In Terms of Value, the Global Digital Health Market, Stood At USD 154.8 Billion In 2021. Based on components, the digital health market is segmented into software, hardware and services. Both the hardware and software are of utmost importance to the digital health sector, but the most important is service. The market is mainly driven by Rapid investment in the healthcare IT infrastructure, particularly in developing and developed nations. In addition, the Growing adoption of technology and unveiling of products, increasing demand for mobile health apps (mHealth) and rising government support for the digital transformation of healthcare, are driving the market growth. However, security concerns regarding the misuse of patient data as well as high capital expenditure and maintenance expenses may hinder the growth of the global market.
The report has described the leading players of the Global Digital Health market, their market share and other significant information. These players include Cerner Corporation, Mckesson Corporation, Google Inc, Samsung Electronics Co., Ltd., IBM Corporation, Cisco Systems Inc., Microsoft Corporation, Apple, Koninklijke Philips N.V, and GE. The report provides an overview of the financial overview, business strategies, recent developments, and SWOT analysis of the key players operating in the Digital Health market.
As per recent studies published by the global research hub, the digital health market is set to expand at a CAGR of 19.4% over 2020–2028 and hit revenue worth nearly USD 442.7 Billion by 2028.
We will discuss some of the Key players operating in the digital health market
Cerner Corporation (www.cerner.com)
The company was founded in 1979 and is headquartered in North Kansas City, Missouri. Cerner Corporation is primarily engaged in providing healthcare technologies and solutions to high-end enterprises and customers. The company primarily operates through 7 business models namely: licensed software, technology resale, subscriptions, professional services, managed services, support and maintenance and others. It offers a person-centric computing framework, which includes clinical, financial, and management information systems that allow providers to access an individual's electronic health record (EHR) at the point of care, and organizes and delivers information for physicians, pharmacists, laboratory technicians, front- and back-office professionals, and consumers.
Cerner has been primarily focusing on innovating healthcare technology by putting an intense focus on automation, connectivity, structure and storage of data and finally analysis. Also, the company announced its acquisition of Kantar Health to harness data to improve the safety, efficiency and efficacy of clinical research across life sciences, pharmaceuticals and health care at a large scale
The Cerner Corporation's annual revenue for 2021 was USD 5,764 million, and for 2020 was USD 5,505 million
Mckesson Corporation (www.mckesson.com)
McKesson Corporation was founded in 1833 and is headquartered in Irving, Texas. It’s a top global pharmaceutical distributor. The company delivers prescription and generic drugs, as well as health and beauty care products, to retail and institutional pharmacies worldwide. The company is also a major medical supplies wholesaler, providing medical and surgical equipment to alternate healthcare sites such as doctors' offices, surgery centers, and long-term care facilities. In addition to distribution, McKesson offers management, consulting, and technology services that help customers navigate supply chain, clinical, administrative, and financial operations. The US is its largest market by accounting for nearly 85% of total sales.
McKesson Corporation annual revenue for 2022 was USD 263.966B, a 10.8% increase from 2021. Also, McKesson's annual revenue for 2021 was USD 238.228B, a 3.11% increase from 2020.
Google Inc
Google is a search engine. Core to Google's business is its ubiquitous Search product; other key products and platforms include Android, Chrome, Gmail, Google Drive, Google Maps, Google Play, and YouTube. The firm generates revenue through ad sales in two categories: Performance Advertising creates and delivers relevant ads that users click on, and Brand Advertising lets businesses run ad campaigns to promote brand awareness. In addition, Google Display Network allows advertisers to build a custom network of sites utilizing a wide range of targeting technologies. Google is owned by Alphabet Inc., a holding company that also includes emerging businesses such as Calico and about life sciences. The Google story begins in 1995 at Stanford University.
Google Inc. annual revenue for 2021 was USD 256.7 billion.
Samsung Electronics Co., Ltd. (www.churchdwight.com)
Samsung Electronics is one of the world's largest semiconductor manufacturers and South Korea's top electronics company. It makes a wide variety of consumer devices, including TVs, LCD panels, and printers; semiconductors such as DRAMs, static RAMs, flash memory, and display drivers; and communications devices ranging from smartphones to networking gear. The company, which is the flagship member of Samsung Group, also makes microwave ovens, refrigerators, air conditioners, and washing machines. Samsung Electronics has pushed significantly beyond the borders of South Korea with international customers accounting for about 85% of sales. Samsung Electronics makes products mostly in Korea, China, and the US.
Samsung Electronics Co., Ltd. Company annual revenue for 2021 was USD 244.39 Billion
IBM Corporation
International Business Machines (IBM) bets that cognition is the ignition for growth. The company is investing in it what is called cognitive computing systems, led by the Watson artificial intelligence platform, that helps customers analyze massive amounts of data to make better decisions. Among other areas the company is betting on for growth are artificial intelligence, security, cloud, systems, quantum computing, and more. IBM's information technology, business services, and software units are among the largest in the world. While IBM has placed less emphasis on hardware, the company maintains enterprise server and data storage product lines that are among industry leaders.
IBM annual revenue for 2021 was USD 57.35 billion, a 3.93% increase from 2020. IBM revenue for the quarter ending June 30, 2022 was USD 15.535 B, a 9.26% increase year-over-year.
Cisco Systems Inc.
Cisco system is primarily engaged in the development of intent-based technologies across networking, security, collaboration, applications and the cloud. The company is primarily focusing on expanding its focus on research and development in certain areas such as cloud security, cloud collaboration, and application insights and analytics. Within India, Cisco has established a significant share in digital health solutions by providing specialty healthcare services remotely using Cisco’s Virtual Expertise Digital Solution. Cisco will also implement modifications to hospital infrastructure enabling healthcare delivery at district centers and multi-specialty hospitals of the NH group across the country, creating a truly mobile and digital hospital experience. Cisco’s solution sticks together voice, video and data to wherever patients are located and also enables a detailed clinical examination and review of all investigations in a seamless manner with the option of recording the entire interaction.
Cisco annual revenue for 2021 was USD 49.81 Billion, a 1.05% increase from 2020. Cisco revenue for the twelve months ending July 31, 2022 was USD 51.557 B, a 3.49% increase year-over-year.
Microsoft Corporation
Microsoft is one of the world's leading technology companies with products that include the Windows operating system, Office productivity applications, and Azure cloud services. LinkedIn, its business-oriented social network, is used by millions to make connections. Outside the office, Microsoft's Xbox gaming system is second only to Sony's PlayStation. Microsoft's customers range from consumers and small businesses to the world's biggest companies and government agencies. Geographically, Microsoft's revenue is evenly split between the US and other countries. Microsoft was founded in 1975.
Microsoft annual revenue for 2021 was USD 168.088 Billion, a 17.53% increase from 2020.
Apple Inc
The company is primarily engaged in the designing and manufacturing of smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services. The Company’s cloud services store and keep customers’ content up-to-date and available across multiple Apple devices and Windows personal computers. The Company’s products and services are offered in highly competitive global markets characterized by aggressive price competition and resulting downward pressure on gross margins, frequent introduction of new products and services, short product life cycles, evolving industry standards, continual improvement in the product price and performance characteristics, rapid adoption of technological advancements by competitors, and price sensitivity on the part of consumers and businesses.
Apple's annual revenue for 2021 was USD 365.817 billion, a 33.26% increase from 2020, and for 2020 USD 274.515 billion, a 5.51% increase from 2019.
Koninklijke Philips N.V
In the beginning, Koninklijke Philips created light bulbs. Now, it's lighting up the healthcare world with medical and health products ranging from MRI and CT scanners to electric toothbrushes. The company's lineup includes instruments for disease diagnosis, treatment, and management including imaging systems, home healthcare equipment, and clinical IT management products. Also known as Philips, it also makes a range of personal care products that include connected devices for preventive care and managing chronic illness. The Dutch company, which generates most of its sales outside its home country, traces its roots to 1891.
The Koninklijke Philips annual revenue for 2021 was USD 20.297 billion, a 9.04% decline from 2020, and for 2020 USD 22.315 billion, a 2.27% increase from 2019.
General Electric (GE)
From turbines and oilfield equipment, to aircraft engines and power plants, General Electric is plugged in to industrial equipment businesses that shape the modern world. The company produces aircraft engines, locomotives and other transportation equipment, generators and turbines, lighting, and oil and gas exploration and production equipment. GE also has a healthcare products business, which it plans to separate into a standalone company, and a financial services division, the size of which it is reducing (especially its energy and industrial finance business). More than 40% of GE's sales comes from its US operations.
GE Healthcare Inc. produces medical equipment. The Company offers scanners, monitors, dispensers, imagers, displays, recorders, analyzers, separators, and other laboratory and medical equipment for medical and medical research industries worldwide. It was founded in 1994 and its headquarter is in the United States.