Digital Health Market to grow by USD 207.34 billion by 2025, Use of AI in Digital Health is a Major Trend to Fuel the Market Growth - Technavio
The digital health market offers comprehensive analysis by Application (Wireless health, Mobile health, EHR, and Telehealth) and Geography (North America, Europe, APAC, and South America)
NEW YORK, July 19, 2022 /PRNewswire/ -- The digital health market projects growth of USD 207.34 billion, registering a CAGR of 20.16% from 2020 to 2025. The use of AI in digital health is the major trend influencing the digital health market growth. AI helps make the output of medical equipment smarter and publish the results quicker. Medical professionals get more efficient diagnosis charts and informed insights by using AI. AI can serve as a clinical decision-support tool and can work along with human interference to provide better care with increased efficiency. For instance, in the radiology department, AI is capable of providing radiologists with tools to meet the growing demand for diagnostic imaging. AI algorithms make clinical workflows quicker and prevent diagnostic errors. AI is a major part of R&D for several digital health vendors such as Siemens. It is expected that the use of AI will create the base for comprehensive medical image understanding. Moreover, in the healthcare industry, cloud-based applications and analytics solutions are very popular, especially in North America and Europe. Most of the healthcare details (critical information of patients) are stored in data warehouses and later used for analyses to get the details of patients' history.
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The digital health market is segmented by application (wireless health, mobile health, EHR, and telehealth) and geography (North America, Europe, APAC, and South America).
- Regional Highlights - 46% of the market's growth will originate from North America during the forecast period. The US is the key market for digital health in North America. Market growth in this region will be faster than the growth of the market in the Europe and South America regions. Better infrastructure and the awareness of technological advances in the healthcare industry will facilitate the digital health market growth in North America over the forecast period.
- Revenue Generating Segment - The digital health market share growth by wireless health will be significant for revenue generation. Wireless health involves the use 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.
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Digital Health Market: Major Growth Drivers
The following factors are expected to drive the growth of the market during the forecast period:
- Increase in the number of M&A activities in the market
- Increasing support for digital health from the governments
- Growing adoption of data analytics in the healthcare sector
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Digital Health Market: Vendor Analysis
- The digital health market is concentrated and the vendors are deploying growth strategies such as product launches and business expansions to compete in the market.
- The digital health market report offers information on several market vendors, including 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 among others.
- Alphabet Inc. - It provides a platform for developing healthcare interoperability resources, an application programming interface-based digital services.
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Reasons to Buy Digital Health Market Report:
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will assist digital health market growth during the next five years
- Estimation of the digital health market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the digital health market across North America, Europe, APAC, and South America
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of digital health market vendors
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Digital Health Market Scope | |
Report Coverage | Details |
Page number | 120 |
Base year | 2019 |
Forecast period | 2020-2025 |
Growth momentum & CAGR | Accelerate at a CAGR of 20.16% |
Market growth 2020-2025 | USD 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 |
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 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. |
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
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