The global Digital Health Systems 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.
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.
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Digital Therapeutics (DTx) is a sub-set of Digital Health Systems 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 Health Systems market in the near future.
However, concerns associated with data privacy and security is expected to restrain market growth to a certain extent over the forecast period.
Some Key Highlights From the Report:
- In July 2021, Cerner Corporation announced strategic partnership with Baystate Health for developing a Digital Health Systems 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.
- Digital Health Systems 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 Health Systems 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.
- 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.
Competitive Landscape:
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, and product & service portfolio. The Digital Health Systems market is extremely competitive and consists of several key players at the regional and global levels. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures, and collaborations to strengthen their market position and enhance their product portfolio.
Leading companies operating in the market are:
- 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.
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Digital Health Systems Market Segmentation:
Component Outlook:
- Hardware
- Software
- Services
Technology Outlook:
- Telehealth
- Teleconsulting
- Telemonitoring
- Digital Health Systems
- Connected Devices
- mHealth Apps
- Fitness Apps
- Medical Apps
- Services
- Digital Health Systems Systems
- Electronics Health Record (EHR)
- E-prescribing Systems
- Healthcare Analytics
End-Use Outlook:
- Hospitals & Clinics
- Diagnostic Centers
- Others
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Some essential purposes of the Digital Health Systems market research report:
- Vital Developments: Custom investigation provides critical improvements to the Digital Health Systems market, including R&D, new item shipment, coordinated efforts, development rate, partnerships, joint efforts, and local development of rivals working in the market on a global scale and regional.
- Market Characteristics: The report contains Digital Health Systems market highlights, income, limit, limit utilization rate, value, net, creation rate, generation, utilization, import, trade, supply, demand, cost, part of the industry in general, CAGR, and gross margin. Likewise, the market report offers an exhaustive investigation of the elements and their most recent patterns, along with Service market fragments and subsections.
- Investigative Tools: This market report incorporates the accurately considered and evaluated information of the major established players and their extension into the Digital Health Systems market by methods. Systematic tools and methodologies, for example, Porter’s Five Powers Investigation, Possibilities Study, and numerous other statistical investigation methods have been used to analyze the development of the key players working in the Digital Health Systems market.
- Convincingly, the Digital Health Systems report will give you an unmistakable perspective on every single market reality without the need to allude to some other research report or source of information. This report will provide all of you with the realities about the past, present, and eventual fate of the Digital Health Systems market.
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