Digital Health Market Size Will Expand at USD 1,694.21 BN by 2032

Ottawa, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The digital health market size will reach at USD 407.72 billion in 2023. Digital health is defined as the incorporation of information technology as well as electronic communications for various healthcare processes that benefit people's overall health and well-being. The rapid adoption of developing technologies such as mHealth apps, wearable devices, ingestible sensors, and artificial intelligence, along with others, has boosted the market growth.

Digital health encompasses digital transformation in the healthcare field, which includes software, hardware, and services. Different technologies are used under this broader concept of digital health, which includes wearable devices, mobile health (mHealth) apps, electronic health records (EHRs), telehealth, electronic medical records (EMRs), telemedicine, and personalized medicine, as well as others.

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The need for medical transformation was exacerbated by the growing elderly population, child illness and mortality, high costs and poverty-related issues, and racial discrimination in health care access, all of which necessitated technological advancements. Furthermore, epidemics and pandemics have increased the importance of digital health, which is still evolving as well as fueling market growth in the forecast period.

Which are the influencers fueling the market expansion?

• Increased demand for mobile health apps
  

Improved internet connectivity as well as increasing smartphone penetration, the introduction of 4G/5G, advancement in healthcare IT infrastructure, the need to reduce healthcare costs, the prevalence of chronic diseases, and increased access to virtual care are some of the major factors driving the market growth. Furthermore, key players are focusing on the introduction of advanced applications to improve user experience. In July 2021, Teladoc Health, for example, collaborated with Microsoft to incorporate its Solo platform with the Microsoft Teams environment to improve patient and clinician access across the virtual healthcare space.

The rise in M&A activity in the market is the primary driver of the global digital health market's expansion.

The Internet of Things (IoT) has emerged as one of the greatest popular digital platforms in healthcare for the past 5 to 6 years. Due to efficient data backup through integrated analytics, strong mobile connectivity, as well as advanced wearable devices, IoT is drastically transforming the healthcare sector by facilitating different activities such as efficient tracking of staff, patients, and inventories; optimizing drug prescription; ensuring availability of critical medical equipment; and addressing chronic diseases. Big data evolution and implementation play an important role in enabling a continuous personalized digital experience by aiding a service provider in optimizing resources and time to provide better healthcare services.

What are the hurdles faced during the market growth?

• Patient data security concerns may reduce the market value of the digital health market.
  

For the implementation of digital health solutions such as e-prescriptions, electronic health records, as well as medical apps, strict data security is required. A data security breach can result in significant losses of sensitive information, such as medical records, which frequently include insurance IDs, social security numbers, addresses, along with personal health information.

This has a negative impact on the operations' reputation and outcomes, influencing future trends in the digital health market. uncoordinated individual attempts to obtain unauthorized access to information technology systems aimed at doctors, hospitals, clients, and third-party service providers are included in common cyber security threats.

What are the future trends for the digital health market?

AI improves the productivity of medical equipment and speeds up the results. AI provides medical professionals with additional efficient diagnosis charts as well as informed insights. AI can be used as a clinical decision-support tool alongside humans to deliver better care with greater efficiency. In this case, AI can provide radiologists with tools to meet the increasing demand for diagnostic imaging in the radiology department. AI algorithms accelerate clinical workflows and reduce diagnostic errors. AI is a major component of research and development for various digital health vendors, including Siemens. The use of AI is anticipated to lay the groundwork for complete medical image awareness.

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The effect of the COVID-19 Crisis

The COVID-19 pandemic has resulted in a significant increase in the use of digital technologies for tracking, resource management, and population screening. Several healthcare organizations have created joint portals to contribute to non-identifiable patient data from electronic health records intended for research purposes. Furthermore, government agencies which include WHO have collaborated with technology companies to better manage the pandemic through the use of digital health systems. As a result of the prompt shift toward digitalization throughout the pandemic, the industry outlook is improving.

Market Scope and Categorization

Digital Health Market prediction in terms of technology

The telehealth category held the largest market share in terms of technology, holding a revenue share of 41.5%. Due to the increased need to correctly track health and fitness, securely store medical data, as well as manage populations in real-time, telehealth services are in great demand. The modernization of telehealth software and hardware is helping to expand services. The expanding trend of software updates that include extensive healthcare applications also aids in market expansion. Another important element influencing the industry is the creation of numerous platforms for disease detection, diagnosis, wellness, and prevention.

The above-mentioned graph denotes the Digital Health Market by Technology in 2021 (%).

Digital Health Market Prediction In terms of component

In 2022, the service segment accounted for the larger revenue share of 64.58%. The segment's expansion can be attributed to rising demand for various services such as training, staffing, installation, and maintenance, among others. The constant advancement of software solutions is increasing the demand for installation and training services. Key players offer a diverse range of pre-and post-installation services, either as part of a package or separately, boosting segmental growth.

The software segment represented nearly 18.71% of the total market value and is anticipated to expand rapidly in the coming years. This is due to the increased penetration of smart devices and phones in developing countries. The primary factors driving the growth of the software segment are the rising demand for cost-cutting measures in healthcare facilities around the world, as well as the incorporation of advanced technologies such as Machine Learning (ML) as well as Artificial Intelligence (AI) in digital therapeutic apps.

The above-mentioned graph denotes the Digital Health Market by Component in 2021 (%).

Regional Perspectives in Digital Health Market

With a 44.3% revenue share in 2022, North America dominated the market. North America was one of the first regions to implement smart healthcare solutions, containing smart wearables, mobile apps, as well as eHealth services, such as Electronic Health Records and telemedicine facilities, for remote access to information on serious and chronic healthcare conditions. Aspects such as rapid smartphone adoption, developments in coverage networks, an increase in the occurrence of chronic diseases, an increase in the geriatric population, an increase in healthcare costs, a critical shortage of primary caregivers, as well as an increase in the need for better prevention and management of chronic conditions are driving the industry's growth.

During the projected period, Asia Pacific is anticipated to expand at the fastest rate. Rising eHealth platform adoption and increased healthcare spending in the region are expected to drive the growth of these services. Rising demand for remote patient monitoring and other telehealth services due to increased government healthcare spending is expected to drive industry growth in Asia Pacific. According to World Bank estimates, China's healthcare spending was 5.4% of GDP in 2019, while India's was 3.1% of GDP and Japan's was 10.7%. The increasing involvement of key market players in Asia Pacific has boosted the region's adoption of digital apps and platforms.

Recent Development

• Introduction:
  
  

In January 2019, Omron Healthcare, Inc., a division of Omron Corporation, unveiled The Heart Guide, the first wearable blood pressure monitors with a digital health service.

• Investment
  
  

In October 2021, the France government announced an investment of more than USD 650 million to expand their national digital health infrastructure.

Diagnosis Using Electronic Health Records

One cannot understate the significance of electronic health records (EHR) intended for medical procedures. These records contribute to the maintenance of an integrated database that can be retrieved at various points in the period from various locations. As a result, electronic health records turn out to be a source of studying patients' medical histories and facilitating medical therapies for a variety of people. These records shorten the time required to develop a comprehensive diagnosis for patients. EHR has been especially beneficial in treating the geriatric population, which has a history of multiple disorders as well as diseases. The healthcare sector is equipped with digital medical technology that provides a smooth and timely adoption of EHRs.

Healthcare Management Operational Enhancements

Digital technologies have also improved operations such as billing, invoicing, report generation, and medical supplies. Large healthcare facilities and hospitals are responsible for managing a large number of patients' data. This can be accomplished by utilizing digital software technologies capable of storing, processing, and decoding patient data. Several software platforms for healthcare management have recently emerged. With the help of digital technologies, the complexity of healthcare procedures and operations can be decrypted. The use of software platforms can assist in lowering the healthcare industry's operational costs. Furthermore, it can lighten the load on the medical staff, who are under enormous pressure to keep up with their patients' needs.

The various components of digital health are as follows:

• Massive amounts of data
  

Large or complex data sets that can't be handled by conventional data processing models. Computer analysis and predictive analytics can reveal trends, health-related patterns, as well as relationships in human behavior and interactions. Curation, data acquisition, storage, analysis, sharing, transport, updating, visualization, and information privacy are all issues raised by Big Data.

• Cloud computing
  

To meet the organization's needs quickly and efficiently, outsource IT activities to one or several third-party providers with large pools of resources. Instead of owning and managing their own IT hardware, software, and general infrastructure, cloud computing users are charged for the use of third-party infrastructure.

• Connected health
  

A health as well as care delivery model in which the services, equipment, and interventions used are personalized to the patient's specific needs and health data is utilized to share and inform care in the most efficient as well as a proactive manner possible.

• Electronic health records
  

The term "eHealth" was first used to refer to the application of information technology as well as electronic processes across the complete range of functions affecting healthcare. Currently, eHealth belongs to the discipline of medical informatics which organizes and distributes health services and information through the internet and related technologies.

• Electronic Patients
  

ePatients are patients who are completely involved in their health and care. They are well-versed in all aspects of their health and medical care. In addition to eHealth, the letter 'e' can stand for engaged, electronic, empowered, equipped, equal, as well as a variety of other words.

• Gamification
  

The use of game design principles as well as elements in non-game situations. It benefits user engagement, usability, recruiting, productivity, along with assessment. Its primary application in health and wellness has been to encourage customers to make lifestyle changes that will enhance their overall health.

Who are the major vendors in the digital health market?

• Fitbit Health Solutions
• 2MORROW, Inc.
• Medtronic Plc.
• Livongo Health, Inc.
• Pear Therapeutics, Inc.
• Omada Health, Inc.
• Resmed, Inc. (Propeller Health)
• Proteus Digital Health, Inc.
• Welldoc, Inc.
• Voluntis, Inc.
• Canary Health Inc.
• Noom, Inc.
• Mango Health Inc.
• Dthera Sciences

Questions And Answers

• What is the value of the global digital health market?
• What is the digital health market's CAGR?
• Who are the most important players in the digital health market?
• Which sector held the greatest share of the digital health market?
• Which region controlled the majority of the digital health market share?
  
  

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