_554.JPG)
The Global Digital Health Market Size is valued at 248.58 billion in 2023 and is predicted to reach 1004.03 billion by the year 2031 at a 19.56% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The increasing prevalence of chronic diseases and the aging population create opportunities for remote patient monitoring solutions.
- The widespread adoption of telehealth services, fueled by the COVID-19 pandemic, has been a significant driver.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- Traditional healthcare systems may resist the adoption of digital health technologies due to concerns about disruption, changes in workflow, and the need for additional training.
The fusion of information technology and electronic communications with various healthcare operations is known as digital health. Telehealth, medical wearables, electronic medical records and electronic health records (EMR and EHR) apps, healthcare analytics, and many other digital health services are among them. This approach aims to improve patient care, illness management, and the user's healthcare cost experience.
Furthermore, the rising number of mobile devices, enhanced internet connectivity brought about by the introduction of 4G/5G, improvements in the healthcare IT power grid, healthcare costs, the prevalence of chronic illnesses increasing, the implementation of remote patient monitoring services continuing to grow, and the connectivity of virtual care increasing are some of the key drivers of digital health industry growth.
In addition, major firms are concentrating on releasing cutting-edge applications that will allow users to keep track of their daily activities, find answers to medical questions, interact with doctors, and store their medical records.
The digital health market expansion may be constrained in the next years by escalating data security issues such as cyberattacks and unauthorized access to information technology systems. Security issues with patient data could hamper the market value. The development of the digital health business may need to be improved by a global shortage of qualified IT workers in the healthcare industry.
Recent Developments:
- In January 2022 -A state-of-the-art AI platform was developed by Treatment.com International Inc. to enable better healthcare decisions made by patients and caregivers around the world. The firm announced the global debut of the much-awaited Treatment Digital Health App, which is now available on the Apple App Store.
- In March 2022-DeliverHealth, a global provider of technology-enabled solutions for hospitals, and group practices, launched its partner program to bring together disparate healthcare point solutions and pave the way for vital, dependable connections between providers, clinicians, and patients. The platform enables easy access, efficient workflows, and human-in-the-loop flexibility to implement purpose-built, explainable AI that quickly generates value.
Competitive Landscape:
Some of the digital health market players are:
- AdvancedMD Inc.
- Airstrip Technologies
- Allscripts Healthcare Solutions Inc
- Apple Inc
- AT & T
- Athenahealth Inc.
- BioTelemetry Inc
- Cerner Corporation
- CISCO Systems, Inc
- Computer Programs and Systems, Inc
- eClinicalWorks
- Epic Systems Corporation
- General Electric company
- Google, Inc
- HiMS
- Honeywell International Inc
- IBM Corporation
- iHealth Lab Inc
- Koninklijke Philips N.V
- Mckesson Corporation
- Orange
- QSI Management, LLC
- Qualcomm Technologies, Inc
- Samsung Electronics Co. Ltd
- Siemans Healthcare AG
- Softserve; MQure
- Telefonica S.A
- Vocera Communications
- Vodafone Group
- Qualcomm technologies, Inc.
Digital Health Market Segmentation:
The digital health market is divided based on technology, services and component. Based on technology, the market is segmented as tele-healthcare, tele-care, telehealth, mHealth, wearables and mHealth apps. Based on services, the market is divided into healthcare analytics, digital health systems, HER and E-Prescribing Systems. The market is segmented by components into software, hardware, and services.
Based On Components, The Services Segment Is A Significant Contributor To The Digital Health Market
The services category will hold a significant share of the global digital health market in 2021. This is primarily due to the substantial increase in such updates and quick improvements in different equipment and software. These services include installation, upgrade, and coaching & integration. Also, many businesses are concentrating on service-based operations, including training & integration, installation, and up-gradation, which have accelerated market growth during the study. The need for services in the next years will be driven by rising investments in digital healthcare infrastructure, particularly in developing nations.
mhealth Segment Witnessed Growth At A Rapid Rate
The mHealth segment is projected to grow rapidly in the global digital health market. mHealth, often known as mobile health, is the application of wireless and mobile technology to support the pursuit of health goals. The use of mobile devices to inform customers about preventative healthcare services is the most widespread application of mHealth. Additionally, mHealth is utilized for managing chronic diseases, tracking epidemic outbreaks, supporting treatment, and surveillance of diseases. For the projection period, factors such as the increased prevalence of chronic diseases, technological developments, rising public awareness of health issues, and government initiatives will continue to fuel the expansion of this market sector. The rising number of research studies is another fueling the digital health market development.
The North American Digital Health Market Holds A Significant Regional Revenue Share
The North American digital health market is expected to register the highest market share in revenue soon. Due to the rising incidence of chronic diseases, the widespread use of cutting-edge healthcare technologies, support from the government and public authorities, and the introduction of new products and services, digital health is a fast-expanding area of healthcare in North America. The market is anticipated to increase during the projection period due to the increasing demand for wireless technology, patients' increasing adoption of home care, and a decline in hospital visits.
The development of telemedicine services, which enable the public to manage their health, notably during the COVID-19 epidemic actively, contributes to favourable developments in healthcare in North America. In addition, the Asia Pacific region is projected to proliferate in the global digital health market. As more people in the area use the web and similar devices, demand from the rural healthcare sector is growing. Telehealth services provide remote patient monitoring (RPM), the storage and forwarding of medical data, mobile health communication, and other services. The rise aids the expansion of the digital health market in this region by adopting functional networks and compatible devices.
Digital Health Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value in 2023 |
USD 248.58 Bn |
|
Revenue Forecast in 2031 |
USD 1004.03 Bn |
|
Growth Rate CAGR |
CAGR of 19.56% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Material, Product, Application, End-Use |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Cerner Corporation; Allscripts; Apple Inc; Telefonica S.A.; McKesson Corporation; Epic Systems Corporation; QSI Management, LLC; AT&T; Vodafone Group; Airstrip Technologies; Google, Inc; Samsung Electronics Co. Ltd; Himes; Orange; Qualcomm Technologies, Inc; Soft serve; Mura; Computer Programs and Systems, Inc; Voceru Communications; IBM Corporation; CISCO Systems, Inc. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Corporate
Office :
Office No.5170, 5th Floor Marvel Fuego, Magarpatta Rd, Pune, 411028
info@insightaceanalytic.com
