The need for continuous monitoring, the prevalence of chronic diseases, and an aging population will drive the expansion of the digital health sector. The median age of the population is slowly increasing worldwide, and more people are entering the 60+ age group. An estimated 962 million people in the globe (or 13% of the population) are 60 or older, according to the Population Prospects Report of the United Nations published in 2017. The number of those 60 and over is increasing at a pace of around 3% each year, and by 2030, there will be 1.4 billion of them. With digital health platforms like telecare and telemedicine that allow for remote diagnosis and remote monitoring, the vast number of elderly people would greatly benefit from them. A further significant factor contributing to the favorable outlook of the digital health market over the forecast period will be the rising prevalence of chronic diseases and the requirement for ongoing monitoring. Globally rising smartphone and tablet usage, especially in poorer nations, will increase the uptake of digital health platforms.
According to Coherent Market Insights, The size of the worldwide digital health industry, which was estimated at $85.0 billion in 2017, is anticipated to grow at a CAGR of 23.8% from 2018 to 2026.
Prominent Companies in the Digital Health Industry:
1. Siemens AG
The company was founded in 1847 and is based in Munich and Berlin, Germany. The Company is heavily invested in digitalization, automation, and electrification. Siemens purchased Wattsense, a maker of IoT hardware and software for buildings, in October 2021 for an unknown fee. For an unknown fee, Siemens purchased a 77% majority share in the Indian building solutions company iMetrex Technologies in April 2020.
2. GE Healthcare
The firm was founded in 1892 and is based in Boston, Massachusetts, United States. A global leader in financial services and technology, General Electric Company. The company offers a range of goods and services, from industrial goods to medical imaging, corporate and consumer financing, water treatment, and home appliances. To increase the global availability of HA gas turbine services, GE will expand the scope of its Singapore repair centre in June 2023.
3. Koninklijke Philips N.V.,
The business was founded in 1891 and has its main office in Amsterdam, Netherlands. The business specialises on health technology with a goal of enhancing people's health along the entire health continuum, from preventative measures and healthy living to home care and medical treatment. Philips India introduced its new Sonicare line of electric toothbrushes in April 2022, with cutting-edge Sonic Technology. Philips debuted its AI-powered Imaging Solutions in March 2022 at IRIA 2022.
4. McKesson Corporation
The company was founded in 1833 and is based in New York City, United States. The business also offers care management tools, medical supplies, and health information technology in addition to supplying medications. McKesson unveiled a new private brand of OTC pharmaceutical products in June 2023.
5. Cerner Corporation
The company was started in 1979 and is based in North Kansas City, Missouri, United States. The company sells hardware, software, and services related to health information technology (HIT). Oracle Corporation announced a deal to purchase Cerner for about $28.3 billion in December 2021. It was finalized in June 2022.
6. Qualcomm Inc.,
The company was started in 1985 and is based in San Diego, California, United States. It produces software, chips, and services for wireless technology. Qualcomm declared their intention to buy Israeli fabless chipmaker Autotalks in May 2023 for an estimated $350-400 million. Israeli startup Cellwize was purchased by Qualcomm in June 2022 via its investment arm Qualcomm Ventures.
7. Cisco Systems
The company was started in 1984 and is based in San Jose, California, United States. Cisco creates, produces, and markets networking tools, computer software, telecommunications gear, and other high-tech services and goods. Slido was a Q&A and polling platform that Cisco acquired on May 3, 2021. Slido offered both a standalone solution and integrations.
*Definition: Digital health combines cutting-edge technology that make use of digital, mobile, and cloud-based platforms to provide patients with better healthcare services. The ability to contact with patients is made possible by digital health platforms like telemedicine and telecare.
