The digital health market is projected to reach USD 549.7 billion by 2028 from USD 180.2 billion in 2023, at a CAGR of 25.0% during the forecast period. Increasing penetration of mobile phones, supporting government initiative, rising geriatric population and chronic diseases and rising focus on patient centric healthcare solutions are some of the major factors boosting the growth of this market. On the other hand, high cost of deployment of digital health solutions for small and medium sized hospitals in emerging countries, interoperability challenges are some of the factors restraning the growth of the market at certain extent during the forecast period.
The prominent players in the digital health market include Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE HealthCare (US), Abbott (US), OMRON Corporation (Japan), Fitbit, Inc. (A Google Company) (US), Johnson & Johnson Private Limited (US), Siemens Healthineers AG (Germany), Masimo (US), Apple, Inc. (US), Merative (US), AT & T, Inc. (US), Veradigm LLC (US), Noom, Inc. (US), Teladoc Health, Inc. (US), Omada Health Inc. (US), Dexcom, Inc. (US), Biotricity (US), iHealth Labs Inc (US), my mhealth Limited (UK), athenahealth (US), eClinicalWorks (US), AirStrip Technologies, Inc (US), AdvancedMD, Inc. (US) and Qardio, Inc. (US). Players adopted organic as well as inorganic growth strategies such as product upgrades, collaborations, agreements, partnerships, and acquisitions to increase their offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.
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KONINKLIJKE PHILIPS N.V. (NETHERLANDS)
Koninklijke Philips N.V. is one of the leading players in the global digital health market. It has built unmatched expertise in this sector through its diversified portfolio. The company has a wide consumer base in 100 countries, including the US, Germany, Spain, China, South Korea, and India. It is focused on R&D activities to provide innovative, technologically advanced digital health devices. The company’s R&D expenditure in 2022 was ~12% of its total revenue. Koninklijke Philips N.V. invests in developing products such as Philip’s IntelliVue Patient Monitors MX750/MX850 and Biosensor BX100 to support remote care. The company has a diversified product portfolio and well-established reprocessing centers and distribution network across North America, providing it a competitive edge over other market players. The company focuses on partnerships with hospitals and other healthcare organizations to increase its customer base. It mainly sells products through sales subsidiaries, third-party dealers, and distributors and has focused on acquiring players with the desired expertise and sales capabilities. For example, it acquired Intact Vascular in 2020, and BioTelemetry (US) and Capsule Technologies (US) in 2021, to strengthen its Connected Care segment.
Medtronic stands out as one of the leading provider of digital health solutions. The company boasts a comprehensive product portfolio encompassing IoT-enabled devices, mHealth tools, telehealthcare services, and wearable devices. With a robust financial standing, Medtronic has committed substantial investments, allocating USD 2.6 billion to research and develop cutting-edge products and therapies like MiniMed 670G and InPen. This investment extends to broadening the range of indications and applications. Medtronic's extensive global presence spans the US and 160 other countries, including significant markets in China, Japan, Brazil, and India. In 2020, international sales contributed to approximately 30% of the company's total sales. Furthermore, Medtronic's impressive adaptability is evident in its swift response to opportunities, exemplified by a notable increase in the production of internal ventilators from 200 to 1,000 per week in 2020. This agility, coupled with a penchant for rapid innovation and astute decision-making, positions the company as a trailblazer in the development of inventive remote monitoring solutions.
Digital Health Market by Revenue model (Subscription, Pay per service, Free apps), Technology (Wearables, mHealth, Telehealthcare, RPM, LTC monitoring, Population Health management, DTx), EHR, Healthcare Analytics, ePrescribing - Global Forecast to 2028
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