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Digital health market size worth USD 767,718 million by

New York, U.S., May 24, 2022 (GLOBE NEWSWIRE) — Overview of the digital health market

According to a comprehensive research report by Market Research Future (MRFR), “Digital health market Insights by Delivery Mode, Application, Component, End User, Technology and Region – Forecast to 2030“, the market will touch USD 767718.9 million by 2030 at a CAGR of 22.5%.

Market summary

Many businesses and public organizations have already jumped on the IT adoption bandwagon by digitizing their operations. Additionally, digital health technology allows people to make better decisions, spend more time on jobs they enjoy, which dramatically changes the market environment. Rising healthcare expenditures, growing preference for remote patient monitoring services, escalating incidence of chronic diseases, and growing accessibility of virtual care are driving the market expansion. The telehealth and teleconsultation services market is driven by the rapid increase in the incidence rate of chronic diseases like Alzheimer’s disease, diabetes, cardiovascular diseases and cancer, requiring long term care services and patient follow-up.

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Digital Health Market Competitive Landscape:

The formidable competitors in the digital health market are

  • McKesson Corporation (USA)
  • Allscripts Healthcare LLC (USA)
  • BioTelemetry Inc. (USA)
  • Cerner Corporation (USA)
  • Cisco Systems Inc (USA)
  • Koninklijke Philips NV (Netherlands)
  • EClinicalWorks (USA)
  • iHealth Lab Inc. (USA)
  • General Electric Company (USA)
  • AT&T Inc. (USA)
  • Athenahealth Inc. (USA)
  • Qualcomm Technologies Inc. (USA)

Digital Health Market USP Covered:

Market factors:

The digital health industry is driven by the increased use of EHR and EMR systems, the amplified use of big data in the health sector, assistance in the management of electronic patient health records and legal obligations . Additionally, the market is growing owing to a growing trend towards preventative healthcare and increasing investment in various mHealth companies. Specialists and doctors in several countries operate mainly in cities or metros, leaving patients in rural areas embarrassed. This problem can be solved by using the telecloud, allowing healthcare providers to treat patients over large distances at minimal cost and in real time.

Constraints of the digital health market:

The development of patient data security issues, the need for large capital expenditures and the need for maintenance could pose significant obstacles for participants in the years to come.

Digital Health Market COVID 19 Analysis

Due to the temporary shutdown of manufacturing facilities and lower demand, the COVID-19 outbreak has had a crippling effect on the healthcare industry. As the world tries to contain the spread of SARS-CoV-2, major companies are scrambling to bolster their supply networks and speed up operations to avoid more losses. Additionally, the widespread practice of social distancing has prompted patients to seek remote health consultations, reinforcing the need for digital healthcare. Faced with the spread of the pandemic, health professionals are increasingly offering consultations by videoconference and telephone calls. This will almost certainly help the digital health industry for years to come.

Telehealth applications are constantly evolving and technological advancements are accelerating the growth of the segment. Moreover, the increased need for virtual healthcare consultations due to the COVID-19 pandemic and the integration of modern IoT technologies and the development of connectivity are all contributing to the high growth rate of the segment.

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Segmentation of the digital health market

By technology

With increasing smartphone sales, increasing internet usage, and a wide selection of new mHealth applications accessible in the digital health industry, mHealth is currently one of the most important trends in the market of digital health.

By request

The cardiology category is expected to take the lead as, with the rise of lifestyle disorders that contribute to heart disease, prevention and recovery have become top priorities beyond diagnosis and treatment. . In the Cardiology division, innovations in the digital healthcare landscape have driven increased demand for patient-centric monitoring services and solutions.

By delivery methods

The on-premises model is not seen as a feasible alternative as it requires larger investments in IT infrastructure, while the cloud enables large-scale big data operations by providing massive storage and processing power.

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By components

Digital health software such as EHRs, healthcare analytics, and fitness and medical applications have seen a significant increase in demand, which is expected to be a key growth driver. The increasing prevalence of novel coronavirus cases has increased the need for specialized software to track all cases of SARS-CoV-2, thereby increasing the demand for EHRs. Also, post-lockdown, country clubs and gyms were forced to close, which increased the number of fitness apps downloaded.

By end users

Healthcare providers today use smartphones and tablets for a variety of purposes, including increased communication and access to better information at the point of care. As a result, the healthcare provider segment might lead the global industry during the forecast period.

Digital Health Market Regional Outlook

Digital healthcare activity in America is expected to be the strongest in the near future due to massive healthcare spending and widespread implementation of healthcare information technology. The digital health sector in the United States has grown rapidly, as the country spends a lot of money on health care, and the desire to save money is driving the demand for digital health care.

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In light of the huge push to reduce healthcare costs and increasing technological advancements, Europe has been the second biggest winner in the global digital healthcare market. Players’ continued attempts to bolster their existing solution and service portfolios may also benefit the European digital health market. Due to substantial improvements in healthcare infrastructure and a growing number of healthcare IT vendors, Asia-Pacific is expected to experience the fastest growth rate in the coming years . The presence of recognized companies in emerging countries in the region and the upsurge of sponsored research and development institutes are contributing to the growth rate of the market. Ongoing reforms to fix poor healthcare infrastructure and increased government financial assistance could boost the APAC industry in years to come.

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