Digital Health Market Overview
In various countries, specialists and physicians work mostly in cities or metros, leaving patients residing in rural locations in a lurch.
Digital healthcare is penetrating healthcare markets in various parts of the world. Growth of the internet has also influenced the adoption of digital healthcare. Technological advanced, rapid digitization in healthcare, increasing number of internet savvy individuals and increased focus on delivering cost-efficient healthcare are some of the key factors influencing the global market for digital healthcare.
The Digital Health 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.
Digitization has facilitated a large-scale transformation within the healthcare industry, helping in efficiently and accurately streamline and manage all the operations. Digital healthcare as a whole help manage feedback procedures, post-recovery care, coupled with preventive care. With technical advancements in artificial intelligence, digital healthcare has emerged as the perfect tool for fast and easy automation of a number of healthcare-based operations and procedures. Surge in internet connectivity along with the escalating use of smartphones as well as mobile platforms worldwide accelerates the adoption of digital healthcare. Rising smartphone ownership has elevated the number of people opting for online healthcare services, broadening the applications of digital healthcare.
AT T, Biotelemetry, Inc., Cisco Systems, Koninklijke Philips N.V., AllScripts Healthcare Solutions, Inc., Qualcomm, Athenahealth Inc., LifeWatch AG, Cerner Corporation, iHealth Lab, Inc., General Electric Company, McKesson Corporation and EClinicalWorks are the Digital Health Market Players.
Digital Health Market Segmentation
MRFR’s report includes a thorough segmental analysis of the market based on component, technology and end user.
On the basis of component, the market has been segmented into services, software and hardware. On the basis of technology, the market has been segmented into health analytics, mHealth, and telehealthcare. The mHealth segment is further sub-segmented into apps and wearables. The apps segment is further sub-segmented into fitness apps and medical apps. The wearables segment is further sub-segmented into glucose monitor, sleep apnea monitors, BP monitor, neurological monitors, pulse monitor and others. The telehealthcare segment is further sub-segment into telehealth (video consultation and LTC monitoring) and telecare (remote medication management and activity monitoring). By end user, the market has been segmented into payers, pharmaceutical companies, providers, employers and others.
The Americas represent the brightest spot in the global digital healthcare market. This is mainly owing to presence of an advanced healthcare system in the U.S. Moreover, a growing patient pool and faster uptake of innovative healthcare solutions is having propelling the market forward in the region. Rising cases of obesity and diabetes in the region coupled with increased occurrence of chronic disorders continues to drive the need for effective healthcare solutions in the Americas. According to the data released by Centers for disease control and prevention (CDC) close to 9.4% of the US population was diabetic.
Europe is projected to remain the second largest market for digital healthcare during the forecast period. Many European countries boast world-class healthcare systems at the same time the per capita healthcare expenditure remains high in the region. The market is also benefiting from the high healthcare penetration in the region.
The market in Asia Pacific is poised to grow at an impressive pace over the next several years. Due to improving medical diagnostics, the patient population in the region is rising fast. The region present tremendous opportunities to the healthcare sector. These factors make APAC an attractive proposition for market players. In APAC, Japan currently represents the largest market for digital healthcare.
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