country spends considerably on healthcare and in view of the growing need to curb these high expenses pushes the demand for digital healthcare.

Europe Gains Second Highest Share in Global Market

Europe has been the second major gainer in the global market for digital healthcare, in view of the significant pressure to cut down healthcare costs and the escalation in technological innovations. Continuous efforts by the players to improve their existing solution and service portfolio can also leave a favorable impact on the European digital healthcare market.

APAC Market to Attain the Fastest Growth Rate

Asia Pacific is on track to procure the fastest growth rate in the next couple of years, on account of the rapid improvement in the healthcare infrastructure and the soaring pool of healthcare IT vendors. The increase in funded research & development centers combined with the presence of renowned firms across the developing nations of the region also bolsters the market expansion rate. Continuous reforms to deal with the ineffective healthcare infrastructure and increase in financial aid by the government could also benefit the APAC market in the coming years.

Competitive Landscape

Vendors Concentrate on R&D to Launch Innovative Healthcare Solutions

Companies spend generously on R&D activities to launch new and innovative digital healthcare systems, software and applications to bolster their global presence. Some other competitive strategies employed by the players in the digital healthcare industry include acquisitions, joint ventures, collaborations and expansions, to name a few.

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