Digital Health Market Overview
Market Research Future (MRFR) in its new extensive Digital Health Market insights study reveals that the industry size was valued USD 167 billion in 2021 and is expected to reach USD 1.1 trillion by 2032 at 22.2% CAGR during the forecast period 2022-2032.
Primary Drivers and Deterrents
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.
The Digital Health Market also stands to benefit from the surge in big data within the healthcare industry, escalating adoption of EHR and EMR systems, and the mounting number of government mandates. In numerous countries worldwide, specialists as well as physicians are based in urban areas, which leaves the patients living in rural locations with no access to on-time medical services. The issue is addressed by telecloud, which lets the healthcare professionals to offer fast and effective treatment to patients regardless of the distance, and that too at an affordable rate.
Market Segmentation
The digital health market segments, in terms of technology, has been considered for mHealth, telehealthcare, digital health systems, as well as healthcare analytics. mHealth is at present a highly popular technology in the Digital Health Market, thanks to the rising internet penetration, booming smartphone sales worldwide, and the host of advanced mHealth apps for the patients to choose from across the globe.
Applications of digital healthcare are neurology, cardiology, diabetes, sleep apnea, oncology, and others. The cardiology category can take the highest position in the years to come, as a result of the soaring incidences of lifestyle-based ailments that cause cardiac disease, and the amplified focus on preventing and recovery of the same. Series of developments in the digital healthcare landscape has raised the demand for various patient-focused monitoring services as well as solutions, within the cardiology field.
Some of the major delivery modes include on-premise along with cloud based.
The main components of digital healthcare include services, software, and hardware. With the drastic rise in the use of digital healthcare software such as healthcare analytics, fitness and medical apps, and EHRs, will foster the growth of the software segment in the years ahead.
Top market end users profiled in the MRFR analysis study are pharmaceutical companies, healthcare providers, healthcare payers, and more. Several healthcare providers are making extensive use of smartphones, tablets and various electronic devices for numerous functions, for better communication and improved point of care medical services. This will mean that the healthcare providers segment should procure the top position in the ensuing years.
Regional Insight
America is touted to hold the highest position in the global market over the projection period, thanks to the high awareness level among people about the latest technologies and the rising popularity of modern digital tools such as virtual assistants. Large-scale spending on Artificial Intelligence, escalating cases of chronic disorders that require quick response from the medical fraternity and the expanding tech-savvy population benefit the healthcare chatbots market as well.
Asia Pacific offers a host of growth opportunities to the digital healthcare industry and should progress at the fastest rate in the years to come. Frequent technological advances along with the stunning expansion rate of the healthcare sector have raised the awareness as well as the adoption of various digital healthcare services especially in China, Japan, and India.
Top Firms
iHealth Lab Inc. (US), Koninklijke Philips NV (The Netherlands), Allscripts Healthcare LLC (US), General Electric Company (US), Cisco Systems Inc (US), Athenahealth Inc. (US), BioTelemetry Inc. (US), McKesson Corporation (US), ATT Inc. (US), Qualcomm Technologies Inc. (US), EClinicalWorks (US), Cerner Corporation (US) are listed as some of the most prominent players mentioned in the Digital Health Market outlook report in the worldwide market.
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