New York, USA, March 23, 2023 (GLOBE NEWSWIRE) -- Digital Health Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Digital Health Market Information By Technology, Application, Delivery Mode, Components, End User and Region - Forecast till 2030", the market size was valued USD 167 billion in 2021 and is expected to reach USD 1.3 trillion by 2030 at 23.7% CAGR during the forecast period 2022-2030.
Market Synopsis
The growing usage of big data in the healthcare sector, increased use of EHR and EMR systems, the assistance provided to maintain patients' electronic health records, and regulatory obligations, to name a few factors, are all boosting the digital healthcare industry. Digital health is the term used to describe the remote management of chronic illnesses using communication and information technologies in the healthcare industry. The digital health market includes tailored medicines, wearable technologies, telemedicine and telehealth, mobile health (mHealth), and medical information technology (IT). It offers various services enabling clients access to chronic disease management and early diagnosis.
The primary drivers of the growth of the global digital health market are the rise in funding from both public and private entities for mHealth companies, the rise in the number of people suffering from chronic illnesses, and the development of technology for the medical sector. Another factor influencing the expansion of the digital medical sector is the older population, which is more prone to chronic diseases.
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Several factors, including early acceptance of technology, access to sophisticated healthcare infrastructure, improvements in internet access, and lucrative financing alternatives, support the North American business. The increasing geriatric population, innumerable conferences, and workshops, especially in the US, the increasing public consciousness of digital healthcare technology, and the expansion of government initiatives and programs to improve the region's healthcare delivery system are the main factors driving the industry's growth in North America. The adoption of eHealth technologies that boost productivity in healthcare systems, like telemedicine, laboratory management tools, and systems for clinical decision-making, is being boosted by IT businesses employing various deployment tactics. Companies that develop education campaigns to inform payers and healthcare professionals about the importance of follow-up after clinical treatments are experiencing success. Businesses in the digital health sector are improving deep medical learning to predict a person's risk for dementia and Parkinson's disease.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 1.3 Trillion |
| CAGR | 23.7% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Trillion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Technology, Application, Delivery Mode, Components and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The Rising usage of big data in the healthcare sector |
| Growing trend of preventative healthcare, combined with increased investment for various mHealth firms |
Competitive Landscape:
The eminent contenders in the digital health market are:
- iHealth Lab Inc. (US)
- Qualcomm Technologies Inc. (US)
- Koninklijke Philips NV (The Netherlands)
- McKesson Corporation (US)
- Allscripts Healthcare LLC (US)
- BioTelemetry Inc. (US)
- Cerner Corporation (US)
- Cisco Systems Inc (US)
- General Electric Company (US
- AT&T Inc. (US)
- Athenahealth Inc. (US)
- EClinicalWorks (US)
Digital Health Market Trends:
Market Drivers:
Some of the key factors driving the market growth include rising smartphone adoption, better internet connectivity brought about by the rollout of 4G/5G, advancements in healthcare IT infrastructure, the growing need to control healthcare costs, an increase in the incidence of long-term illnesses, and increased accessibility to virtual care. Key players also concentrate on providing cutting-edge applications to enhance user experience. Nonetheless, ongoing R&D projects have sparked the creation of cutting-edge digital technologies with competitive prices and novel features. Also, as the healthcare ecosystem changes, digital technology is assisting in keeping costs low for the entire industry. This benefits patients because these digital platforms make healthcare more affordable and readily available. As a result, the growth of the senior population and the existence of important companies in healthcare information technology drive the market.
The market is expanding due to the expanding trend of software upgrades, including numerous healthcare applications. Another important aspect driving the market is the creation of various platforms for illness monitoring, diagnosis, wellness, and prevention. Moreover, escalating investments in digital infrastructure, particularly in emerging nations, fuel market needs for successful telehealth platform implementation. One of the most used digital platforms in the healthcare industry is the Internet of Things (IoT). The Internet of Things (IoT) enables various activities, including efficient tracking of employees, patients, and inventories; optimizing drug medication; ensuring the availability of essential medical equipment; and addressing chronic diseases. It has progressed and reached a point in significantly transforming the healthcare sector.
Market Restraints:
However, worries about ensuring compliance requirements are anticipated to limit the growth of the digital health industry throughout the anticipated timeframe.
COVID 19 Analysis
The worldwide digital health market is expected to develop due to the COVID-19 outbreak. The COVID-19 epidemic has strained healthcare systems worldwide and raised the need for remote monitoring services and healthcare IT development. Given the temporary closure of manufacturing facilities and the diminished demand, the COVID-19 epidemic has had a crippling effect on the healthcare industry. Leading businesses are working to strengthen their supply chains and speed up their operations to reduce further losses even as the world works to stop the spread of SARS-CoV-2. Also, the practice of social estrangement, which is widespread throughout the world, has prompted patients to seek remote medical consultations, strengthening the necessity for digital healthcare. Due to the pandemic's spread, medical professionals increasingly provide consultation through video conferencing and phone calls.
Browse In-depth Market Research Report (210 Pages) on Digital Health: https://www.marketresearchfuture.com/reports/digital-healthcare-market-7636
Digital Health Market Segmentation
By components, the market includes software, services, and hardware.
By application, the market includes cardiology, diabetes, neurology, sleep apnea, and oncology.
By technology, the market includes telehealthcare, digital health systems, mhealth, and healthcare analytics.
By delivery mode, the market includes on-premise and cloud-based.
By end user, the market includes healthcare providers, healthcare payers, and pharmaceutical companies.
Digital Health Market Regional Insights
Due to the rising prevalence of chronic diseases, the presence of key players, the adoption of smartphone users, and improvements in healthcare information technology in the region, North America accounted for a sizable portion of the global digital health market and is predicted to maintain its leadership in the forecast period. The high acceptability of digital health results from growing smartphone usage among doctors in the US and APAC.
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The industry is expanding as a result of factors like the quick uptake of smartphones, improvements in coverage networks, an increase in the incidence of long-term illnesses, an increase in the number of elderly people, rising health care costs, a serious lack of primary caregivers, and a growing demand for better chronic condition management and prevention. One-third of American citizens use cell phones and other smart gadgets, with doctors using them twice as frequently as the general public. This is the primary driver causing a sharp rise in mobile apps for healthcare needs, advancing the industry. Government investment in healthcare is predicted to enhance the need for remote monitoring of patients and other telehealth services, fuel industry expansion throughout the Asia-Pacific region.
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