The global Digital Healthcare market is anticipated to grow at a significant CAGR of 16.6 % during the forecast period. Digital Health, including healthcare informatics, has a profound impact on the quality of care and efficiency of healthcare delivery. The improving quality, accessibility, and affordability of healthcare via digital are positively impacting the digital health market over the forecast. Furthermore, the advancement of digital health & taking steps towards digital health is another major factor propelling the growth of the market. For instance, in September 2020, the U.S. Food and Drug Administration announced the launching of the Digital Health Center of Excellence within the Center for Devices and Radiological Health (CDRH). The launch of the Digital Health Center of Excellence is an important step in furthering the agency’s overarching dedication to the advancement of digital health technology, including mobile health devices, Software as a Medical Device (SaMD), wearables when used as a medical device, and technologies used to study medical products.

Impact of COVID-19 Pandemic on Global Digital Healthcare Market

The COVID-19 pandemic had created an unprecedented disruption to global economies and health care, with extensive lockdowns and travel bans. Digital health can improve health care by increasing access to healthcare services for individuals, improving population health, and enhancing the experience of receiving or delivering care. The COVID-19 pandemic has encouraged interest from both patients and healthcare providers for digital health solutions to avoid the spreading of the virus. COVID-19 has now forced organizations and systems to rapidly synergize, scale-up, and expand the applications of these digital innovations, which had supported the growth of the market. 

Segmental Outlook 

The global Digital Healthcare market is segmented based on technology and component. Based on the technology, the market is augmented into telehealthcare, mHealth, apps, and health analytics. Based on the component, the market is sub-segmented into hardware, software, and services. The apps segment is expected to contribute to the growth of the market due to the increasing adoption of smartphones across the globe.

Global Digital Healthcare Market Share by Technology, 2021 (%)

The mhealth Segment Holds the Significant Share in the Global Digital Healthcare Market.

Among all segments, based on technology, mhealth is expected to propel the growth of the market. Due to various benefits greater accessibility, portability, agility, and ease of use than other technological devices are boosting the growth of the market. For instance, in September 2021, Mount Sinai Health System had introduced a new mHealth app to improve patient data access, enhance patient-provider communication, and create a centralized platform for all patient healthcare needs. The portal features will transfer to the new app, allowing patients to continue to access lab results and health records, pay bills, request prescription refills, book and check-in for appointments, and attend video visits with their providers through the mHealth app.

Regional Outlooks

The global Digital Healthcare market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America).  The North America region is expected to hold a significant share in the market due to the rising adoption of smartphones along with health awareness among the individuals across the region is fueling the growth of the market. 

Global Digital Healthcare Market Growth, by Region 2022-2028

The Asia-Pacific Region is Expected to Hold a Prominent Share in the Global Digital Healthcare Market.

The Asia-Pacific region is expected to hold a prominent share in the market over the forecast. The government initiatives to digitalize the regions are propelling the growth of the digital healthcare market. For instance, in September 2021, Prime Minister Narendra Modi announced the nationwide rollout of the National Digital Health Mission (NDHM), a scheme that will enable Indians to create and access digital health records. Under this, a unique digital health ID will be provided to the people, which will contain all the health records of the person. A government official involved in the making of NDHM will act as a “one-stop solution” for all healthcare needs of an individual. It aims to develop the necessary backbone to support an integrated digital health infrastructure in the country.

Market Players Outlook

The major companies serving the global Digital Healthcare market include AT&T, Inc., Apple, Inc., Allscripts Healthcare Solutions, Inc.,  Athenahealth Inc., eClinical Works, Google Inc., IBM Corp., Koninklijke Philips N.V., Qualcomm Technologies, Inc., Vodafone Group, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in June 2021, IIT Bombay announced the launch of its new Centre for Digital Health, with generous support from the Koita Foundation. KCDH’s academic and research focus areas include clinical applications (including electronic patient records and medical imaging), healthcare data management (including healthcare data privacy and security), healthcare analytics, healthcare AI /ML, consumer health, public health, and public policy. 

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global Digital Healthcare market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.