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iCognition Insights Pvt. Ltd. have published a new Healthcare IT business vertical report titled “Digital Health Market Analysis by Technology (mHealth, Telecare, Digital Health System, Healthcare Analytics), by Product Type (Software, Hardware), and by Region – Forecast to 2026”.
The global digital health market size is expected to reach USD 511.4 billion by 2026, registering a robust CAGR of 26.2% during period 2020-2026. High prevalence of chronic diseases such as cardiovascular diseases, diabetes, obesity and increasing adoption of digital technologies and smartphones for remote patient monitoring services are the major factors accelerating the market growth. This comprehensive study on digital health identifies the current revenue size of the industry along with the forecast estimation for next 06 years to 2025. The exhaustive research conducted by a team of life sciences domain experts and experienced market analysts studies the historical market scenario and evaluates the impact of COVID-19 on the segment growth and deviation analysis, enabling businesses to identify potential gaps and recover from these unexpected alterations. The geographic analysis at regional and country level offers in-depth insights on potential growth regions, their market share and factors influencing the market development. According to the report, North America region accounted for over 38% market share in 2020.
Digital health refers to any software, connectivity, sensors and other communication technology used to improve clinical consideration and wellbeing. The scope of digital health includes categories such as mobile health (mHealth), wearable devices, telemedicine and telecare, healthcare information technologies like robotics and artificial intelligence. Technology tools in telemedicine and telecare are witnessing significant growth due to increasing prevalence of COVID-19 pandemic globally, facilitating long distance patient and clinician engagement, remote access to vital health services and treatment monitoring.
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Market Driver and Restraint Analysis:
Adoption of Digital Technology by Healthcare Providers and Penetration of Smart Phones to Fuel Growth
Ease of access to smart technology and affordable smartphones is fostering the advancement of global digital health market. According to the recent data from Pew Research Center, around 97% of the U.S citizens own a cell phone of some type with 85% of them owning smartphones. Rising adoption of digital technologies like tele-visits and remote patient monitoring by physicians and patients is further propelling the segment growth. According to the study conducted by AMA, the adoption of remote care tools by physicians has increased from 14% in 2016 to 28% in 2019, indicating rising interest of clinicians in adoption of the tools that help deliver improved patient care.
Patient Data Privacy and Lack of Infrastructure and Awareness in Emerging Nations May Hamper the Growth
Increasing adoption of digital technologies is steering exchange of valuable sensitive data within the healthcare network, making the industry a viable target for cyberattacks, leading to rise in patient data breach incidences. The data from HIPAA Journal Healthcare Data Breach Report for 2019 show a major rise in exposure of health records, with over 37.4% rise in 2019 from 2018. Additionally, unavailability of digital infrastructure, appropriate training and digital awareness in emerging economies may impede the segment growth.
Market Share Analysis:
Rising Demand for Patient-Centric Digital Solutions and Focus on Innovation to reduce Healthcare Costs to Boost North America Growth
North America region accounted for the largest market share of over 38% in 2020 and is projected to sustain its dominance during the forecast period to 2026. Factors like improving adoption of patient-centric solutions by clinicians and favorable government assistance for digital innovation to control healthcare spending to fuel the growth. Asia Pacific is anticipated to be the fastest growing regional segment during the forecast period. This is owing to the rising prevalence of chronic diseases like diabetes and obesity in the major markets and accelerated investment by venture capitalists and government to strengthen the medical technology infrastructure.
Mobile Health (mHealth) Technology Segment to show a Lucrative CAGR by 2026
Based on the technology, the mobile health (mHealth) segment accounted for the largest revenue share and is expected to register a high CAGR during the forecast period. This is due to the rising penetration of smart phones and internet connectivity and innovation in mHealth applications globally.
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Competitive Landscape Analysis:
This global report sheds light on key strategies and approaches adopted by the leading organizations to stay ahead of the competition and acquire maximum market stake.
List of Key Players Profiled in this Market Research Report:
Growth Strategies of Key Players are focused on Technology Investments and Strategic Partnerships
In April 2021, Microsoft Corp announced acquisition of conversational AI company Nuance Communications, Inc. in a USD 19.7 billion deal. The strategic move is anticipated to further strengthen Microsoft’s leadership position in conversational cloud computing combined with the intellectual property, technology expertise and experience in healthcare from Nuance. In May 2020, Mayo Clinic and Kaiser Permanente announced a joint strategic investment in Medically Home Group to develop hospital-at-home care facility, aiming at transforming traditional health care model with technology amidst the COVID-19 pandemic.
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Digital Health Market Segmentation:
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About iCognition Insights:
iCognition Insights is a global market research services firm, specialized in providing industry-standard syndicated reports and consulting services to global clients across life sciences and healthcare industry verticals. Our methodological research approach coupled with deep domain and analytical expertise opens the doors to the insights that really matter. Our reports are carefully packaged and published to offer reliable and latest industry insights, forecast and strategy inputs; helping our clients address major business objectives, from market understanding, penetration and entry strategies to product portfolio management and competitor analysis.
Our proprietary DAC research and analysis framework enable our clients discover hidden insights and granular quantitative and qualitative information on the market, technology, or company of interest. With over 20+ years of combined industry experience, we assist our clients in chalking their strategic growth plans and make informed business decisions.
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