Digital Health Market worth $549.7 billion by 2028

 The global Digital Health Market in terms of revenue was estimated to be worth $180.2 billion in 2023 and is poised to reach $549.7 billion by 2028, growing at a CAGR of 25.0% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Increasing penetration of smartphones, tablets, and other mobile platforms, Supportive initiatives and increasing strategic alliances, Rising geriatric population and chronic diseases and Rising focus on patient centric healthcare solutions are some of the key factors driving the growth of this market.

However, High cost of deployment of digital health solutions for small and medium-sized hospitals in emerging countrie; and Interoperability issues in the digital health market are some of the factors expected to restrain the growth of this market in the coming years.

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Driver: Increasing penetration of smartphones, tablets, and other mobile platforms

The adoption of smartphones, tablet PCs, and Personal Digital Assistants (PDAs) has increased significantly in the past few years. These devices are the primary internet connectivity source in developed regions, such as North America and Europe. The adoption of these devices is also on the rise in emerging regions due to the introduction of low-cost devices and the continued expansion of high-speed mobile networks. The high penetration of smartphones, tablets, and other mobile platforms has become a significant driver for the digital health market. With the widespread availability of these devices, individuals now have convenient access to a plethora of health and wellness apps, telemedicine services, and wearable health tech. This technological convergence empowers people to monitor their health, access medical consultations remotely, and gather real-time health data, ultimately fostering a more proactive approach to healthcare.

Restraint: High cost of deployment of digital health solutions

The cost of various digital health solutions is considerably high, making it difficult for especially for small and medium-sized healthcare organizations to implement them. The primary reasons for this situation stem from challenges associated with deploying multiple networks within healthcare facilities, limited wireless connectivity alternatives, and the necessity of implementing additional security measures to prevent data breaches. Furthermore, ongoing support and maintenance services, such as software adjustments and upgrades to accommodate evolving user needs, contribute significantly to the overall cost of ownership. Additionally, post-sales custom interface development for device integration demands further verification and validation to ensure the accuracy and comprehensiveness of solutions, further inflating the total cost of ownership for healthcare providers. These supplementary expenses are often beyond the means of smaller hospitals and healthcare organizations.

Challenge: Privacy and security concerns

Privacy and security concerns are paramount in the digital health market and exert a substantial impact. The crux of the issue lies in the extensive data collection inherent to digital health products, encompassing personal health information (PHI) which includes individually identifiable information related to an individual's health status, created, collected, transmitted, or maintained by HIPAA-covered entities for healthcare provision, payment, or operational purposes. Medical information is highly sought after on the black market. Criminals exploit this valuable commodity to submit fraudulent insurance claims and illicitly acquire medical equipment, resulting in a worrisome increase in compromised healthcare records.

Opportunity: Increasing advancements and adoption in digital health

The advancement of technology in healthcare has catalyzed a transformative shift in the digital health market. These innovations are revolutionizing healthcare by saving time, improving accuracy, and integrating technologies in novel ways. The Internet of Medical Things (IoMT) has emerged as a key development, facilitating telemedicine, smart sensors, and enhanced patient-doctor communication. The COVID-19 pandemic has accelerated the adoption of telehealth services, emphasizing the role of technology in virtual healthcare.

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Tele-healthcare segment accounted for the largest share of the global digital health industry

Based on technology, the digital health market is segmented into mHealth, Tele-healthcare, Digital Therapeutics and Health Management Solutions. Telehealthcare segment accounted for the largest share of the market in 2022. Some of the key factors responsible for the large share of this segment include increased demand for telehealth during the COVID-19 pandemic, improved consumer and provider attitudes towards virtual care, growing need for remote care, government support and policies, and investment and innovation. Additionally, telehealth also offers a cost-effective, quick, and accurate way to access healthcare services, making it an essential modality for future care needs.

Software segment expected to hold the largest share of digital health industry in 2022

Based on offering, the Digital Health market is segmented into software, hardware and services. The software segment expected to account for the largest market share of the global Digital Health market in 2022. Software is the most dominant segment in digital health due to its flexibility, cost-effectiveness, ease of use, and innovation, allowing for easy updates, lower costs, and improved healthcare delivery.

The patients & consumers segment of the digital health industry is expected to grow at the highest CAGR during the forecast period

On the basis of end-user, the Digital Health market is segmented into healthcare providers, payers, Patients & Consumers. The patients & consumers segment is expected to be the fastest-growing end user segment in this market. The high growth of this segment is attributed to increasing awareness of self-health management, proliferation of smartphones and mHealth devices that has made health tracking and monitoring more accessible and convenient.

North America accounted for the largest share of the global Digital Health Industry in 2022.

The Digital Health market is segmented into four key regions—North America, Europe, APAC, and the Rest of the World (RoW). North America, being the early adopter of advanced technologies, has captured the largest share of the Digital Health market in 2022, followed by Europe and APAC. It is also projected to register the highest CAGR. North America is the fastest-growing regional segment for digital health due to its technological development, expansion in the healthcare industry, favorable regulatory environment, and the presence of key players and innovation hubs.

Prominent players in the digital health market include Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE HealthCare (US), Abbott (US), OMRON Corporation (Japan), Fitbit, Inc. (A Google Company) (US), Johnson & Johnson Private Limited (US), Siemens Healthineers AG (Germany), Masimo (US), Apple, Inc. (US), Merative (US), AT &T, Inc. (US), Veradigm LLC (US), Noom, Inc. (US), Teladoc Health, Inc. (US), Omada Health Inc. (US), Dexcom, Inc. (US), Biotricity (US), iHealth Labs Inc (US), my mhealth Limited (UK), athenahealth (US), eClinicalWorks (US), AirStrip Technologies, Inc (US), AdvancedMD, Inc. (US), and Qardio, Inc. (US).

Recent Developments of Digital Health Industry

· In May 2023 Medtronic (Ireland) acquired EOFlow Co. Ltd. (South Korea) to expand its ability to treat patients with diabetes.

· In March 2023, GE HealthCare (US) partnered with Advantus Health Partners (US) to sign a multi-year contract to expand access to Healthcare Technology Management Services.

· In April 2023, Abbott (US) acquired Cardiovascular Systems, Inc. (CSI) (US) to gain a complementary treatment option for vascular illness. The highly advanced atherectomy technology from CSI prepares vessels for angioplasty or stenting to restore blood flow.

Report Link: ( Digital Health Market )

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