Digital Health Market Revenues Could Hit the USD 1,190.4 Billion Mark by 2032 | North America - Highest Revenue Share of Over 45.3%
Market.Us
Updated 11 min read
Market.Us
According to Market.us, Smartphones are everywhere now and more and more people are using them to find health info and services. There are a few reasons for this, like having more Internet and cheaper smartphones, plus it's easy to get health help whenever you need it.
New York, June 28, 2023 (GLOBE NEWSWIRE) -- TheDigital Health Marketsize reached US$ 264.1 Billion in 2022. Looking forward, Market.us expects the market to reach USD 1,190.4 Billion by 2032, exhibiting a growth rate (CAGR) of 16.7% during 2023-2028.
The market is expected to expand due to the increasing penetration of smartphones and improved internet connectivity (with 4G/5G), advances in healthcare IT infrastructure, rising healthcare costs, rising prevalence of chronic diseases, and greater accessibility to virtual care. Key players also invest in developing advanced applications that enhance user experience; Teladoc Health recently joined Microsoft Teams in July 2021 for integration of its Solo platform into the Microsoft Teams environment; this partnership will give clinicians and patients better access to virtual healthcare options.
The Internet of Things (IoT) has become an indispensable digital platform in healthcare, offering efficient data backup and analytics, reliable mobile connectivity, and advanced wearable devices with big data processing powering a personalized digital experience.
By Technology, in 2022, digital health was dominated by the telehealthcare segment with a revenue share of 42.5%
By Component, the service segment administrated the demand with a revenue portion of more than 44.5% in 2022.
By End-User, In 2022, the healthcare providers segment dominated the market.
In 2022, North America dominated the market with the highest revenue share of over 45.3%.
Asia Pacific is expected to experience the fastest growth rate over the forecast period, driven by increased adoption of eHealth platforms and rising healthcare spending.
Factors affecting the growth of the digital health industry?
Increased Adoption of Smartphones and Other Mobile Devices: Smartphones have become ubiquitous, and are being increasingly utilized by individuals for accessing health information and services. This trend can be explained by various factors including increased Internet availability, affordable smartphones and the convenience of accessing health services on demand.
Rising prevalence of chronic diseases: Cardiovascular illness, cancer and diabetes have become major health challenges that strain healthcare systems across the board. Digital health technologies may offer ways for patients to more efficiently manage these chronic illnesses through more effective healthcare management solutions, leading to both improved health outcomes and reduced healthcare expenses.
Healthcare efficiency and outcomes must improve: Healthcare systems face mounting pressure to enhance efficiency and outcomes, so digital health technologies offer solutions. By cutting paperwork requirements and improving communication between healthcare providers as well as giving patients 24/7 access to their health records; digital health technologies also can contribute towards enhanced healthcare outcomes by offering customized care that reduces medication errors as well as managing chronic diseases better.
Government Support: Governments worldwide have increasingly shown support for digital health technologies' development and adoption through initiatives that include funding research and development projects, providing regulatory approval support, raising awareness about its benefits, etc.
Private Investment: Private investors have also shown great enthusiasm for investing in digital health technologies to improve healthcare efficiency and outcomes, along with taking advantage of an expansive market for such services and products.
These systems are becoming more prevalent worldwide, both in developed and developing countries. Privacy concerns exist on a global scale due to the variety of formats for health data across different systems. Cybercrimes must be prevented within healthcare organizations as well. The Health Sector Cybersecurity Coordination Centre estimates that cyberattacks on healthcare systems have been attempted 239.4 million times by 2020.
Market Growth
The growing use of tablets and smartphones, both in developing and developed countries, is producing the adoption of digital tools. Different governments are also taking steps to promote electronic medical records as a way of managing various diseases. In April 2020, the Federal Communications Commission (FCC) authorized a program of USD 200 million to finance telehealth services for medical providers. To combat COVID-19's effects, various governments launched mobile apps during this pandemic to manage patient needs. In response to COVID-19, India's government launched the Arogya Setu app on mobile.
Regional Analysis
North America accounted for the largest market share in 2022 with a 45.3% revenue share. It was also the first region to implement smart healthcare solutions such as wearables and mobile apps, due to factors like rapidly adopting smartphones, improvements in coverage networks, rising prevalence of chronic diseases among the geriatric population, rising costs of healthcare services, acute shortages of primary caregivers and an increasing need for better prevention and management of chronic conditions. With these factors combined, North America became increasingly dominant within this space.
Asia Pacific is expected to experience the fastest growth rate over the forecast period, driven by increased adoption of eHealth platforms and rising healthcare spending. This government commitment could result in an uptick in remote patient monitoring services and other telehealth offerings. According to World Bank figures, China's 2019 healthcare spending was 5.4%, India's 3.1% and Japan's 10.7% respectively. Market leaders have become increasingly involved with Asia Pacific's rapid adoption of digital platforms and apps.
Mobile applications have the potential to enhance patient care in many ways, such as diagnosing illnesses using wearables and ingestible sensor technology. Smartphones remain our go-to for managing our schedules, organizing work and business operations, and staying connected through social media - not to mention organizing doctor visits and other healthcare services. App development for healthcare has long been seen both as a necessity and a luxury.
Market Opportunities
Healthcare is facing a fundamental shift in how services are delivered and consumed. This shift is being driven by the urgent need to create an equitable healthcare delivery system that ensures high quality, cost efficiency, decentralized accessibility, and affordability for everyone. These demands on society and government must be met; however, entrepreneurial minds are working hard to develop solutions and models that will get us there - one such option being digital health models. Digital health can enhance all aspects of healthcare delivery from birth through death; providing solutions that support individuals throughout their lifespans.
The global digital health market is split into four primary types based on technology: mHealth, telehealthcare, and healthcare analytics. Telehealthcare held the majority share of revenue with 42.5% share; its services have seen an uptick in demand due to secure data storage requirements, population management needs, and real-time monitoring requirements.
These are on the rise due to the rising demand for software innovations that offer comprehensive health applications. Furthermore, multiple platforms that monitor diseases are fuelling growth in this space.
Component Insight
The digital component health market is segmented into three segments: software, hardware, and services. Of these, services accounted for 44.5% of revenue share due to increasing demand for training, staffing, and maintenance activities. Software solutions have enabled increased training and installation requirements while key players offer various pre-installation and post-installation solutions as well as standalone solutions which could propel further segment development in this space.
Forecasted growth for the software segment over the forecast period is 17.9%, reflecting its increasing acceptance among patients, hospitals, healthcare providers, insurance payers, and patients alike. Deep learning, machine learning techniques as well as AI functionality have been integrated into digital health solutions that help patients reach their final disposition through remote analysis and AI chatbox capabilities which provide current healthcare information.
End-User Insight
On the basis of end-user digital health market share, it can be divided into three groups: Healthcare Providers (Payers), and Healthcare Consumers (Habitat Consumers).
In 2022, the healthcare providers segment dominated the market. This trend is anticipated to persist throughout the forecast period due to an increase in chronic disease cases, increased demand for mHealth applications and new technologies in this space, as well as an increase in healthcare costs and an uptick in IT solution sales within this sector.
Competition in the healthcare market is fierce, and many key players are launching new platforms to meet the rising digitalization of this sector. Telehealth technology is being utilized by numerous companies worldwide to assist healthcare professionals and grow their market share - leading to intense competition within this space. American Well, for instance, launched Converge, their cutting-edge telehealth platform in April 2021 that offers greater connectivity to stakeholders while meeting growing medical assistance requirements.
Some of the major players include
BioTelemetry Inc
eClinicalWorks
Allscripts Healthcare Solutions Inc
iHealth Lab Inc
AT & T
Honeywell International Inc
Athenahealth Inc.
Cisco Systems
McKesson Corporation
Koninklijke Philips N.V.
AdvancedMD Inc.
Cerner Corporation
Other Key Players
Recent Development of the Point of digital health Market
In March 2022, MEDITECH and Google Health joined forces to make patient data accessibility effortless and fast.
In March 2022, Validic announced the availability of its remote patient monitoring platform (RPM), Validic Impact, on Epic Systems' App Orchard. Through App Orchard, Epic System community members can launch their apps directly onto the platform.
In May 2022, FUJIFILM Holdings Corporation and National Rural Health Association joined forces to offer rural areas access to digital radiography and in vitro diagnostics solutions.
In November 2021, Amazon Web Services, Inc. and Gilead Sciences Inc. joined forces to develop and deliver groundbreaking medicines for patients using AWS analytics, machine learning, and other related technologies.
In December 2021, Microsoft and CVS Health joined forces to offer innovative solutions for customers that promote better health, promote digital transformation, and offer new options to shoppers.
Browse More Related Reports:
Health And Wellness Market size is expected to be worth around USD 4,332 Billion by 2023 from USD 8,379 Billion in 2032, growing at a CAGR of 7% during the forecast period from 2022 to 2032.
Healthcare Chatbots Market size was valued at USD 195.85 million in 2022 and is expected to reach USD 1168 million in 2032. This market is estimated to register a CAGR of 20.1% between 2023 and 2032
Smart Healthcare Market was valued at USD 184 billion in 2022 and is expected to reach around 541 billion in 2032. Between 2023 and 2032, this market is estimated to register a CAGR of 15.7%.
Digital Workplace Market was valued at USD 32.9 billion and is expected to reach USD 234 billion in 2032. This market is estimated to register a CAGR of 22.3% between 2023 and 2032.
eHealth Market size is expected to be worth around USD 393.6 billion by 2032 from USD 97.4 billion in 2022, growing at a CAGR of 15.4% during the forecast period from 2023 to 2032.
About Us:
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
CONTACT: Global Business Development Team - Market.us Market.us (Powered By Prudour Pvt. Ltd.) Email: inquiry@market.us Address: 420 Lexington Avenue, Suite 300, New York City, NY 10170, United States Tel: +1 718 618 4351 Website: https://market.us
