11-May-2022 | Zion Market Research
The Digital Health Market was worth around USD 143.9 billion in 2021 and is estimated to grow to about USD 367.2 billion by 2028, with a compound annual growth rate (CAGR) of approximately 16.9 percent over the forecast period. The report analyzes the Digital Health Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Digital Health Market.
The integration of information technology and electronic communications with various healthcare activities is referred to as digital health. Telehealth, medical wearables, digital healthcare systems such as EMR and EHR medical apps, healthcare analytics, and so on are all part of it. The goal of digital health is to improve patient care, illness management, and the user's overall healthcare experience. It also allows healthcare providers to access health records, create a diagnosis history, eliminate the need for duplicate testing, and make more efficient judgments. Rising smartphone penetration, improved internet connectivity, advanced healthcare IT infrastructure, rising healthcare expenditure, rising prevalence of chronic diseases, rising demand for remote patient monitoring services, and rising accessibility of virtual care are driving market expansion. The rapidly rising incidence rate of chronic diseases such as Alzheimer's, diabetes, cardiovascular diseases, and cancer necessitating long-term care and patient monitoring services is pushing the market for telehealth and teleconsultation services. Telemedicine and telehealth services are quickly being used by the healthcare community and are gaining acceptance from both government and private actors. The expanding trend of digitization in healthcare is being fuelled by favorable government initiatives, an increase in technical cooperation among industry actors, and the deficiencies caused by the Covid-19 pandemic. However, worries about ensuring regulatory compliance are projected to limit the growth of the digital health market throughout the projection period.
The Digital Health Market is segregated based on Product & Service, Component, and End User. Based on Product & Service, the global market is distinguished into mHealth and mHealth Services. Based on Components, the global market is distinguished into Software, Hardware, and Services. Based on End User, the global market is distinguished into Healthcare Providers, Payers, Healthcare Consumers, and Others.
The North American digital health market is expected to dominate the market through the forecast period, owing to highly developed healthcare IT infrastructure and government initiatives to deploy digital health technology in healthcare institutions. Additionally, the increased use of mHealth apps, together with the rapid adoption of wireless and mobile health services, accelerates market expansion. Rising EHR deployment in hospital-owned ambulatory care, as well as rising knowledge levels about new and advanced medical device applications, are some of the reasons affecting digital health market growth in North America. Moreover, the implementation of the HITECH Act and the HIPAA Act is encouraging the usage of electronic health data in the United States, which is boosting industry growth. Due to a growth in the incidence of chronic diseases, an increase in the geriatric population, an increase in demand for remote monitoring services, and an increase in the number of internet users, Asia-Pacific is predicted to have a rapid pace during the forecast period.
Key players functioning in the Digital Health Market include Allscripts Healthcare Solution, Inc., Cerner Corporation, Cisco system, eCINCICALWORKS, General Electric company, Koninklijke Philips N.V., Honeywell International Inc., Mckesson Corporation, Siemens Healthcare AG, and Qualcomm technology, Inc.
Browse the full “Digital Health Market By Product & Service (mHealth and mHealth Services). By Components (Software, Hardware, and Services). By End User (Healthcare Providers, Payers, Healthcare Consumers, and Others).” Report at https://www.zionmarketresearch.com/report/digital-health-market
Digital Health Market is segmented as follows:
By Product & Service
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