June 18, 2024
Digital Healthcare Market

Streamlining Healthcare Management Projected To Boost The Growth Of Digital Healthcare Market

The global Digital Healthcare Market is estimated to be valued at US$ 5123.63 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The digital healthcare market comprises healthcare providers, facilities, and organizations that use digital and electronic devices, services, and tools. Some key products and solutions in this market include telehealth, electronic health records (EHR), clinical decision support systems, wearable devices, ePrescribing, and mHealth applications. These digital healthcare solutions help in streamlining clinical workflows, improving patient engagement and experience, enhancing healthcare access in remote locations, and reducing costs. Healthcare organizations are increasingly adopting digital tools to manage chronic diseases, adopt preventive healthcare approaches, and enhance the overall efficiency and quality of care delivery.

Market key trends:

One of the major trends in the digital healthcare market is the rising adoption of telehealth and telemedicine solutions. The ongoing COVID-19 pandemic has further accelerated this trend as telehealth allows remote consultation and care delivery while maintaining social distancing. Many healthcare providers are now offering various clinic consultations, post-discharge follow-ups, and chronic disease monitoring via telehealth. This reduces physical visits to clinics and improves healthcare access for patients. The ease of use of digital tools is expected to drive continued demand for telehealth even in the post-pandemic period.

Porter’s Analysis

Threat of new entrants: Low barriers to entry in digital healthcare market as startup and new entrants can easily deliver healthcare services through online platform and mobile applications. However, established players have significantly high brand value and customer loyalty which poses challenge for new entrants.

Bargaining power of buyers: Buyers have high bargaining power in the digital healthcare market due to availability of services from multiple providers. Buyers can easily switch between providers based on price and quality of services.

Bargaining power of suppliers: Digital healthcare providers have moderate bargaining power over technology and infrastructure suppliers as switching costs are relatively low. However, suppliers hold bargaining power for proprietary technologies.

Threat of new substitutes: Threat of substitution is moderate as other emerging technologies can be used to deliver similar virtual healthcare services. However, digital healthcare platforms offer personalized services creating high customer stickiness.

Competitive rivalry: Intense due to presence of local and global providers offering similar services. Companies compete based on pricing, innovation, service quality, security and privacy.

Key Takeaways

The Global Digital Healthcare Market Size is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing penetration of internet and smartphones. The market size for 2023 is estimated to be US$ 5123.63 Mn.

North America dominates the global digital healthcare market owing to rising healthcare expenditure, developing healthcare infrastructure and growing geriatric population. Asia Pacific exhibits highest growth prospects led by increasing healthcare awareness, growing internet connectivity and expanding medical tourism industry in countries like India and China.

Key players operating in the digital healthcare market are IBM Corporation, CGI Group Inc., Accenture PLC, Deloitte LLP, AT&T Inc., PWC LLP, GE Healthcare Limited, and Syntel Inc. These companies are focused on developing innovative digital healthcare solutions and enhancing service offerings through strategic collaborations.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it