Digital Health Market Demand to Hit $639.4 Bn by 2026: Global Market Insights, Inc.

The digital health market from telehealthcare segment is forecast to expand at 26.2% CAGR over 2020 to 2026 owing to increasing usage of telehealth services and video consultations along with various players are increasing the telemedicine platform capability to cater to large proportion of their customers.

Digital Health Market size to cross $639.4 Bn by 2026

Global Market Insights, Inc. has recently added a new report on the digital health market which estimates the market valuation for digital health will surpass US$ 639.4 billion by 2026. Healthcare systems are facing enormous pressure to lower the number of corona positive cases. Healthcare services offered via video consultations can play a major role in limiting the spread of infection. This has encouraged several governments to amend the regulatory policies governing digital health services. Revision and amendments in current regulatory policies to support the adoption of digital health services will boost the market growth.

Increasing number of COVID-19 infections will be a key factor impacting the market expansion. Total number of coronavirus patients across the globe have reached 6.7 million as of 5th June 2020 and the number is constantly increasing. This has led to implementation of stringent regulations such as nationwide lockdowns by several countries. To avail healthcare services, patients are shifting from in-person visits to virtual visits. This will drive the digital health market expansion.

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The telehealthcare segment is forecast to expand at 26.2% CAGR over 2020 to 2026. High growth is attributable to increasing usage of telehealth services and video consultations. Moreover, various players are increasing the telemedicine platform capability to cater to large proportion of their customers, thereby fostering segmental growth

Hardware segment accounted for nearly 30% market share in 2019 and will exhibit significant growth over the forecast period. Rise in use of digital health devices such as tablets, smartphones, wearables and others is the major factor leading to segmental growth. Moreover, recent advances in microelectronics, data analysis, sensor manufacturing techniques and telecommunication has provided new growth opportunities for wearable devices in the digital health ecosystem.

Asia Pacific digital health market is estimated to reach USD 105.7 billion by 2026. The regional industry is expected to be the fastest growing over the forecast period. High growth can be attributed to the development of telecommunication infrastructure in developing countries such as India and China. Furthermore, rising venture capital investments activities and growing adoption of smart phone users will be conducive to market expansion.

Browse key industry insights spread across 308 pages with 588 market data tables & 28 figures & charts from the report, “Digital Health Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:

Some major findings of the digital health market report include:

  • Amendments in regulations will support the adoption of digital health services.
  • Increasing number of COVID-19 infections is driving the shift from in-person visits to virtual visits.
  • Various digital health service providers are increasing their operational capabilities to cater to the high influx of virtual visit demands
  • Asia pacific digital health market to witness fastest expansion.
  • Market players are focusing on various market expansion strategies to capture larger portion of the digital health market.

Few notable companies operating in the digital health market share include McKesson Corporation, Allscripts Healthcare Solutions Inc., Cisco Systems, Inc., Qualcomm, Philips Healthcare, eClinicalWorks LLC. The players are focusing on various strategies such as mergers, acquisitions, new service launch, among others. For instance, In March 2020, AT&T announced a partnership with LifedMedID and Elo Self-Service Solutions. The partnership is expected to streamline patient registrations and increase their customer base.

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Partial chapters of report table of contents (TOC):

Chapter 3. Digital Health Industry Insights

3.1. Industry segmentation

3.2. Industry landscape, 2015 - 2026

3.3. Industry impact forces

3.3.1.  Growth drivers Increasing use of smartphones, tablets, and other mobile platforms    Rapidly moving healthcare IT infrastructure in industrialized nations    Favorable government initiatives in U.S. and European region    Rising demand for remote patient monitoring services    Growing venture capital investments

3.3.2.  Industry pitfalls & challenges Security concerns regarding patient data    High capital expenditure and maintenance requirement

3.4. Growth potential analysis

3.4.1.  By technology

3.4.2.  By component

3.5. Impact analysis of COVID-19 on market

3.5.1.  Impact of COVID-19 on major markets, 2020-2022    U.S.    Canada    Germany    UK    France    Spain    Italy    Japan    China  South Africa

3.5.2.  Impact of COVID-19 on industry segments    Telehealthcare    mHealth    Healthcare analytics    Digital health systems

3.5.3.  Impact of COVID-19 on industry value chain    Research and development    Manufacturing    Marketing    Supply

3.5.4.  Impact of COVID-19 on industry competition

3.5.5.  Strategy

3.5.6.  Product portfolio

3.5.7.  Business growth

3.6. Market entry landscape

3.7. Regulatory landscape

3.7.1.  U.S.

3.7.2.  Europe

3.8. Technology landscape

3.8.1.  Upcoming technologies

3.9. Porter's analysis

3.10.    Competitive landscape, 2019

3.10.1. Company market share analysis, 2019

3.10.2.    Strategy dashboard

3.11. PESTEL analysis

Browse related report:

Telemedicine Market Size By Service (Tele-consulting, Tele-monitoring, Tele-education/training), By Type (Telehospital, Telehome), By Specialty (Cardiology, Gynecology, Neurology, Orthopedics, Dermatology, Mental Health), By Delivery Mode (Web/Mobile {Telephonic, Visualized}, Call Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Categories: Healthcare Technology

Tags: Digital Health Market, Digital Health System, Health Analytics, mHealth, Tele-healthcare, Telehealth

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Arun Hegde
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Corporate Sales, USA, Global Market Insights, Inc.
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