by The Digital Health Market Is Estimated to be valued At US$ 211.0 Billion in 2022 and is expected to exhibit A CAGR Of 18.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Digital health refers to the use of digital and electronic healthcare technology to monitor patients’ health and provide healthcare services. Some key digital health tools include electronic health records (EHR), telehealth, mHealth solutions, and healthcare analytics. These digital solutions help improve healthcare access and quality while reducing costs. For instance, telehealth enables virtual doctor consultations and remote patient monitoring, while Health apps help users manage chronic diseases and monitor health indicators.
Market Dynamics:
The digital health market is driven by the increasing adoption of telehealth and mHealth solutions. The COVID-19 pandemic has significantly accelerated the adoption of telehealth as patients sought virtual medical consultations to avoid infections. Moreover, the prevalence of chronic diseases worldwide has prompted increased use of mHealth apps for disease monitoring and management. Additionally, favorable government initiatives supporting digital health adoption along with increasing healthcare IT investments by hospitals and clinics are also fueling market growth. However, data privacy and security concerns related to electronic health records could hamper the market to a certain extent over the forecast period.
Segment Analysis
Digital Health market is dominated by solutions and services segment contributing around 60% of the total market share in 2022. Within solutions and services, clinical solutions including electronic health records, telehealth, health analytics etc. form the largest sub-segment owing to increasing adoption of these solutions by healthcare providers for better management of patient health records and improved healthcare delivery. Telehealth and remote patient monitoring solutions are witnessing high growth and gaining prominence in post-pandemic times due to their capability to augment medical access for patients while maintaining social distancing norms.
PEST Analysis
Political: Regulations supporting telehealth and telemedicine are encouraging digital health adoption across several countries. Economic: Rising healthcare costs are prompting payers and providers to incorporate cost-efficient digital health solutions for effective management of resources and workflows. Social: Growing preference of digitally-native population for online consultations and remote care is driving demand. Technological: Advances in AI, 5G, IoT, cloud computing are expanding digital health capabilities for chronic disease management, drug discovery, clinical trials and more.
Key Takeaways
The global Digital Health Market is expected to witness high growth, exhibiting a CAGR of 18.6% over the forecast period, due to increasing digitization of healthcare and rising investments from private players in developing virtual care delivery models. The North America region dominated the market with around 40% share in 2022 due to favorable regulatory environment and advanced healthcare infrastructure in the region encouraging digital health adoption. Asia Pacific is poised to be the fastest growing region due to rising medical tourism, growing internet penetration and initiatives by governments in various countries to modernize healthcare through digital technologies.
Key players operating in the Digital Health market are Allscripts Health Solutions, Inc. McKesson Corporation, Cerner Corporation, Siemens Healthineers, GE Healthcare, Koninklijke Philips N.V., Qualcomm Inc., Proteus Digital Health, Inc.,Truven Health Analytics Athenahealth, Inc. and Cisco Systems. Allscripts and Cerner are leading players in the clinical software segment particularly with their enterprise EHR suites. Siemens Healthineers and GE Healthcare are dominant medical devices players expanding into digital platforms. Newer players like Proteus Digital Health are bringing innovative solutions centered around connected care delivery.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile itv
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