Asia Pacific Digital Health Market share was valued at USD 14.1 billion in 2019 and is expected to witness 32.9% CAGR from 2020 to 2026.
Digital Health includes digital technology with healthcare facilities to enhance the efficiency of healthcare delivery. It involves communication and information to help address the health-related issues and challenges. Digital health has both hardware and software solutions and services. It is categorized into mHealth, wearable devices, telehealth, health information technology and telemedicine.
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Growing number of COVID-19 cases across the region has led to various government initiatives such as social distancing. Due to this, individual are not able to step out of their home for availing healthcare services. Also, growing prevalence of various chronic disorder has increased the demand for usage of digital health during lockdown. Various wearable devices such as BP monitors, glucose meter, pulse oximeter, sleep apnea monitors and neurological monitors provide access to record and monitor the patient’s data. These devices are useful for patients for managing their personal health. Such factors will boost the demand of digital health solutions in the region.
Increasing use of smartphones, tablets and other mobile platforms is one of the major driving factors of digital health market growth. Digital health involves digitalization of medical records, self-symptom checkers, online appointment booking, patient outcome reporting and others. This enables patients to manage and maintain records in their smartphones, tablets and mobile phones. This helped in reducing the overall burden on healthcare professionals during the pandemic. Thus, increasing use of smartphones, tablets and other mobile platforms is one of the major drivers of the market in the region. However, security concerns regarding patient data may restrain the market growth.
Asia Pacific Market, By Technology
By technology, the digital health market is segmented into tele-healthcare, mHealth, health analytics and digital health systems. mHealth is segmented into wearable and apps. Wearable segment accounted for USD 4.1 billion in 2019. The wearable devices first had smartwatches that could promote self-monitoring of fitness tracking. Currently, researchers are developing smart bodywear like clothes, patches and accessories that administer on demand drug release. This technology can expand into the implants for non-severe and severe medical cases where physicians will be able to create treatment protocols using mobile technology. Thus, various technological advancements in wearable devices will increase the demand for digital health solutions, thereby propelling the segmental growth.
Asia Pacific Market, By Components
By components, the digital health market is segmented into hardware, software and services. Service segment is expected to show significant growth of 28.8% across the forecast timeframe. Telemedicine offers remote health services using communication and information technologies that provides healthcare access to people in isolated areas by providing access to medical health service. Additionally, various digital health vendors are providing EHR and analytical services to several healthcare settings and practices to enhance the overall outcome. Such factors will increase the demand of digital health services, thereby boosting the segmental growth.
Asia Pacific Market, By Country
Australia digital health market is anticipated to witness growth of 32.5% to reach USD 9.9 billion by 2026. Increasing number of various market players within digital health ecosystem across the country such as pharmaceutical, biotechnology and medical technology companies are engaging into digital health technologies. The companies are focusing to improve their product pipeline in areas of connected devices and wearables. Health IT companies provide informatics, back end system and medical software solutions to incorporate new innovations such as telehealth, voice interface, cloud solutions and clinical decision support improve user engagement. Thus, key players operating in the digital health market in the country will aid significant growth during the analysis timeframe.
Competitive Market Share
Major market players in digital health market are Allscripts Healthcare Solutions, Inc., BioTelemetry, Cisco Systems and Honeywell International, Inc., among others. Companies undertake various strategies such as mergers, collaborations, new product launch, acquisitions, geographic expansions to strengthen their market share. For instance, in October 2019, Wellthy Therapeutics launched its digital therapeutics in cardiovascular and diabetes conditions in Kannada and Hindi language. The launch aimed to manage disease condition for more than 528 million Hindi speakers and more than 43 million native Kannada speakers in India. This launch helped patient to explore and increase the usage of digital therapeutics, thereby supplementing its market growth.
Digital health technologies involve different forms and wide area of healthcare. Initially, digital health solutions consisted of smartwatches that would track patient’s data and fitness on basis of sensors. With technological advancements, the digital health field transformed. The most popular categories in digital health include augmented and virtual reality, telemedicine and wearable technologies. Augmented and virtual reality create personalized procedures for patients. Telemedicine treats patients remotely to process healthcare faster and efficiently whereas, wearable technologies promote tracking of data. Such technological advancements in digital health sector will boost the industry size.