Digital Healthcare Market to Flourish with Mounting Popularity of AI and Telemedicine

Digital Healthcare Market Overview

Market Research Future (MRFR) believes that the digital healthcare market would thrive at a healthy rate of 26.30% between 2020 and 2027. The global digital healthcare market is also projected to touch USD 3,28,887.8 Million by 2027-end.

Primary Drivers and Deterrents

Telemedicine, blockchain electronic health records and artificial intelligence-backed devices are a few significant examples of digital healthcare, with these technologies reshaping the way health care professionals interact with each other and patients. These technologies have also transformed the way data is shared between healthcare providers, helping them to reach informed decisions as to how to proceed with the correct treatment plan to achieve successful outcomes. Innovation remains one of the foremost drives of digital healthcare, with the increasing technological advancements leading to better streamlining of work, improved patient outcomes, lower human errors, and reduced costs.

The total number of smartphone owners crossed the five billion mark by the year 2019 and continues to mount at a rapid pace. Over four billion individuals worldwide, at any given point of time, use the Internet. Doctors and other healthcare professionals are progressively adopting virtual-reality tools to either boost their medical skills or develop plans for a complicated surgery.

Another significant trend in the digital healthcare market is the soaring popularity of the wearable technology. Seeing the escalating adoption of wearables in view of rising health consciousness among people, companies are proactively developing advanced devices that offer up-to-date tracking of high-risk persons to determine the possibility of any major illness or health issue.

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Digital Healthcare Market Segmentation

The digital health market, in terms of technology, has been split into mhealth, telehealthcare, digital health systems and healthcare analytics.  

Applications considered in the report are cardiology, neurology, diabetes, sleep apnea, oncology, and others.  

Top delivery modes are on-premise and cloud based.  

Primary components studied are services, software, and hardware.  

Major market end users include pharmaceutical companies, healthcare providers, healthcare payers, and more.

Digital Healthcare Market Regional Insight

The American market for digital healthcare is of the biggest size, primarily on account of the large-scale healthcare spending along with the surging adoption of the information technology. The US market is slated to perform well in the following years, thanks to the considerable expenditure on healthcare and the mounting need to curtail these expenses. 

Europe will presumably achieve the second position in the global market, thanks to the surging pressure to cut down the massive healthcare costs and the frequent technical advances in digitization. Players are constantly striving to enhance their solution and service portfolio also have a positive impact on the regional market.

Asia Pacific shall be the fastest advancing market in the coming years, in view of the rapid innovations in healthcare infrastructure combined with the mounting number of healthcare IT firms across China and India. Large-scale funds granted by the established research centers, emerging reforms trying to upgrade the healthcare infrastructure, and financial aid from several government bodies would further elevate the market value.

Digital Healthcare Market Top Firms

BioTelemetry Inc. (US), Cerner Corporation (US), Allscripts Healthcare LLC (US), General Electric Company (US), Koninklijke Philips NV (The Netherlands), AT&T Inc. (US), iHealth Lab Inc. (US), EClinicalWorks (US), McKesson Corporation (US), Cisco Systems Inc (US), Qualcomm Technologies Inc. (US), Athenahealth Inc. (US), are the most affluent digital healthcare firms in the global industry.

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Latest News

February 2021

ZYUS Life Sciences Inc. partnered with HelloMD, a well-known telehealth firm, to offer virtual medical advice to potential patients. This partnership will help ZYUS gain Canadians access, especially with regard to its cannabinoid-based formulations.