Digital Health Market is Riding the Wave of Growth & Expected to Reach USD 1004.03 Billion to 2031 | Latest InsightAce Report

Pune, March 10, 2023 (GLOBE NEWSWIRE) — InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Digital Health Market Size, Share & Trends Analysis Report by Technology (Tele-healthcare, mHealth, Healthcare Analytics, Digital Health Systems), By Component (Software, Hardware, Services)- Market Outlook And Industry Analysis 2031”

“The global digital health market is estimated to reach over USD 1004.03 billion by 2031, exhibiting a CAGR of 19.07% during the forecast period.” 

The new digital health model will be essential in helping emerging nations overcome many of the problems that currently hamper healthcare delivery, such as improving access, cost, quality, and safety. Healthcare services have been severely hampered in many developing economies, especially in rural areas, due to a severe lack of resources and resources.  

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Additionally, some of the key elements driving the market growth include rising smartphone adoption, better internet access brought about by the rollout of 4G/5G, advancements in healthcare IT infrastructure, the growing need to control healthcare costs, an increase in the prevalence of chronic diseases, and excellent capability to virtual care.

Key players also concentrate on providing cutting-edge applications to enhance user experience. Cybersecurity concerns are getting worse due to the fast internet use and smart devices in the healthcare industry. However, hacking and wiretapping of private information using linked and smart devices has increased significantly. Governments from different nations, healthcare institutions, and experts are reluctant to use digital health solutions on a broader scale due to data security concerns regarding healthcare information.

Recent Developments:

• In January 2022 -A state-of-the-art AI platform was developed by Treatment.com International Inc. to enable better healthcare decisions made by patients and caregivers around the world. The firm announced the global debut of the much-awaited Treatment Digital Health App, which is now available on the Apple App Store.

• In March 2022-DeliverHealth, a global provider of technology-enabled solutions for hospitals,  and group practices, launched its partner program to bring together disparate healthcare point solutions and pave the way for vital, dependable connections between providers, clinicians, and patients. The platform enables easy access, efficient workflows, and human-in-the-loop flexibility to implement purpose-built, explainable AI that quickly generates value.

List of Prominent Players in the Digital health Market:

• AdvancedMD Inc.
• Airstrip Technologies
• Allscripts Healthcare Solutions Inc
• Apple Inc
• AT & T
• Athenahealth Inc.
• BioTelemetry Inc
• Cerner Corporation
• CISCO Systems, Inc
• Computer Programs and Systems, Inc
• eClinicalWorks
• Epic Systems Corporation
• General Electric company
• Google, Inc
• HiMS
• Honeywell International Inc
• IBM Corporation
• iHealth Lab Inc
• Koninklijke Philips N.V
• Mckesson Corporation
• Orange
• QSI Management, LLC
• Qualcomm Technologies, Inc
• Samsung Electronics Co. Ltd
• Siemans Healthcare AG
• Softserve; MQure
• Telefonica S.A
• Vocera Communications
• Vodafone Group
• Qualcomm technologies, Inc.

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Digital Health Market Report Scope:

Market Dynamics:

Drivers-
The market is growing due to developments in the health IT sector and rising healthcare expenses, which have sharply increased demand for digital well-being. Digital health is the application of information technology and electronic communications for various medical processes to enhance people’s well-being. The industry has grown due to the quick adoption of cutting-edge technology, including wearables, mHealth Apps, orally delivered sensors, and artificial intelligence. The demand for technology is also rising due to strong government support and the creation of regulations that encourage the use of digital solutions. The usage of electronic intensive care units (e-ICUs), which permit remote patient monitoring via monocular cameras, high-speed broadband, and electronic equipment, is endorsed by governments worldwide.

Challenges:
Growth in data security issues, such as breaches and illegal access to IT systems, could, however, restrain the expansion of the digital health market in the years to come. Security issues with patient data could hamper the market value. The development of the digital health business may need to be improved by a global shortage of qualified IT workers in the healthcare industry. According to some analysts, the healthcare sector’s shortage of qualified healthcare IT personnel continues to worsen. Additionally, the lack of universal health insurance, which makes people hesitant to use cutting-edge technologies, is largely to blame for the need for understanding surrounding digital health practices. However, the financial limitation continues to be one of the primaries.

Regional Trends:
The North American digital health market is expected to register a major market share in revenue and is projected to grow at a high CAGR soon. One of the first regions to adopt intelligent quality healthcare in North America. This includes a range of technologies like smartphone apps, wearable electronics, and telemedicine & eHealth services for remote access to information on serious & chronic medical illnesses. The industry is expanding as a result of factors like the quick uptake of mobile phones, improvements in coverage networks, an increase in the prevalence of chronic diseases, an increase in the number of older adults, rising health care costs, a severe shortage of primary caregivers, and a growing demand for better chronic condition prevention and care. Besides, Asia Pacific had a substantial market share due to the developed economy and growing product adoption. The region’s expanding eHealth network penetration and rising health spending are anticipated to fuel the expansion of these services. Government investment in healthcare is predicted to enhance demand for remote patient monitoring and fuel the industry growth in the Asia Pacific region.

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Segmentation of Digital Health Market-

By Technology

• Tele-healthcare
  • Tele-care
    • Activity Monitoring
    • Remote Medication Management
  • Telehealth
    • LTC Monitoring
    • Video Consultation
• mHealth
  • Wearables
    • BP Monitors
    • Glucose Meters
    • Pulse Oximeters
    • Sleep Apnea Monitors
    • Neurological Monitors
    • Activity Trackers/ Actigraphs
  • mHealth Apps
  • Services
    • mHealth Service, By Type
      • Monitoring Services
        • Independent Aging Solutions
        • Chronic Disease Management & Post-Acute Care Services
      • Diagnosis Services
      • Healthcare Systems Strengthening Services
      • Others
    • mHealth Services, By Participants
      • Mobile Operators
      • Device Vendors
      • Content Players
      • Healthcare Providers
• Healthcare Analytics
• Digital Health Systems

By Component

By Region-

North America-

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of Middle East and Africa

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