LONDON, Nov. 22, 2022 /PRNewswire/ -- The Global Digital Health Market stood at USD 178.18 billion in 2021. Due to the presence of various growth propellants, the industry is poised to reach a valuation of USD 560.75 billion by 2028, registering a CAGR of 17.8% over 2022-2028.
Digital health refers to the integration of numerous advanced technologies to enhance the functionality of the healthcare system. It involves the use of various applications, devices, and personalized therapeutics for efficient patient management. The adoption of such entities also enables healthcare centers to reduce their overall operational costs, decrease human errors, while ensuring improved clinical outcomes to patients. Electronic Medical Records, Mobile Health applications, and telemedicine, among others are included in the list of digital health based entities.
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Global Digital Health Market Outlook (2022-2028)
The growing pervasiveness of chronic ailments worldwide, widespread internet proliferation, and increasing healthcare expenditure across the globe are the major drivers propelling the growth of this industry vertical.
Also, rapid technological advancements in the field, increasing disposable income levels of the masses, along with favorable healthcare reimbursement scenarios numerous regions are adding momentum to the development of this business sphere.
The increasing health cognizance of the people, rising population of innovative technologies such as AI, IoT, and Machine Learning, just to name a few coupled with rise in the elderly population base are creating lucrative opportunities for this marketplace to prosper.
Further, rising adoption of smart devices among the masses, increasing rates of digital literacy, along with widespread evolution in the healthcare infrastructure across developing and developed economies are adding momentum to the expansion of this industry sphere.
Moreover, elevating demand for remote patient monitoring services is aiding the progression of the global digital health market.
On the flipside, rising patients' data based security concerns, dearth of adequate technological infrastructure in many nations along with high costs associated with the installation and maintainece of digital health related entities are hampering the remuneration scope of this industry.
Competitive Landscape
The prominent players defining the competitive terrain of global digital health market are Cerner Corporation Computer Programs and Systems, Inc., Allscripts, Telefónica S.A., Mckesson Corporation, QSI Management, LLC, AT&T, Vodafone Group, AirStrip Technologies, Google, Inc., Epic Systems Corporation, Samsung Electronics Co., Ltd., and IBM Corporation.
These players are focusing toward the amplification of their reach in the global market. They are involving in organic and inorganic business growth strategies such as mergers & acquisitions, strategic alliances, product launches, and R&D activities, among others, to successfully meet their expansion goals.
Segmental Outlook
By Technology
- Telehealth Technology
- Wearable Technology
- Mobile Health Technology
- Other
By Component
- Hardware
- Software
- Services
By End Users
- Healthcare Providers
- Payers
- Healthcare Consumers
- Others
Define the technology segment dynamics of this business vertical?
The telehealth segment has been amassing notable gains over the forecast duration owing to the increased popularity of home healthcare, rising elderly population base, growing health cognizance of the masses, and surging prevalence of various ailments across the globe.
Also, the wearable technology segment is anticipated to register considerable growth over the assessment timeline due to the adoption of smart watches, bands, and shoes among others that are integrated with health tracking and monitoring features.
Which component segment presently dominates the market?
The services segment has been gaining robust traction over 2022-2028. This is credited to the rising focus of potential players to enhance their digital health based services including installation, upgradation, maintenance along with training & integration, among others.
Which end users segment currently leads the industry?
The healthcare consumers segment is expanding rapidly in the present times owing to the growing health consciousness of the masses, widespread internet proliferation, increasing per capita income levels, and surging healthcare expenditure.
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Region-wise Insights
Which is the fastest growing region in the global digital health market?
North America is reckoned to develop substantially over the stipulated timeline. This is ascribed to the increasing geriatric population, growing prevalence of chronic disorders, presence of adequate technological infrastructure, and rising healthcare expenditure.
Also, increasing disposable income of the masses along with rapid internet proliferation are providing new expansion avenues for this regional market.
How is Asia Pacific faring in this industry?
Asia Pacific has been progressing at a significant rate over the estimated timeframe attributing to the rising digital literacy rates, hectic lifestyle of the masses, growing adoption of digital devices, and evolution in the healthcare infrastructure.
Further, presence of potential players, favorable government efforts to digitalize the healthcare system and technological advancements in the field are contributing to the APAC digital health market development.
Market growth comparison pertaining to the historical years and forecast timeline of 2022-2028
This business sphere has been amplifying exponentially over the assessment timeline due to the impact of various growth propelling factors.
The emergence of the COVID-19 pandemic has created new progression opportunities for this business vertical. Digital healthcare technologies are equipped with the ability to meet the numerous challenges posed the pandemic. The masses shifted their inclination toward home healthcare and remote medical consultation due to the announcement of restrictive containment measures such as social distancing, lockdowns, and travel bans that restricted the mobility of the masses.
The rising popularity of remote health services across the globe is adding traction to the development of this marketplace. This is powered by the increase in the geriatric population base, COVID-19 based containment measures, and hectic lifestyle of the masses among others. People are adopting wearables along with applications like mHealth to keep a track of their ongoing health status and get the benefits of physician consultation right from the comfort of their homes.
Moreover, the ability of digital health technologies to efficiently manage patient data, reduce human errors, decrease operational costs, thereby promising enhanced treatment outcomes is elevating the demand across the globe.
On Special Requirement Digital Health Market Report is also available for below region:
North America
- U.S, Canada
Europe
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
Major Developments
In March 2022, GE Healthcare announced its aim to develop and launch the Edison Digital Health Platform. It is an AI integrated data aggregation and vendor-agnostic platform equipped with the ability to enhance healthcare workflows across hospitals.
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