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Phase-Xs | Biologics & Biosimilars | Coherent Market Insights

Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Digital healthcare is the use of technologies such as telemedicine, artificial intelligence (AI)-enabled medical devices, and blockchain electronic health records to offer better healthcare service to patients.

The global digital healthcare market is estimated to be valued at US$ 3,963.3 million in 2021 and is expected to exhibit a CAGR of 13.7% over the forecast period (2021-2028).

Recent Developments:

Companies are collaborating for expanding digital healthcare which can be attributed to the market growth. For instance, in December 2020, EMEA Edison Accelerator, a new start-up accelerator programme was launched in EMEA. The programme was launch in collaboration with GE Healthcare and Wayra UK, a pioneer of corporate innovation. The accelerator programme focused on applying artificial intelligence (AI) to several verticals of healthcare sector such as operational AI in oncology, medical imaging and for improving patient experience.

In addition, governments in several region are focusing on launching initiatives for promoting and implementing AI in healthcare sector which is further driving the market growth. For instance, in August 2021, the Government of India planned to launch a special incentives scheme for supporting start-ups in areas of telemedicine, digital health, and artificial intelligence (AI). Moreover, the Biotechnology Industry Research Assistance Council (BIRAC) has funded over US$ 280 million for around 1,500 healthcare startups, enterprises, and small businesses.

Furthermore, the emergence of new players in digital healthcare will further boost the growth of digital healthcare market over the forecast period. For instance, in April 2021, K Health, Anthem and Blackstone Growth launched a joint venture that will harness artificial intelligence tools for bringing new digital health offerings to the consumers.

North America held dominant position in the global digital healthcare market in 2020, accounting for 53.0% share in terms of volume, followed by Europe and Asia Pacific, respectively. The increasing collaboration between companies situated in North America is contributing to the growth of digital healthcare market in the region. For instance, in July 2021, Cognizant collaborated with Philips for the development of end-to-end digital health solutions to enable life sciences companies and healthcare organizations in improving patient care and accelerate clinical trials.

Figure 1. Global Digital Healthcare Market Value (US$ Mn), by Region, 2020

Digital Healthcare  | Coherent Market Insights

Global Digital Healthcare Market: Drivers

Adoption of digital printing processes is expected to propel growth of the global digital healthcare market over the forecast period. For instance, in September 2019, Waldorf Technik, a subsidiary of the Hahn Group, demonstrated a newly developed automation system that allows molders of disposable syringes to print directly on cylinders using the system’s digital printing processes, at K Trade Fair 2019.

Moreover, adoption of deep-learning is also expected to aid in growth of the market. For instance, in December 2018, iCAD, Inc. announced U.S. FDA clearance for its deep-learning, cancer detection software solution for digital breast tomosynthesis (DBT), ProFound AI.

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Digital Healthcare Market Report Coverage

Report Coverage Details
Base Year: 2020 Market Size in 2021: US$ 3,963.3 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2021 to 2028
Forecast Period 2021 to 2028 CAGR: 13.7% 2028 Value Projection: US$ 7,304.3 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Technology: Healthcare Analytics, mHealth
  • By Component: Software, Services
Companies covered:

IBM Corporation, CGI Group Inc., Accenture PLC, Deloitte LLP, AT&T Inc., PWC LLP, GE Healthcare Limited, and Syntel Inc.

Growth Drivers:
  • Adoption of digital printing processes 
  • Adoption of deep-learning
Restraints & Challenges:
  • Concerns regarding security and privacy of data
  • Lack of transparency in data usage from healthcare facilities

Global Digital Healthcare Market: Opportunities

The rapid adoption of digital health services across the world will create new opportunities for the market growth. For instance, based on March 2021 published report by ISG Provider Lens, concluded that the U.S. healthcare industry had rapid adoption of digital services for dealing with the COVID-19 pandemic, hence accelerating the adoption of digital healthcare solutions.

Market Trends

Government initiatives to digitalize healthcare are boosting growth of the global digital healthcare market. For instance, in March 2020, the Russia’s Federation Council and Parliament drafted a bill to digitalize healthcare to boost medical care, especially during the coronavirus outbreak.

Moreover, increasing penetration of internet is also expected to aid in growth of the market. For instance, according to China government-backed Market Intelligence & Consulting Institute and reported by China Internet Watch, internet penetration in China reached 61.2 percent in the first half of 2019, with 854 million internet users at the end of June 2019.

The market is witnessing use of digital solution for composing disease registries. For instance, in December 2019, ESO, a data and software company, acquired Digital Innovation, Inc., a service software solutions provider. The company also partnered with DICORP for development in trauma registry.

Figure 2. Global Digital Healthcare Market Share, By Component, 2020

Digital Healthcare  | Coherent Market Insights

Key Takeaways:

  • Among component, software is expected to hold dominant position in the market and accounted for 52.9% share in the global digital healthcare market in 2020. The segment is expected to reach US$ 3,643.5 million in 2028.
  • The launch of new products is expected to drive the market growth of software over the forecast period. For instance, in September 2020, KareXpert, launched a SaaS-based commercial model with Cloud Gateway for the medical equipment such as radiology devices and IoT devices connectivity to the platform directly.

Global Digital Healthcare Market: Restraints

Concerns regarding security and privacy of data are expected to hinder growth of the market. For instance, SonicWall, an internet security company, recorded a 275% year-on-year increase in encrypted threats and a 229% rise in ransomware attacks in 2018.

Moreover, lack of transparency in data usage from healthcare facilities is also expected to limit the market growth.

Global Digital Healthcare Market: Competitive Landscape

Major players operating in the global digital healthcare market include, IBM Corporation, CGI Group Inc., Accenture PLC, Deloitte LLP, AT&T Inc., PWC LLP, GE Healthcare Limited, and Syntel Inc.

Global Digital Healthcare Market: Key Developments

Major players in the market are focused on supporting the life sciences industry during the COVID-19 pandemic. For instance, in June 2020, ConvergeHEALTH by Deloitte announced to waive all licensing fees for MyPath for Clinical for current COVID-19 related clinical trials and any current clinical trial impacted by COVID-19 in order to support the life sciences industry facing challenges during the COVID-19 pandemic.

Major players in the market are also focused on launching new products to expand their product portfolio. For instance, in April 2020, GE Healthcare launched Mural Virtual Care Solution, a remote patient data monitoring technology to help clinicians support most critical covid-19 patients across the health system.

Major players in the market are focused on adopting collaboration and partnership strategies to enhance their market share. For instance, in September 2019, Accenture collaborated with Bayer to implement the Accenture INTIENT Clinical platform to help simplify and speed its drug development processes.

Digital healthcare is revolutionizing the way healthcare systems operate. These systems have the ability to monitor patient health and prescribe medications based on real time data and are making it possible for physicians and other medical staff to access all the information they need in real time from anywhere they may be. This new technology is rapidly becoming an industry of its own.

A digital healthcare system is made up of software that collects, encrypts, and securely share patient health information. The actual content of digital healthcare records is protected through a layer of encryption and this allows authorized individuals, like physicians, to share information that is deemed necessary only to the concerned patient or to authorized personnel such as pharmaceutically authorized nurses. It also makes it possible to quickly and easily exchange information among staff as well as among different locations by using a network. Digital healthcare systems have made it possible to collaborate and provide real-time advice to patients, whereas before it was almost impossible to do.

 Market Dynamics:

Launch of new patient engagement solutions is expected to propel growth of the global digital healthcare market over the forecast period. For instance, in May 2021, Avaamo, the provider of HIPAA-compliant conversational IVR (C-IVR) and virtual assistants, announced four new patient engagement solutions optimized for Epic.

Moreover, launch of fully-integrated digital healthcare solutions is also expected to aid in growth of the global digital healthcare market. For instance, in January 2021, Loop Insights Inc., a provider of contactless solutions, launched its Digital Connect Health Platform, a fully-integrated digital healthcare solution designed for both government and private sector.

Key features of the study:

  • This report provides in-depth analysis of the global digital healthcare market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2021–2028), considering 2020 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global digital healthcare market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include IBM Corporation, CGI Group Inc., Accenture PLC, Deloitte LLP, AT&T Inc., PWC LLP, GE Healthcare Limited, and Syntel Inc.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global digital healthcare market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global digital healthcare market

Detailed Segmentation:

  •  Global Digital Healthcare Market, By Technology:
    • Healthcare Analytics
    • mHealth
  • Global Digital Healthcare Market, By Component:
    • Software
    • Services
  • Global Digital Healthcare Market, By Region:
    • North America
      • By Technology
        • Healthcare Analytics
        • mHealth
      • By Component
        • Software
        • Services
      • By Country
        • U.S.
        • Canada
    • Latin America
      • By Technology
        • Healthcare Analytics
        • mHealth
      • By Component
        • Software
        • Services
      • By Country
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Technology
        • Healthcare Analytics
        • mHealth
      • By Component
        • Software
        • Services
      • By Country
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Technology
        • Healthcare Analytics
        • mHealth
      • By Component
        • Software
        • Services
      • By Country
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • By Technology
        • Healthcare Analytics
        • mHealth
      • By Component
        • Software
        • Services
      • By Country
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • By Technology
        • Healthcare Analytics
        • mHealth
      • By Component
        • Software
        • Services
      • By Country/Region
        • South Africa
        • Central Africa
        • North Africa
  • Company Profiles
    • IBM Corporation*
      • Company Highlights
      • Products Portfolio
      • Key Highlights
      • Financial Performance
      • Strategies
    • CGI Group Inc.
    • Accenture PLC
    • Deloitte LLP
    • AT&T Inc
    • PWC LLP
    • GE Healthcare Limited
    • Syntel Inc.

 “*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Technology
      • Market Snippet, By Component
      • Market Snippet, By Region
      • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Impact Analysis
    • Key Highlights
    • Product launch
    • Regulatory Scenario
    • PEST Analysis
    • Mergers and Acquisitions
  4. Global Digital Healthcare Market, By Technology, 2020 – 2028, (US$ Mn)
    • Introduction
      • Market Share Analysis, 2020 and 2028 (%)
      • Y-o-Y Growth Analysis, 2018 – 2028
      • Segment Trends
    • Healthcare Analytics
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2018 – 2028, (US$ Million)
    • mHealth
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2018 – 2028, (US$ Million)
  5. Global Digital Healthcare Market, By Component, 2020 – 2028, (US$ Mn)
    • Introduction
      • Market Share Analysis, 2020 and 2028 (%)
      • Y-o-Y Growth Analysis, 2018 – 2028
      • Segment Trends
    • Software
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2018 – 2028, (US$ Million)
    • Services
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2018 – 2028, (US$ Million)
  6. Global Digital Healthcare Market, By Region, 2020 – 2028, (US$ Mn)
    • Introduction
      • Market Share Analysis, By Region, 2020 and 2028 (%)
      • Y-o-Y Growth Analysis, For Regions, 2018–2028
    • North America
      • Market Size and Forecast, By Technology, 2018 – 2028, (US$ Million)
      • Market Size and Forecast, By Component, 2018 – 2028, (US$ Million)
      • Market Size and Forecast, By Country, 2018 – 2028, (US$ Million)
        • U.S.
        • Canada
    • Latin America
      • Market Size and Forecast, By Technology, 2018 – 2028, (US$ Million)
      • Market Size and Forecast, By Component, 2018 – 2028, (US$ Million)
      • Market Size and Forecast, By Country, 2018 – 2028, (US$ Million)
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • Market Size and Forecast, By Technology, 2018 – 2028, (US$ Million)
      • Market Size and Forecast, By Component, 2018 – 2028, (US$ Million)
      • Market Size and Forecast, By Country, 2018 – 2028, (US$ Million)
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Market Size and Forecast, By Technology, 2018 – 2028, (US$ Million)
      • Market Size and Forecast, By Component, 2018 – 2028, (US$ Million)
      • Market Size and Forecast, By Country, 2018 – 2028, (US$ Million)
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of APAC
    • Middle East
      • Market Size and Forecast, By Technology, 2018 – 2028, (US$ Million)
      • Market Size and Forecast, By Component, 2018 – 2028, (US$ Million)
      • Market Size and Forecast, By Country, 2018 – 2028, (US$ Million)
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • Market Size and Forecast, By Technology, 2018 – 2028, (US$ Million)
      • Market Size and Forecast, By Component, 2018 – 2028, (US$ Million)
      • Market Size and Forecast, By Country, 2018 – 2028, (US$ Million)
        • South Africa
        • Central Africa
        • North Africa
  7. Competitive Landscape
    • Company Profiles
      • IBM Corporation
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • CGI Group Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Accenture PLC
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Deloitte LLP
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • AT&T Inc
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • PWC LLP
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • GE Healthcare Limited
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Syntel Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 36 market data tables and 34 figures on “Digital Healthcare Market - Global forecast to 2028”.

FAQgrowicon

Frequently Asked Questions

Adoption of digital printing processes and deep-learning is expected to propel growth of the global digital healthcare drugs market.
The market was estimated at US$ 3,446.7 million in 2020
The market is expected to exhibit a CAGR of 13.7% over the forecast period (2021-2028).
Major players operating in the market include, IBM Corporation, CGI Group Inc., Accenture PLC, Deloitte LLP, AT&T Inc., PWC LLP, GE Healthcare Limited, and Syntel Inc.
The software accounted for 52.9% market share in the market in 2021.
The services segment is witnessing high growth in the digital healthcare industry, owing to increasing funding initiatives for expanding digital healthcare services. For instance, in June 2021, Eight Roads funded US$400 million for building innovative and transformational healthcare services in China. The investment focused on developing various sectors such as healthcare services, healthcare IT/digital health and med tech industries in China.
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