Digital Health Market Report 2020: Witness a Sustainable Growth over 2027
Factors Impacting the Market Growth during COVID-19 Pandemic
The global digital health market is estimated to observe significant growth and gather $1,045.8 million by 2027; this growth is mainly due to the rising adoption of digital health services to obtain real-time health information amidst the pandemic. The healthcare authorities are highly focusing on promoting telemedicine and remote medical monitoring to avoid spread of virus through direct contact with the patients.
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Highlights of the Report
The CAGR of the digital health market, as estimated before the outbreak of the COVID-19 pandemic, was 9% in the estimated period, 2019—2026.
The CAGR of the global industry, as expected post the rise of the COVID-19 pandemic, is anticipated to be 33.4% during the projected period, 2020—2027.
The size of the global digital health sector in 2020, as estimated before the beginning of the COVID-19 pandemic, was $127.5 billion.
The present market size (2020), bearing the after-effects of the COVID-19 pandemic, is $139.1 billion.
Checkout How COVID-19 impacts the digital health market.
Present Scenario of the Market due to COVID-19 Crisis:
Healthcare professionals are adopting digital health services for online consultation platform for chronic ailments, heart disorders, and COVID-19. As a result, some of the major players in the digital health industry are greatly investing in digital health technology products and services during the pandemic. For instance, in December 2020, Sensyne Health plc., a British clinical AI technology firm, launched GDm-Health, a remote monitoring solution for diabetes in pregnancy, in the U.S.
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Despite the pandemic crisis, the North America digital health market is projected to garner $360.8 million by 2027; mainly owing to the widespread usage of digital health services in this region due to rapid growth in the adoption of smart mobiles along with developments in coverage network systems. Moreover, Asia-Pacific region market is estimated to undergo speedy growth at a CAGR of 34.2% CAGR and bring in rewarding opportunities for market growth in the upcoming years. The growth of this region market is mainly owing to beneficial government initiatives to support developments in healthcare IT and growing implementation of mHealth services in this region.
Future Scope of the Industry:
According to the report, the global digital health market is projected to continue making significant developments after the end of COVID-19 disaster. New entrants and some of the foremost companies such as
Allscripts Healthcare, LLC
Koninklijke Philips N.V.
Honeywell International Inc.
Cerner Corporation, and
others are expected to build the future of the global digital health market in the upcoming years.
The report provides several approaches and tactics of the leading players functioning in the market such as the new product developments, latest strategic plans & approches, financial performance, product portfolio, and SWOT analysis. For instance, in December 2020, Novant Health, a four-state integrated network of physician clinics, outpatient centers, and hospitals, launched a digital health and engagement unit to manage virtual health care strategies as well as digital services.
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