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Digital Health Market Size to Increase by USD 207.34 Billion|Driven by AI Usage in Digital Health| Technavio

NEW YORK, June 21, 2022 /PRNewswire/ -- The digital health market share is expected to increase by USD 207.34 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 20.16%.

Technavio has announced its latest market research report titled Digital Health Market by Application and Geography - Forecast and Analysis 2021-2025

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The digital health market is categorized by Technavio as a part of the global healthcare technology market. The digital health market research report provides valuable insights on the post-pandemic impact on the market, which will help companies evaluate their business approaches. 

Product Insights and News

The digital health market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. For instance, Alphabet Inc., a leading vendor, offers a platform for developing healthcare interoperability resources, and an application programming interface-based digital services.

View Market Report outlook to know more about vendors in the market

Vendor Insights

The report identifies the following as the dominant vendors in the market:

  • Alphabet Inc.
  • Apple Inc.
  • Cisco Systems Inc.
  • General Electric Co.
  • International Business Machines Corp.
  • Koninklijke Philips N V
  • McKesson Corp.
  • Qualcomm Inc.
  • Samsung Electronics Co. Ltd.

·         Siemens Healthineers AG

Digital Health Market: Key Drivers

The increase in the number of M&A activities is driving the digital health market Strategic M&A activities of the vendors support the development of efficient products and increase the profit margin of the service providers. Investments are carried out in the form of either capital outflow to develop new service offerings or the acquisitions of other service providers. For instance, in April 2019, the company, which is a women s health group, completed the acquisition of Pacify, a telehealth company that mainly focuses on virtual perinatal care for new and expectant moms and parents. Through such business strategies, both companies aim to offer obstetrics and gynecology services and provide relationship-driven and technologically advanced products. 

Digital Health Market: Key Challenges

The threat of open-source service providers is expected to be a major hindrance to the digital health market during the forecast period. There are numerous open-source vendors that provide a wide range of digital health solutions in the digital health market. A combination of multiple products from several open-source vendors can offer all the functionalities provided by proprietary on-premises and cloud-based digital health solution providers. Open-source software offers features such as better credibility, unconstrained innovations, and decentralized control. This has a negative impact on the market share of the proprietary players in the digital health market. NHS England is a non-departmental public body of the Department of Health in the UK that uses open-source IT solutions in healthcare to make healthcare services accessible to all. Healthcare professionals can bridge the gap between the staff and the technology by including more input on software improvements and uses.

Digital Health Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 20.16%

Market growth 2020-2024

$ 207.34 billion

Market structure

Concentrated

YoY growth (%)

18.98

Regional analysis

North America, Europe, APAC, and South America

Performing market contribution

North America at 46%

Key consumer countries

US, UK, China, Japan, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Alphabet Inc., Apple Inc., Cisco Systems Inc., General Electric Co., International Business Machines Corp., Koninklijke Philips N V, McKesson Corp., Qualcomm Inc., Samsung Electronics Co. Ltd., and Siemens Healthineers AG

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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North America's Contribution to Digital Health Market

The awareness of technological advances and better infrastructure in the healthcare industry is expected to propel the digital health market growth in North America over the forecast period. The region is expected to contribute 46% of market growth as countries such as the US are the key markets for digital health. Market growth in North America is expected to be higher than the growth of the market in other regions.

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Market Segmentation

The digital health market is divided by application into the wireless health segment, mobile health segment, telehealth segment, and EHR segment. The wireless health segment is expected to be the major contributor to the market during the forecast period.   Wireless health involves the usage of wireless technologies in traditional medical activities such as the diagnosis and treatment of illnesses. Wireless radio-frequency identification (RFID) technology is another popular wireless technology used in the healthcare industry, thereby driving the demand for this segment and also contributing to the digital health market growth during the forecast period.

Key Highlights

  • CAGR of the market during the forecast period 2020-2024
  • Comprehensive details of factors that will challenge the growth of digital health market vendors
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • Detailed information on factors that will drive digital health market growth during the next five years
  • Precise estimation of the digital health market size and its contribution to the parent market
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • The growth of the digital health industry across North America, Europe, APAC, and South America

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Table of Contents

Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2020
  • Market outlook: Forecast for 2020 - 2025

Five Forces Analysis

  • Five Forces Summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Application

  • Market segments
  • Comparison by Application
  • Wireless health - Market size and forecast 2020-2025
  • Mobile health - Market size and forecast 2020-2025
  • EHR - Market size and forecast 2020-2025
  • Telehealth - Market size and forecast 2020-2025
  • Market opportunity by Application

Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2020-2025
  • Europe - Market size and forecast 2020-2025
  • Asia - Market size and forecast 2020-2025
  • ROW - Market size and forecast 2020-2025
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Alphabet Inc.
  • Apple Inc.
  • Cisco Systems Inc.
  • General Electric Co.
  • International Business Machines Corp.
  • Koninklijke Philips NV
  • McKesson Corp.
  • Qualcomm Inc.
  • Samsung Electronics Co. Ltd.
  • Siemens Healthineers AG

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library and its client base consist of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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