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NEW YORK, US, Feb. 01, 2023 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “Digital Health Market Size, Share, Growth Analysis Report By Component (Services, Software, and Hardware), By Technology (Digital Health Systems, Healthcare analytics, Tele-Healthcare, and mHealth), and By Region – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030” in its research database.
“According to the latest research study, the demand of global Digital Health Market size & share was valued at approximately USD 195.1 billion in 2021. The market is expected to grow above a CAGR of 16.1% and is anticipated to reach over USD 780.05 billion by 2030.”
The report analyzes the digital health market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the global digital health market.
Digital Health Market Overview:
Digital health is sometimes referred to as digital healthcare and it is the amalgamation of healthcare and technology. It is a multidisciplinary and broad concept that brings together two main segments of the modern world that is medicine and technological science under one roof.
Digital health incorporated the use of digital technology to transform the healthcare segment by making use of software programs, hardware systems, and associated or supportive services. It is inclusive of mobile health also called mHealth applications along with electronic medical records (EMRs), telehealth, electronic health records (EHRs), and telemedicine.
A large part of it is catering to the growing demand for personalized medical care. Several stakeholders are a part of digital health and include medical practitioners, patients, application developers, researchers, distributors, and manufacturers of smart devices. Digital health is an important segment of modern healthcare infrastructure.
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Industry Growth Drivers
- Growing technological developments in devices
The global digital health market is projected to grow owing to the increasing technological developments in devices used to maintain digital health records as well as the enhancing quality of associated services provided to the several stakeholders in the global market. The modern-age digital health systems are making use of advanced technologies like artificial intelligence, interoperable data, and machine learning, along with secure open platforms that are the center of technological growth in digital health systems and software. Advancements in big data & machine learning and the growing incorporation of these techniques in producing higher-grade digital health devices could change the way the global market functions in the coming years.
Factors like increasing producer and services awareness along with growing efforts by international health institutes and government agencies to encourage digital health in the national healthcare infrastructure could further drive the global market revenue generation. For instance, the 2021 announcement by the French government for an investment of USD 650 million toward the expansion of the country’s digital healthcare program is a recent example showcasing the seriousness governments have shown for digital health.
- Concerns over health data ownership to restrict market expansion
The dwindling number of healthcare professionals in the global medical community could be a matter of major concern in the global market. As the population is growing at an exponential rate, the demand for quality medical professionals is on the rise. However, there is a significant gap between the required number of medical professionals and the actual number present in the healthcare sector. The World Health Organization (WHO) claims that there may be a shortage of almost 15 million medical personnel by the end of 2030.
- Growing awareness to provide growth opportunities
The growing awareness may provide growth opportunities whereas the adoption of new technology could act as a major challenge.
Browse the full “Digital Health Market Size, Share, Growth Analysis Report By Component (Services, Software, and Hardware), By Technology (Digital Health Systems, Healthcare analytics, Tele-Healthcare, and mHealth), and By Region – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030” Report at https://www.fnfresearch.com/digital-health-market
|Market Size in 2021||USD 195.1 Billion|
|Projected Market Size in 2030||USD 780.05 Billion|
|CAGR Growth Rate||16.1% CAGR|
|Key Market Players||Allscripts, Cerner Corporation (Oracle), AirStrip Technologies, Mckesson Corporation, Vodafone Group, Apple Inc., Samsung Electronics Co. Ltd., Epic Systems Corporation, and others.|
|Key Segment||By Component, Technology, and Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Purchase Options||Request customized purchase options to meet your research needs.|
Key Insights from Primary Research
- As per the analysis, the digital health market share is likely to grow above a CAGR of around 16.1% between 2022 and 2030.
- The Digital Health market size was worth around US$ 195.1 billion in 2021 and is estimated to hit approximately US$ 780.05 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The market is projected to grow at a significant rate due to the benefits offered by digital health
- Based on technology segmentation, telehealthcare was predicted to show maximum market share in the year 2021
- Based on component segmentation, services were the leading component in 2021
- On the basis of region, North America was the leading revenue generator in 2021
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Digital Health Market: Segmentation Analysis
The global digital health market is segmented based on component, technology, and region
Based on components, the global market segments are services, software, and hardware. The global market registered the highest growth in the services segment in 2021 with around 45% of the segmental market share attributed to growing investments in staffing, training, maintenance, and installation of digital health.
As the technology keeps growing with constant changes including additions of new features and removal or upgrading of older features, the demand for installation and training is on the rise. Most of the device providers manage an internal team that is solely responsible for the after-sale services since it is important for future growth.
Based on technology, the global market is divided into digital health systems, healthcare analytics, tele-healthcare, and mhealth. The global market registered the highest growth in the tele-healthcare segment which regenerated around 41.56% of the segmental revenue. The growing demand for managing and monitoring healthcare data along with other factors like population management in real-time and secure storage of healthcare-related information is leading the demand for tele-healthcare. The segment may register a high CAGR due to the growing remote patient care trend which comes along with its own sets of benefits in managing chronic conditions like cardiovascular diseases or diabetes.
- North America to lead with the highest CAGR
North America is projected to lead the global digital health market with the US generating the highest regional market revenue. The country is home to some of the biggest manufacturers of digital health software and hardware. They also provide exceptional post-purchase or post-installation services. Since the devices are manufactured by domestic companies, the price at which the product is offered is relatively low compared to the selling price in the international market. This encouraged the local population to adopt the systems or devices since they are affordable.
The US and Canadian population is investing in gaining more control over their health and hence the demand for digital health is reaching new heights with every growth. Growth in Asia-Pacific may be driven by the increasing number of local players offering quality products and services to its growing population and the subsequently increasing number of patients.
The report contains qualitative and quantitative research on the global digital health market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global Digital Health market include;
- Cerner Corporation (Oracle)
- AirStrip Technologies
- Mckesson Corporation
- Vodafone Group
- Apple Inc.
- Samsung Electronics Co. Ltd.
- Epic Systems Corporation
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Recent Industry Developments:
- In February 2022, the Government of India announced the launch of two new projects on digital health. The two new launches include a national tele-mental health program and the other one is an open platform to encourage the country’s vision for digital health
- In October 2022, the World Health Organization (WHO) along with the Qatar Ministry of Health announced the launch of a new artificial intelligence-powered Florence version 2.0 which offers an innovative platform to share and discuss various health issues in seven different languages
- In October 2022, Tribun Health and GE Healthcare announced a collaboration intended toward providing digital department solutions in the pathology segment.
- In November 2022, Teva Pharmaceuticals joined hands with HealthSnap to help the former company expand its consumer reach for the company’s respiratory digital health platform.
The global digital health market is segmented as follows:
- Digital Health Systems
- Healthcare analytics
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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Key questions answered in this report:
- What is the market size and growth rate forecast for Digital Health industry?
- What are the main driving factors propelling the Digital Health Market forward?
- What are the leading companies in the Digital Health Industry?
- What segments does the Digital Health Market cover?
- How can I receive a free copy of the Digital Health Market sample report and company profiles?
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