Global Digital Health Market Analysis

Global Digital Health Market Analysis


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The Global Digital Health market is projected to grow from $211 Bn in 2022 to $825.96 Bn by 2030, registering a CAGR of 18.6% during the forecast period of 2022 - 2030. The market will be driven by increased investment in digital health solutions and government initiatives to modernize healthcare systems. The market is segmented by solution, by deployment & by end-use. Some of the major players include Apple Inc., Cerner Corporation, and Philips Healthcare.

ID: IN10GLDH005 CATEGORY: Digital Health GEOGRAPHY: Global AUTHOR: Vidhi Upadhyay

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Global Digital Health Market Executive Summary

The Global Digital Health market is projected to grow from $211 Bn in 2022 to $825.96 Bn by 2030, registering a CAGR of 18.6% during the forecast period of 2022 - 2030. Global health spending reached $ 9000 Bn in 2020, or 10.8% of global GDP, and was extremely uneven across socioeconomic categories. Per capita spending on medical supplies increased by 3% on average in around two-thirds of the 50 nations.

The application of information and communication technology in the healthcare industry for the treatment of chronic illness in distant places is referred to as digital health. Mobile health (mHealth), wearable technology, telehealth & telemedicine, healthcare information technology (IT), Electronic Health Records (EHRs) and customized medicine are all part of the digital health sector. It provides a variety of services to consumers, including early detection of life-threatening diseases and chronic illness management.

North America seems to dominate the global digital health market because of the existence of significant market players, developments in health IT infrastructure, increasing technology literacy, lucrative funding possibilities, favorable government assistance, and the rise of start-ups.

global digital health market analysis

Market Dynamics

Market Growth Drivers

The rising need for remote patient monitoring services, the rising prevalence of chronic illnesses, and the expanding accessibility of virtual care services are all moving the industry ahead at a rapid pace. The expanding trend of healthcare digitization is being fuelled by a boost in public-private collaborations, the creation of start-ups, and favorable government initiatives.

A scarcity of skilled medical personnel exists in several industrialized and emerging economies. Because of the ageing population and the increase in chronic illnesses, there is a rising demand for healthcare workers. This is also one major driving force to aid the growth of the digital health market via telehealth/telemedicine services.

Market Restraints

Several constraints are impeding the growth and acceptance of the digital health sector. One of the major issues is that severe government regulations and privacy rules limit the development and usage of digital health solutions. Another difficulty is a lack of interoperability, which renders it challenging for patients to find their health information across multiple platforms. Furthermore, healthcare providers are discouraged from investing in digital health services due to inadequate reimbursement. Cybersecurity hazards are also a concern because digital health technology is subject to cyber-attacks and can jeopardise sensitive patient data. Compatibility concerns with current systems and technology might potentially impede the introduction of digital health technologies. Inadequate familiarity and acceptability of digital health technology among healthcare practitioners and patients may hinder uptake and utilization. Finally, the expense of designing, deploying, and sustaining digital health might be too expensive for small businesses.

Competitive Landscape

Key Players

  • Apple Inc. (USA)
  • Cerner Corporation (USA)
  • Allscripts (USA)
  • AT&T (USA)
  • Philips Healthcare (NLD)
  • Medtronic plc (IRL)
  • GE Healthcare. (USA)
  • Telefonica S.A. (ESP)
  • IBM Corporation (USA)

Notable Recent Deals

February 2021: Philips completed the acquisition of BioTelemetry, Inc. a leading U.S.-based provider of remote cardiac diagnostics and monitoring

March 2020: AT&T Healthcare has engaged with LifeMedID and Elo Self-Service Solutions to help with patient registration.

Healthcare Policies and Regulatory Landscape

In the US, The Centers for Medicare and Medicaid Services (CMS) offers rewards to eligible physicians (EP) that care for Medicaid and Medicare patients and use electronic health records (EHR) systems in their practices, healthcare organizations, or institutions. In Europe, The European Medicines Agency (EMA) and the European Commission (EC) govern the digital health industry in Europe. The EMA is in charge of medical devices and software, whereas the EC is in charge of data protection and privacy regulations. Asia has a patchwork of digital health legislation, with each nation having its own set of policies and laws. The State Food and Drug Administration of China controls digital health technology. The Ministry of Health and Family Welfare in India is in charge of overseeing the development and application of digital health technology.

Reimbursement Scenario

In the US, CMS has expanded the list of covered telehealth services for Medicare beneficiaries to include more than 130 additional services. CMS has also introduced new reimbursement models such as the Merit-Based Incentive Payment System (MIPS) and the Alternative Payment Models (APM), that rewards providers for using digital health technologies and achieving better outcomes. In European countries such as the UK and Germany telemedicine services are covered by the National Health Service (NHS) and Statutory Health Insurance (SHI) respectively while in a few European countries, private insurance companies are responsible for reimbursement. Reimbursement for digital health services in Asia is limited, with only a few insurance companies covering digital health services where policies and regulations are expected to be established and consistent in the near future.

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Digital Health Market Segmentation

The Digital Health Market is segmented as mentioned below:

By Solution (Revenue, USD Billion):

  • Software
  • Services

By Deployment (Revenue, USD Billion):

  • Cloud-based
  • On-premises

By End-use (Revenue, USD Billion):

  • Diagnostic Centres
  • Healthcare Payers
  • Healthcare Research Centres
  • Hospitals & Clinics
  • Nursing Care Centres
  • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

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Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

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The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 11 June 2024
Updated by: Anish Swaminathan

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