The digital health market is expanding rapidly due to increased awareness and adoption of digital healthcare, as well as rising demand for IoT, AI, and other technologies in the healthcare industry. Furthermore, the growing patient pool suffering from chronic disease and the growing burden of the global geriatric population will increase the need for remote and virtual patient care, resulting in increased demand for digital health
LAS VEGAS, Feb. 22, 2023 /PRNewswire/ -- DelveInsight's Digital Health Market Insights report provides the current and forecast market analysis, individual leading digital health companies' market shares, challenges, digital health market drivers, barriers, and trends, and key digital health companies in the market.
Key Takeaways from the Digital Health Market Report
- As per DelveInsight estimates, North America is anticipated to dominate the global digital health market during the forecast period.
- Notable digital health companies such as Siemens Healthcare Private Limited, Cisco Systems, Inc., Oracle Cerner, Altera Digital Health Inc., Telefonica, Epic, AT&T, AmerisourceBergen, Candela Corporation., GE Healthcare, Koninklijke Philips N.V., MCKESSON CORPORATION, AliveCor, Inc., Acurable, Amwell, OMRON Healthcare, Inc., Apple Inc., SoftServe, AirStrip Technologies, Inc, Epic Systems Corporation, and several others are currently operating in the digital health market.
- In February 2023, Azenta, Inc. announced that company executives will attend the BTIG MedTech, Digital Health, Life Science, and Diagnostic Tools Conference on February 15-16, 2023.
- In February 2023, GE HealthCare announced that it had agreed to acquire Caption Health, a developer of AI healthcare technology.
- In February 2023, Albertsons Companies, Inc. announced the launch of Sincerely Health, a digital health and wellness platform now available on the grocery apps and websites of 16 of its banners, including Albertsons, Safeway, Vons, Shaw's, Jewel-Osco, Acme, Tom Thumb, and others.
- In February 2023, Doximity, Inc., the leading digital platform for medical professionals in the United States, announced that Doximity Dialer, its popular telehealth platform, has been named a 2023 'Best in KLAS' in the Telehealth - Video Conferencing Platforms segment.
- In July 2022, AmerisourceBergen launched the digital therapeutics platform for facilitating access to innovative products. The DTx Connect is a fully integrated ordering, dispensing, and fulfillment platform which aims to facilitate patient access to physician-ordered digital therapeutics and diagnostics.
- In July 2022, Amazon planned to acquire One Medical Company for launching a digital health platform.
- In March 2022, GE Healthcare announced that it had dug into digital health with the platform launch of its new Edison platform for various healthcare organizations.
To read more about the latest highlights related to the digital health market, get a snapshot of the key highlights entailed in the Global Digital Health Market Report
Digital Health Overview
Digital health is defined as the use of information and communication technologies in the healthcare sector for the remote management of chronic diseases. The digital health market includes mobile health (mHealth), wearable devices, telehealth & telemedicine, health information technology (IT), and personalized medicine. It provides various services to consumers, including early diagnosis of life-threatening diseases and chronic disease management.
Digital Health Market Insights
North America dominated the global digital health market in 2021 and will continue to do so throughout the forecast period (2022-2027). This can be attributed to the region's increasing demand for digital health among physicians and patients and the growing patient pool suffering from chronic diseases. Furthermore, the region's increased adoption of the internet and compatible devices, as well as rising demand from the rural healthcare industry for telehealth services that offer remote patient monitoring (RPM), storage and forward transmission of medical information, and mobile health communication, all contribute to the region's growth in the global digital health market.
Moreover, rising healthcare IT spending to advance infrastructure, technological literacy, readiness to adopt advanced technological solutions, favorable government initiatives, the emergence of startups, lucrative funding options, increasing smartphone penetration, and advancements in internet connectivity will drive demand for digital health in North America. In addition, the launch of products and digital health services in the region will increase demand. For instance, in July 2022, AmerisourceBergen launched the digital therapeutics platform for facilitating access to innovative products. The DTx Connect is a fully integrated ordering, dispensing, and fulfillment platform which aims to facilitate patient access to physician-ordered digital therapeutics and diagnostics.
To know more about why North America is leading the market growth in the digital health market, get a snapshot of the Digital Health Market Outlook
Digital Health Market Dynamics
The rising demand for digital health to achieve remote and virtual patient care and monitoring across the globe is one of the key factors driving the digital health market. Furthermore, the growing patient pool and rising burden of the geriatric population prone to chronic and severe disorders will help drive the digital health market in the coming years. Moreover, the government's supportive initiatives, rising demand for digital health services, particularly remote patient monitoring, and the expansion of venture capitalist investments in the digital health market will all positively affect digital health market growth.
However, concerns about cybersecurity and privacy, a lack of skilled IT professionals in the healthcare industry, and other factors may prove to be obstacles to the growth of the digital health market.
Additionally, the digital health market was positively impacted during the COVID-19 pandemic because the pandemic exposed the shortcomings of the existing overburdened healthcare systems and highlighted the potential of digital health solutions. Furthermore, during the pandemic, governments around the world imposed strict lockdown rules, resulting in fewer in-patient visits for treatment or diagnosis of any disease. This resulted in adopting several healthcare functions such as mhealth, telecare, patient management, advanced diagnostics, digital health system integration, and others, thereby increasing the digital health market after the pandemic's onset.
Furthermore, the growing trend of digitalization of healthcare systems compelled market participants to devise innovative product development strategies and focus on collaboration and partnership strategies to expand their business footprint and digital health product portfolios. Moreover, government agencies such as the WHO collaborated with various tech companies to better manage the pandemic through the use of digital health technologies. As a result, the rapid shift toward digitalization during the pandemic positively impacted the digital health market and is expected to do so in the coming years.
Get a sneak peek at the digital health market dynamics @ Digital Health Market Dynamics Analysis
Report Metrics | Details |
Coverage | Global |
Study Period | 2019-2027 |
Base Year | 2021 |
Digital Health Market CAGR | ~18% |
Projected Digital Health Market Size by 2027 | USD 486.55 Billion |
Key Digital Health Companies | Siemens Healthcare Private Limited, Cisco Systems, Inc., Oracle Cerner, Altera Digital Health Inc., Telefonica, Epic, AT&T, AmerisourceBergen, Candela Corporation., GE Healthcare, Koninklijke Philips N.V., MCKESSON CORPORATION, AliveCor, Inc., Acurable, Amwell, OMRON Healthcare, Inc., Apple Inc., SoftServe, AirStrip Technologies, Inc, Epic Systems Corporation, among others |
Digital Health Market Assessment
- Digital Health Market Segmentation
- Market Segmentation By Component: Hardware, Software, and Services
- Market Segmentation By Technology: Tele Healthcare [Telecare {Activity Monitoring and Remote Medication Management} and Telehealth {Long Term Care (LTC) Monitoring and Video Consultation}], Mhealth [Wearables {BP Monitor, Glucose Meter, Pulse Oximeter, And Others} and Apps {Medical Apps and Fitness Apps}], Healthcare Analytics, and Digital Health Systems [Electronic Health Record (EHR) and E-Prescribing Systems]
- Market Segmentation By Geography: North America, Europe, Asia-Pacific, and Rest of World
- Porter's Five Forces Analysis, Product Profiles, Case Studies, KOL's Views, Analyst's View
Which MedTech key players in the digital health market are set to emerge as the trendsetter explore @ Digital Health Companies
Table of Contents
1 | Report Introduction |
2 | Executive summary |
3 | Regulatory and Patent Analysis |
4 | Key Factors Analysis |
5 | Porter's Five Forces Analysis |
6 | COVID-19 Impact Analysis on Digital Health Market |
7 | Digital Health Market Layout |
8 | Global Company Share Analysis - Key 3-5 Companies |
9 | Digital Health Market Company and Product Profiles |
10 | Project Approach |
11 | About DelveInsight |
Interested in knowing the digital health market by 2027? Click to get a snapshot of the Digital Health Market Trends
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