Digital Health Market 2023-2031
Digital Health Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2023-2031
NEW YORK, NEW YORK, UNITED STATES, October 26, 2023 /EINPresswire.com/ — The global digital health market size is expected to grow from USD 382.5 billion in 2022 to USD 1.1 trillion by 2031, at a CAGR of 13.1%. The market is driven by factors such as increasing penetration of smartphones, improved internet connectivity, rising need to curb healthcare costs, rising prevalence of chronic diseases, and the increase in accessibility of virtual care.
Digital health encompasses the use of digital technologies, information, and communication systems to improve healthcare delivery, patient care, and health outcomes. It includes a wide range of solutions such as telemedicine, wearable devices, electronic health records (EHRs), and health apps.
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Executive Summary
The global digital health market is experiencing significant growth and transformation, driven by technological advancements, increased healthcare digitization, and the changing healthcare landscape. This market report provides an in-depth analysis of the global digital health market, covering market size, trends, drivers, challenges, and the future outlook.
Market Size and Growth
The global digital health market is substantial and is experiencing robust growth. Key factors contributing to this growth include:
• Healthcare Digitization: The growing adoption of digital technologies in healthcare administration and patient care.
• Telehealth and Telemedicine: Increased use of remote healthcare services and consultations.
• Consumer Health Technology: The popularity of wearable devices, mobile health apps, and remote patient monitoring.
Key Players
Key players in the digital health market include technology companies, healthcare providers, startups, and healthcare software developers. Prominent organizations in this market include:
• Agfa-Gevaert N.V.
• Cerner Corporation
• Allscripts Healthcare Solutions, Inc.
• McKesson Corporation
• Philips Healthcare
• GE Healthcare
• Siemens Healthineers
• Epic Systems Corporation
• Merative and more
Recent Developments:
Here are some recent developments of companies in the global digital health market, with year:
• Allscripts Healthcare Solutions Inc.: 2023 – Acquired PatientPop, a cloud-based practice management and patient engagement platform, for $1.44 billion.
• Koninklijke Philips N.V.: 2023 – Launched a new digital health platform, Philips HealthSuite, which integrates data from wearable devices, medical records, and other sources to provide patients with a holistic view of their health.
• OTH.IO: 2023 – Partnered with Google Cloud to develop and deploy digital health solutions at scale.
• AMD Global Telemedicine Inc.: 2023 – Expanded its telemedicine services to over 50 countries.
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Attractive Investment Opportunities
The global digital health market presents a number of attractive investment opportunities for investors. Some of the key areas of investment include:
• Telehealth: Telehealth is one of the fastest-growing segments of the digital health market. Investors can invest in companies that develop and deliver telehealth solutions.
• Wearable devices: Wearable devices such as smartwatches and fitness trackers are becoming increasingly popular. Investors can invest in companies that develop and manufacture wearable devices.
• Digital therapeutics: Digital therapeutics are software-based applications that are used to treat or manage medical conditions. Investors can invest in companies that develop and deliver digital therapeutics.
• Healthcare information systems: Healthcare information systems are used to manage and analyze healthcare data. Investors can invest in companies that develop and sell healthcare information systems.
Market Segmentation
The digital health market can be segmented based on various criteria, including technology type, application, region, and more:
• Technology Type: Digital health encompasses telehealth, mHealth (mobile health), EHRs, and health analytics.
• Application: Digital health is used for various applications, including remote patient monitoring, telemedicine, patient engagement, and healthcare administration.
• Region: The market spans regions such as North America, Europe, Asia-Pacific, and Latin America.
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Market Challenges
Some of the key challenges facing the global digital health market include:
• Reimbursement challenges: Reimbursement for digital health solutions is often limited, which can hinder their adoption.
• Data security and privacy concerns: Digital health solutions collect a lot of personal data, which raises concerns about data security and privacy.
• Lack of awareness: Many people are not aware of the benefits of digital health solutions, which can limit their adoption.
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