Digital Health Platforms Market

Digital Health Platforms Market

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Author :

Raksha Sharma

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Vineet Pandey

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Vishal Golekar

The digital health platforms market size was valued at nearly USD 210 Bn in 2022 and is anticipated to reach USD 967.5 Bn by 2031, expanding at a CAGR of 18.5% during the forecast period, 2023 – 2031. The growth of the market is attributed to the rise in chronic diseases and advancements in IT infrastructure in the form of internet connectivity and smart devices.

Digital health platforms are tools that provide essential, classified, and insightful data of patient health and medical history. A holistic view of a patient is provided by digital health platforms to healthcare professionals. Sensors, connectivity, computing platforms, and software make up digital health technologies.

Global Digital Health Platforms Market Outlook

Digital health platforms provide support to physicians through artificial intelligence and machine learning. Such support is backed by clinical data analytics and algorithms. Patients are able to get easy access and consultations for their health problems without the risk of traveling to far-off medical centers.

Healthcare platforms assist medical professionals in reducing diagnostic work pressure and burden on health facilities such as hospitals, scanning centers, and clinics. This aids in improving the treatment quality provided to patients and the prognosis of health concerns. Digital health and wellness platforms pioneer the concept of self-care by patients and provide them with multiple medical consultation options.

The market report finds that the COVID-19 pandemic propelled the digital health platforms market due to lockdown restrictions. This prospered the use of digital platforms for consulting with healthcare professionals. Real-time consultations and medical advice were sought through online appointments with doctors and health specialists through video consultation and medical apps and website access.

Digital Health Platforms Market Dynamics

Major Drivers

Growing demand for on-the-go healthcare applications for mobiles, laptops, and tablets is driving the digital health platforms market. Mobile app developments have provided easy access for patients to several healthcare professionals in one go, which is expected to fuel market developments. Increasing use of wearables and health-tracking devices is further boosting the market. Wearables and health-tracking devices help to track heart rate during fitness activities, thus, driving the market during the forecast period.

Existing Restraints

High initial investments for setting up IT infrastructure with adequate data storage and room for platform developments is likely to discourage the adoption of digital health platforms. This, in turn, is estimated to hamper the market. Moreover, security concerns regarding health information as there is always a risk of data breach by hackers. Another major concern is that healthcare professionals and users rely on data to make treatment-related decisions thus deleting or altering patient data is expected to lead to unfavorable events or wrong decisions. Thus, restrain the market.

Emerging Opportunities

Growing need for creating electronic health records, as per the directives of governments around the world are providing a significant market opportunities in the market. Creation od digital databases of clinical data of patients is anticipated to provide development opportunities for the digital health platforms market.

Global Digital Health Platforms Market Dynamics

Scope of Digital Health Platforms Market Report

The report on the global digital health platforms market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Digital Health Platforms Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016 – 2021

Forecast Period

2023–2031

Segmentation

Component (Services [Monitoring Services {Chronic Disease Management & Post-Acute Care Services, Independent Aging Solutions}, Healthcare Systems Strengthening Services, Diagnosis Services, Others], Hardware, and Software), and Technology (Tele Consultation [Telehealth {Video Consultation, LTC Monitoring}, Telemedicine, and Telecare {Remote Medication Management, Activity Monitoring} ], Health Analytics, mHealth [Wearables {Activity Trackers, Pulse Oximeters, BP Monitors, Neurological Monitors, Sleep Apnea Monitors} and Apps {Fitness Apps, Medical Apps}], and eHealth [Electronic Health Records and E-prescription Systems])

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Apple Inc.; AirStrip Technologies, Inc; Google, Inc.; Samsung Electronics Co., Ltd.; EMCure; Qualcomm Technologies, Inc.; Softserve; Cerner Corporation (Oracle); Telefónica S.A.; MCKESSON CORPORATION; Epic Systems Corporation; QSI Management, LLC; CPSI.; Vocera Communications.; IBM Corporation; CISCO Systems, Inc.; Hims & Hers Health, Inc.; Orchard Healthcare Pvt. Ltd.; Veradigm LLC; and Headspace Inc.

Digital Health Platforms Market Segment Insights

Component Segment Analysis

Based on the component, the market is divided into services, hardware, and software. The service segment is further classified as monitoring services, healthcare systems strengthening services, diagnosis services, and others. The monitoring services segment is further bifurcated into chronic disease management & post-acute care services and independent aging solutions. The services segment is expected to expand at a significant growth rate during the projection period, owing to the increasing demand for staffing, maintenance, installation, and training services. Several types of pre-installation and post-installation services are provided by service providers in individual forms or packages, which is expected to drive the segment.

The software segment is anticipated to hold a key share of the market, due to the growing demand for the development of single application platforms for healthcare service providers, patients, clinics, hospitals, and third-party users such as health and medical insurance payers. Artificial intelligence and machine learning embedded healthcare systems enhance the development of personalized patient data, thus boosting the segment in the projection period.

Global Digital Health Platforms Market Component

Technology Segment Analysis

On the basis of the technology, the digital health platforms market is divided into tele consultation, health analytics, mHealth, and eHealth segments. The tele consultation segment is further trifurcated into telehealth, telemedicine, and telecare. The tele consultation segment is expected to hold a dominant share of the market during the forecast period owing to the growing use of telehealth and telemedicine servicesTelehealth and telemedicine services make use of gathered patient information and implement it in providing personalized recommendations and remedies for health issues faced by individuals. Consultation mediums for patients include smart gadgets and computers connected to reliable data streams. Telehealth consists of technologies including mobile devices and computers to access healthcare services remotely. Digital healthcare platforms provide services for remote care through video consultation or chat.   

The health analytics segment is expected to expand exponentially in the coming years owing to the integration of analytical platforms such as big data and analytical software with medical records. Insightful data mining is possible through health analytics in the form of better identification of risk populations, collating test results, and readmission rates, which is anticipated to propel the segment.

The mHealth segment is bifurcated into wearables and apps. The emergence of various healthcare wearables and activity trackers is expected to boost the market in the coming years. Activity trackers help in monitoring heart rate at the time walking or running, an activity tracker can be a digital watch or any small device connected to a smartphone or any type of IT system via Bluetooth or a local area network.

For instance, on September 7, 2022,
 Apple launched the Apple Watch Ultra, a revolutionary new design smart watch for adventure endurance, and exploration. Apple Watch Ultra includes all the connectivity and health features from heart rate monitoring and the ECG and Blood Oxygen apps to activity rings and mindfulness. It comprises additional health, navigation, and safety features.
 

Global Digital Health Platforms Market Technology

Regional Analysis

In terms of region, the global digital health platforms market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period owing to the introduction of healthcare infrastructure upgradation to include technologies such as smart wearables, mobile apps, and telemedicine services in particular.

Rising geriatric population in North America and increased spending capabilities have aided the penetration of digital healthcare platforms. Remote access and medical consultation for chronic diseases due to the rising healthcare costs are expected to fuel the market in North America.

The market of Asia Pacific is projected to grow at a rapid pace in the coming years, owing to the growing use of eHealth platforms due to limited healthcare facilities available in comparison to the patient population. Easing of stress on public and private medical facilities is seen through the increasing use of digital health platforms, which is likely to propel the market in North America.

Global Digital Health Platforms Market Regions

Segments

The global digital health platforms market has been segmented on the basis of

Component

  • Services
    • Monitoring Services
      • Chronic Disease Management & Post-Acute Care Services
      • Independent Aging Solutions
    • Healthcare Systems Strengthening Services
    • Diagnosis Services
    • Others
  • Hardware
  • Software

Technology

  • Tele Consultation
    • Telehealth
      • Video Consultation
      • LTC Monitoring
    • Telemedicine
    • Telecare
      • Remote Medication Management
      • Activity Monitoring
  • Health Analytics
  • mHealth
    • Wearables
      • Activity Trackers
      • Pulse Oximeters
      • BP Monitors
      • Neurological Monitors
      • Sleep Apnea Monitors
    • Apps
      • Fitness Apps
      • Medical Apps
  • eHealth
    • Electronic Health Records
    • E-prescription Systems

Region

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Apple Inc.
  • AirStrip Technologies, Inc
  • Google, Inc.
  • Samsung Electronics Co., Ltd.
  • EMCure
  • Qualcomm Technologies, Inc.
  • Softserve
  • Cerner Corporation (Oracle)
  • Telefónica S.A.
  • MCKESSON CORPORATION
  • Epic Systems Corporation
  • QSI Management, LLC
  • CPSI.
  • Vocera Communications.
  • IBM Corporation
  • CISCO Systems, Inc.
  • Hims & Hers Health, Inc.
  • Orchard Healthcare Pvt. Ltd.
  • Veradigm LLC
  • Headspace Inc.

Competitive Landscape

Key players competing in the global digital health platforms market are Apple Inc.; AirStrip Technologies, Inc; Google, Inc.; Samsung Electronics Co., Ltd.; EMCure; Qualcomm Technologies, Inc.; Softserve; Cerner Corporation (Oracle); Telefónica S.A.; MCKESSON CORPORATION; Epic Systems Corporation; QSI Management, LLC; CPSI.; Vocera Communications.; IBM Corporation; CISCO Systems, Inc.; Hims & Hers Health, Inc.; Orchard Healthcare Pvt. Ltd.; Veradigm LLC; and Headspace Inc.

These companies use development strategies including mergers, acquisitions, partnerships, collaboration, and product launches to expand their consumer base worldwide. The competitive landscape covers key insights into growth strategies adopted by major market players.

  • On April 05, 2023, Samsung Electronics Co., Ltd. announce to launch of One UI 5 Watch1, for Galaxy Watch devices by the end of the year. The software is intended to deliver a more personalized and spontaneous health experience, including better sleep enhancement which is an essential part of health and wellness.
     
  • On February 1, 2023, Nova Scotia Health Authority (NSHA) and IWK Health (IWK) in collaboration with the province of Nova Scotia, signed a new 10-year agreement with Oracle Cerner to start an integrated electronic care record over the province for the more than one million Nova Scotians. The technology is expected to help in improving the way health professionals share and use patient information. 
  • On September 20, 2022, CPSI, healthcare solutions, started its partnership with i2i Population Health, a digital healthcare platform, with quality measures and reports that cross over nearly 22 quality programs. The collaboration aims to deliver population health management (PHM) capabilities that are expected to improve patient satisfaction and community health.
  • On October 14, 2021, digital mental health leaders Headspace and Ginger officially merged together to form Headspace Health for a combined company value of USD 3 billion. The merger brought together Headspace’s direct-to-consumer mindfulness and meditation app and Ginger’s on-demand digital mental health coaching and video therapy platform.

Global Digital Health Platforms Market Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Digital Health Platforms Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Digital Health Platforms Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Digital Health Platforms Market - Supply Chain
  4.5. Global Digital Health Platforms Market Forecast
     4.5.1. Digital Health Platforms Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Digital Health Platforms Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Digital Health Platforms Market Absolute $ Opportunity
5. Global Digital Health Platforms Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Digital Health Platforms Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Digital Health Platforms Demand Share Forecast, 2019-2026
6. North America Digital Health Platforms Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Digital Health Platforms Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Digital Health Platforms Demand Share Forecast, 2019-2026
7. Latin America Digital Health Platforms Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Digital Health Platforms Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Digital Health Platforms Demand Share Forecast, 2019-2026
8. Europe Digital Health Platforms Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Digital Health Platforms Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Digital Health Platforms Demand Share Forecast, 2019-2026
9. Asia Pacific Digital Health Platforms Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Digital Health Platforms Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Digital Health Platforms Demand Share Forecast, 2019-2026
10. Middle East & Africa Digital Health Platforms Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Digital Health Platforms Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Digital Health Platforms Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Digital Health Platforms Market: Market Share Analysis
  11.2. Digital Health Platforms Distributors and Customers
  11.3. Digital Health Platforms Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Apple Inc.
     11.4.2. AirStrip Technologies, Inc
     11.4.3. Google, Inc.
     11.4.4. Samsung Electronics Co., Ltd.
     11.4.5. EMCure
     11.4.6. Qualcomm Technologies, Inc.
     11.4.7. Softserve
     11.4.8. Cerner Corporation (Oracle)
     11.4.9. Telefónica S.A.
     11.4.10. MCKESSON CORPORATION
     11.4.11. Epic Systems Corporation
     11.4.12. QSI Management, LLC
     11.4.13. CPSI.
     11.4.14. Vocera Communications.
     11.4.15. IBM Corporation
     11.4.16. CISCO Systems, Inc.
     11.4.17. Hims & Hers Health, Inc.
     11.4.18. Orchard Healthcare Pvt. Ltd.
     11.4.19. Veradigm LLC
     11.4.20. Headspace Inc.

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