The Digital health industry is a large and growing industry divided into sub-segments, which are based on a simple concept, the use of technology to improve health, wellbeing and lifestyle-habits through remote treatments, diagnostics and monitoring.
By 2019, the global digital health market was already worth an estimated 175 billion U.S. dollars. According to Statista Research Department in a June 26, 2021 release, “the digital health industry should reach approximately 660 billion dollars by 2025, with a projected CAGR of nearly 25% from 2019 to 2025.” The main current drivers for the market growth are the chronic diseases with a high prevalence, such as diabetes and cardiovascular disorders. Other factors boosting the adoption of digital health include the growing need for remote patient monitoring services, as well as an increasing demand for specialty healing tools.
The COVID-19 pandemic has contributed to consumers’ gaining trust and adopting digital health tools which influenced the steady incline of the digital health market. However, a study by Global Market Insights stated that security matters regarding patient data may affect the industry value. The use of digital health solutions such as e-prescriptions, medical applications, and electronic health records necessitates stringent data security, and a breach in data security could result in massive losses of sensitive and confidential data. Another study by Precedence Research indicated that in emerging nations, the new model of digital health will deal with many issues that nowadays obstruct healthcare delivery, such as quality, affordability, safety and enhancing access.
The Digital Health Market
The Market Share, is divided into three types in the digital health; and is segmented into subcategories.
The Technology Type, where the market is segmented as mHealth, health analytics, digital health system and tele-healthcare. Based on the projections and owing to the growing prevalence of chronic diseases, lack of skilled healthcare professionals and the growing geriatric population, the tele healthcare segment is projected to dominate over the forecast period. However, the mHealth technology segment is expected to reach a gainful CAGR during the forecast period. The main factors driving this reach are the availability of several mHealth apps, the rising adoption of these technologies by physicians and patients and the increasing penetration of smartphones & internet connectivity.
In the Component Type, the market is segmented as hardware, software, and services. Due to the increasing request for remote patient monitoring and synchronous nor asynchronous services, the services component segment is expected to be most dominant in the market over the forecast period, and was the component that registered the highest revenue share of 47.19% in the global market in 2020.
And the region type, where North America was the largest regional market in 2020, owing to consumer awareness of health and fitness as well as an increase in the senior population. North America accounted for the highest market share of more than 36%, and it is expected to reach a steady CAGR over the forecast period, owing to high adoption of well-developed advanced technology, presence of a tech savvy population, healthcare infrastructure and huge healthcare expenditure. However, APAC is expected to have the quickest CAGR from 2021 to 2028. The aging population in nations like China and India, as well as the rising burden of chronic diseases, are driving up demand for mobile health solutions in the area.
Competitiveness in the Digital Health Market
A new company entering in the Digital Health Market, will be able to count with favorable government initiatives especially in U.S. and European region and an increasing demand for remote patient monitoring services, but will face strong barriers that can be described as necessity of a high capital expenditure and maintenance, security concerns regarding patient data and high expenses in innovation and development, thus it could be risky to entry this market.
Among the major players in the digital health market, can be found a large number of technology leaders companies such as Orange; Samsung Electronics Co; CISCO Systems, Inc; Apple, Inc.; Google, Inc.; Telefónica S.A.; Cerner Corporation; Mckesson Corporation; AT&T; Vodafone Group; Allscripts; AirStrip; Technologies; IBM Corporation; iHealth Lab Inc; Koninklijke and others. Which are focusing on strategic alliances and the use of numerous techniques to enhance their client base and revenue share in the market, as new product launches, mergers, acquisitions, partnerships and collaborations. Therefore, it would be a threat to enter this market without having a large capital, an innovative business idea or the necessary knowledge to compete.
Enterprises in the Digital Health Market have a vast number of suppliers to select from, including global markets. The consumers in the digital health market have at their disposal apps and platforms that allow them to have huge information and the chance of multiple options to choose. And the security concerns regarding patient data may slow down the industry demand and thus be replaced by other health services, which makes room for possible substitutes.
Below is a list with some of the global suppliers in the different segments of digital health, where you can find contacts and get business ideas in the digital health industry to start or expand your business.
Global suppliers: Artificial Intelligence
CloudMedx is a company in the healthcare technology field that provides predictive health analytics, treatment and diagnostic outcomes and care coordination platform that leverages an entire population’s healthcare history for better clinical performance. This company uses AI to enhance existing workflows and create automated clinical insights, which in turn, improve operations, case management, and patient engagement for healthcare organizations. More information here.
Enlitic belongs to the medical intelligence field, which is committed to transforming the future of healthcare. The company develops solutions that impact patient care by enabling the Collaboration, Adaptability, Relevance, and Enlightenment of healthcare systems, evolving care for all patients. Find out more.
Arterys is a company offering a medical imaging AI platform that extracts actionable insights from medical images to add clinical value, improve diagnostic decision making, efficiency and productivity. The platform allows to weave leading AI clinical applications directly into existing PACS or EHR driven workflow to make it a natural extension of what already does. Read more here.
Global suppliers: Health Management
Philips provides reliable equipment solutions for digital diagnosis. For more details visit here.
Omron was the manufacturer of the first-ever wearable blood pressure monitor in the innovative form of a wristwatch, their products monitor high blood pressure, track fitness and monitor sleep patterns. To expand your knowledge about this company click here.
Viatom specializes in incorporating popular wearable designs and mobile medical technologies into its products, allowing users to easily monitor and record oxygen saturation levels; the company has a complete product line and can customize products according to different needs. For more information. Extended information here.
Cyberdyne is a company manufacturing technology and robotics, most known for the marketing and distribution of the HAL robotic exoskeleton suit. Go here and get more information.
Ekso is a company leader in the exoskeleton technology that unify safety and strength diminishing injury as well fatigue. Ekso’s products are favourable for individuals overcoming injury or paralysis and physical therapists, exoskeletons also have immense industrial applications. For more details click here.
Hocoma is a company that provides advanced rehabilitation technology and solutions for clinical, hospital and research markets. Extra information here.
Global suppliers: Remote Care
Top Doctors is a company in the field of telemedicine that gives access and connects patients with the best doctors at any time and place through private messaging or videoconferencing. More available information here.
Babylon is a company that gives 24/7 access to care, providing all-in-one healthcare, the tools and advice to stay healthy. For more details visit here.
Behold.ai is a company that utilizes cutting-edge science to pioneer new forms of diagnostic medicine; this revolutionary approach to healthcare is a step change in the treatment and prevention of diseases, benefiting patients on a global scale. More information here.
Global suppliers: Fitness
Wahoo is a company in the Fitness field that specializes in indoor bike trainers, GPS bike computers, cycling sensors & heart rate monitors designed to optimize training. Find out more here.
Global suppliers: 3D Printing
FabRx is a specialist biotech company, focused on developing 3D printing technology for fabricating pharmaceuticals and medical devices. Click here for more information.
Cellink CELLINK is a company revolutionizing bio printing. Developing advanced bioprinting technologies for pharmaceuticals and drugs. More information here.
Global suppliers:Digital Health Device
Butterfly is a company transforming complex processes into one connected POCUS system, as well as the experience of a groundbreaking ultrasound solution and the world’s only single-probe, whole-body handheld device, powered by Ultrasound-on-Chip™ technology to help offer better and more efficient care. Click here and expand your knowledge.
The Digital Health It is a growing market that has many areas of opportunities for business and investment, however entering the industry can be risky, due to the large capital that would be needed to invest as well as the threat of strong competition with large companies operating in the market, that’s why from global point of view the digital health industry can be considered to have a moderate average of profitability.
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