Digital Healthcare Market Overview and Introduction

Using digital technologies is a new way of delivering healthcare. Advanced technologies including hardware & software solutions and services, including telemedicine, mobile phones & applications, wearable devices, and remote monitoring sensors make several tasks easy for healthcare professionals. This helps them to access patient information and diagnose diseases faster.

The global digital healthcare market is driven by increased internet and smartphone penetration and the arrival of new & affordable technological solutions in the market, especially in digital healthcare. Moreover, increasing demand for remote monitoring services owing to rising incidences of chronic diseases globally, favorable government initiatives and funding for the adoption of digitalized systems such as electronic medical records, e-prescribing systems, remote patient monitoring, and wearable medical devices are set to propel digital healthcare market over the forecast period. However, threats associated with data privacy and security are hindering market growth to a certain extent.

The global digital healthcare market is segmented by product, component, end-user, and region.

Digital Healthcare Market By Product

 Based on product, the digital healthcare market is segmented into healthcare information systems and wearable devices. The healthcare information systems segment is estimated to account for the largest share in the global digital healthcare market. Furthermore the healthcare information systems are segmented into clinical solutions and non-clinical solutions.  The clinical solutions segment is anticipated to fuel market growth owing to factors such as rising adoption of wearable’s and apps that monitor the health of patients, rising penetration of smartphones and rising awareness regarding health & fitness among people across the world.

Digital Healthcare Market By Component

Based on component, the market can be segmented into software, hardware, and services. In terms of market share, the services segment is estimated to account for the largest market share during the forecast period.

Digital Healthcare Market By End-users

Based on end-users, the market is segmented into B2C and B2B. The B2B segment is estimated to account for the largest market share.  This can be attributed to well-structured services that help in directing the right information to patients outside the clinical environment. The B2B segment is further segmented into payers, providers, employers, pharmaceutical companies, and others. B2B enjoys a substantial share owing to factors such as, it supports multiple interactions including organization-to-provider, provider-to-patient, and organization-to-provider-to-patient and helps in improving efficiency and reducing costs in the healthcare sector.

Digital Healthcare Market By Regions

The global digital healthcare market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the Digital Healthcare market, followed by Europe and Asia Pacific. North America will continue to dominate the global digital healthcare market during the forecast period owing to factors such as the rising in the prevalence of chronic diseases and an increase in geriatric population. Similarly, rapid growth in the adoption of smartphones, advancements in coverage networks, increasing healthcare expenditure and the presence of major market players are some of the other factors propelling the market growth during the forecast period. However, Asia Pacific is expected to witness the highest CAGR owing to a larger population base, rising incidences of chronic diseases, rising adoption of mHealth services and the increasing demand for innovative technologies for continuously monitoring health.

Digital Healthcare Market Prominent Players

Some prominent players in the global digital healthcare market include Cerner Corporation, Agfa-Gevaert Group, Allscripts Healthcare, LLC, GE Healthcare, McKesson Corporation, Philips Healthcare, Siemens Healthineers AG, Alphabet Inc, Epic Systems Corporation, and Truven Health Analytics, among others.