Digital Healthcare Market is Expected to Surpass US$ 7,304.3 Mn by The End Of 2028

0
65

The global digital healthcare market is expected to surpass US$ 7,304.3 Mn in terms of value by the end of 2028 and is expected to exhibit a CAGR of 13.7% over the forecast period (2021-2028), as published by Coherent Market Insights.

Global digital healthcare market: Drivers
Initiatives to support digitalization in prescription transmission are expected to propel the growth of the global digital healthcare market over the forecast period. For instance, in October 2019, DocMorris NV partnered with The General Practitioners’ Association AG to support a pilot project for digital prescription transmission.

Global digital healthcare market: Opportunities
The emergence of new market players in the digital healthcare market develops flourishing opportunities for market growth over the forecast period. For instance, on June 3, 2021, Lupin, a pharmaceutical company, recently incorporated a new entity referred to as Lupin Digital Health Limited for providing a digital therapeutics platform in India.

Global digital healthcare market: Recent developments
The launch of new products is expected to propel the growth of the digital healthcare market over the forecast period. For instance, in December 2020, Sensyne Health plc, a British Clinical AI technology company, launched GDm-Health, a remote monitoring solution for diabetes in pregnancy, in the U.S. The solution will be offered by Cognizant to the U.S. health systems and health plans through its sales force.

In addition, the rapid adoption of digital health technologies during the COVID-19 pandemic is further boosting market growth. For instance, based on a report published in June 2021, by Healthcare Information and Management Systems Society, Inc. (HIMSS) concluded that 47% of the U.S. healthcare patients considered in the study would prefer telehealth to in-person visits for receiving a personalized healthcare supporting experience powered by integration of new technologies such as artificial intelligence.

Moreover, the robust funding initiatives will further improve the development of new digital healthcare solutions, which in turn will propel market growth. For instance, in June 2021, Esplanade HealthTech Ventures Esplanade announced an oversubscribed inaugural venture fund, for around 13 companies such as BrainBox AI, Lumen, and Cleerly for accelerating the development of advanced technology-driven products and solutions.

Global digital healthcare market: Restraints
Low adoption of the internet in emerging regions is expected to hinder the growth of the market. For instance, according to Pew Research Center (October 2019), Sub-Saharan Africa has a lower level of internet use than any other geographic region, ranging from a high of 59% in South Africa to a low of 25% in Tanzania.

Covid-19 impact analysis:
In the U.S., from 3 January 2020 to 6:16 pm CEST, 3 September 2021, there have been 39,300,270 confirmed cases of COVID-19 with 638,632 deaths, reported to WHO. As of 26 August 2021, a total of 367,316,149 vaccine doses have been administered. The emergence of Covid-19 has led to the adoption of mHealth to coordinate vaccination drives. For instance, in August 2021, Samsung, in partnership with the Commons Project Foundation, a healthcare non-profit organization, announced that Samsung Pay can now store digital versions of users’ COVID-19 vaccination cards.

Key takeaways:

  • The global digital healthcare market was valued at US$ 3,446.7 Mn in 2020 and is forecast to reach a value of US$ 7,304.3 Mn by 2028 at a CAGR of 13.7% between 2021 and 2028.
  • The software segment was valued at US$ 1,822.5 Mn in 2020 and is expected to witness a CAGR of 12.2% over the forecast period.

Market trends
Government initiatives to enhance cyber and data security are boosting the growth of the global digital healthcare market. For instance, in February 2020, the Singapore government announced to invest US$ 719 million to enhance cyber and data security systems.

The market is witnessing the increasing adoption of digital pathology imaging solutions. For instance, in April 2020, Sectra, a medical imaging IT and cybersecurity company, collaborated with Hospital for Special Surgery, an academic medical center focused on musculoskeletal health, to integrate FDA-approved digital pathology imaging solutions with laboratory information systems for integrated diagnostics capabilities between radiology and pathology.

The market is also witnessing the increasing adoption of digital eye care. For instance, in November 2019, Life Extension developed Gummy Science Digital Eye Support, a new, science-based supplement for eye health.

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
December 2019: GE Healthcare signed a multi-year agreement with Affidea B.V., a provider of medical services, to deploy imaging and digital technologies across the Affidea network, which includes provision of 60 new MRIs, 50 ultrasound devices, 40 CT scanners, and 30 X-rays machines in the next three years.

December 2019: Accenture acquired Apis Group, a privately held Australian consultancy with deep industry expertise providing strategic advisory, digital design, and delivery services to government organizations.