Digital Health Market Size By Technology [Telehealthcare {Telecare (Activity Monitoring, Remote Medication Management), Telehealth (LTC Monitoring, Video Consultation)}, mHealth {Wearables (BP Monitors, Glucose Meter, Pulse Oximeter, Sleep Apnea Monitors,

Digital Health Market Size By Technology [Telehealthcare {Telecare (Activity Monitoring, Remote Medication Management), Telehealth (LTC Monitoring, Video Consultation)}, mHealth {Wearables (BP Monitors, Glucose Meter, Pulse Oximeter, Sleep Apnea Monitors, Neurological Monitors), Apps (Medical, Fitness)}, Health Analytics, Digital Health System (EHR, e-prescribing System)], By Component [Hardware, Software, Services], COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027

The digital health market is poised to register a period of strong growth by 2027, fueled by the rapidly shifting healthcare industry dynamics. Technological advancements have facilitated a strong and steadily growing bond between the healthcare and technology sectors, enabling humankind to amplify the benefits offered by both industries on a global scale.

Over the past year, the coronavirus pandemic has emerged as a major proponent for the global digital health market. Consequently, the World Health Organization, recently unveiled the Global Strategy on Digital Health 2020-2025 directive. In the report, the organization underlined the importance of digital health and highlighted how digital health should be an important part of every nation’s health priorities and should help people in such a way that it is safe, ethical, reliable, secure, sustainable, and equitable.

The primary purpose of WHO’s global strategy is to consolidate health systems by applying digital health technologies that direct health professionals, consumers, health care providers, and the healthcare industry as a whole. Empowering patients while also achieving a unified vision of health for everyone.

Through such efforts and initiatives, the road map for the growth of the digital health market is being more clearly defined. The overall digital health market has been categorized into different segments such as technology, component, and regional landscape, which helps the market outline its forthcoming growth more comprehensively.

Based on technology, the industry landscape is further categorized into mHealth, telehealthcare, digital health systems, and health analytics. Among these, the health analytics sub-segment is forecast to register remunerative gains and exceed a valuation of $38.6 billion by 2027. Healthcare analytics pertains to the utilization of vast amounts of data, collected across the healthcare industry, to offer organizations with highly actionable insights.

As global healthcare organizations face the challenge of reducing costs, enhancing coordination with care providers, delivering more with less, and concentrating on enhancing patient care, analytics is expected to become especially important in coming years.

With respect to component, the market has been bifurcated into hardware, service, and software. Among these three, the software held a revenue share of over $47.4 billion back in 2020. Going forward, as world governments focus on bringing through the digital transformation of their respective healthcare infrastructure, the segment is expected to see this revenue share to grow at an immense pace.

From a regional reference frame, the Latin America digital health market is slated to clock in notable growth egged on by the coronavirus pandemic. Back in 2020, the LATAM digital health market held a market share of more than 3.6%s.

Meanwhile, MEA digital health market is anticipated to exhibit an impressive CAGR of 17.5% through the analysis timeline. A majority of this growth is expected to come from gulf nations. In fact, it was unveiled last year that the UAE is one of MEA’s biggest adopters of Artificial Intelligence, having invested a total of $2.15 billion in the technology over the past decade.

In 2020, one of UAE’s leading private healthcare enterprises, Medcare Hospitals, was awarded gold during the MENA Digital Awards. The award acknowledged the prowess of the company’s conversational AI-driven chatbot.