How big is Digital Health Market ?
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.
The adoption of virtual care and digital health accelerated during the COVID-19 pandemic and has proven to be a model that can democratize access to care
The digital health market is a rapidly growing industry that encompasses the use of technology and digital tools to improve healthcare outcomes and patient care. This market includes a wide range of products and services, including mobile health apps, wearable devices, telemedicine, electronic health records (EHRs), and remote patient monitoring systems.
Another important trend in the digital health market is the increasing use of artificial intelligence (AI) and machine learning (ML) to improve healthcare outcomes. These technologies can be used to analyze large amounts of medical data and identify patterns and trends that can help to improve diagnosis and treatment.
One of the key drivers of the market is the growing use of telemedicine and virtual care services. Telemedicine allows patients to consult with healthcare providers remotely, using videoconferencing and other digital tools, which can help to reduce the cost and inconvenience of traditional in-person visits. The COVID-19 pandemic has also accelerated the adoption of telemedicine, as many patients have been unable or unwilling to visit healthcare facilities in person.
Players
Allscripts Healthcare LLC (US), BioTelemetry Inc. (US), Cerner Corporation (US), Cisco Systems Inc (US), Koninklijke Philips NV (The Netherlands), McKesson Corporation (US), General Electric Company (US), AT&T Inc. (US), Athenahealth Inc. (US), EClinicalWorks (US), iHealth Lab Inc. (US), Qualcomm Technologies Inc. (US) are the Digital Health Market Players.
Market Segmentation
In terms of technology, the digital health market segmentation includes telehealthcare, mhealth, healthcare analytics, and digital health systems.
Diabetes, cardiology, cancer, sleep apnea, neurology, and other applications are among the market sectors.
On-premise and cloud-based delivery options are key delivery modes addressed in the digital healthcare industry analysis.
Services, hardware, and software are some of the essential components listed in the paper.
Healthcare payers, healthcare providers, pharmaceutical firms, and others are among the top end users in the worldwide digital healthcare market
Regional Analysis
Given enormous healthcare spending and a high acceptance rate of healthcare information technology, the digital healthcare industry in America is anticipated to be the largest in the near future. The digital health industry in the United States has been fast developing due to the fact that the country spends a lot of money on healthcare, and the growing need to cut down on these high costs is driving demand for digital healthcare.
In light of the enormous push to lower healthcare costs and the escalation in technology advancements, Europe has been the second largest gainer in the global digital healthcare market. Players’ ongoing attempts to strengthen their existing solution and service portfolios may also have a positive impact on the European digital healthcare market.
Due to substantial improvements in healthcare infrastructure and a growing pool of healthcare IT vendors, Asia Pacific is on course to have the fastest growth rate in the next few years. The existence of well-funded research and development facilities, as well as well-known companies, across the region’s growing nations, contributes to the market’s rapid growth. Continuous reforms to address poor healthcare infrastructure, as well as increased government financial help, could boost the APAC industry in the approaching years.
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