Digital Healthcare Market By Technology (Digital Health Systems, Telehealth care, mHealth and Healthcare Analytics), Application (Cardiology, Diabetes, Neurology, Sleep Apnea, Oncology and others), Delivery Mode (On-Premise and Cloud-Based), Components (Software, Services and Hardware), End User (Healthcare Providers, Healthcare Payers, Pharmaceutical Companies) – Forecast till 2030
The digital healthcare market was valued USD 167 billion in 2021 and is expected to reach USD 1.3 trillion by 2030 at 23.7% CAGR during the forecast period 2022-2030. The growing usage of big data in the healthcare sector, increased use of EHR and EMR systems, the assistance provided to maintain patients’ electronic health records, and regulatory obligations, to name a few factors, are all boosting the digital healthcare industry.
The use of big data in healthcare is expanding, as are the use of EHR and EMR systems, patient assistance in maintaining their electronic health records, and regulatory requirements, to name a few. These and other factors are all driving growth in the digital healthcare sector. Additionally, the industry is expanding because to a rising trend in preventative healthcare and increased investment in various mHealth companies.
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Doctors’ use of cell phones has significantly increased in the United States, which has boosted the practice of digital health. As a result, there has been a sharp rise in the number of mobile healthcare applications, which is driving the growth of the sector. Additionally, a rapidly growing IT infrastructure, supportive government initiatives, a rise in the demand for remote patient monitoring services, and more venture capitalist investment would raise sector earnings. With social distance being the only method currently available to avoid exposure, the current Covid-19 pandemic has significantly increased demand for digital health among patients, doctors, and practitioners alike and is creating various opportunities.
Digital Healthcare Market Segmentation:
The four technology-related segments of the global market for digital healthcare are telehealth, mHealth, healthcare analytics, and digital health systems. Among the application-specific market categories are those for diseases including diabetes, cardiology, cancer, sleep apnea, neurology, and others. Due to the increased prevalence of lifestyle-related issues that lead to heart illness, which makes prevention and recovery critical priority areas beyond treatment and diagnosis, the cardiology market is anticipated to have the greatest digital healthcare market share.
Important delivery techniques that were taken into account for the market report include on-premise and cloud-based solutions. The on-premise approach is not regarded as a viable alternative because it necessitates more investments in IT infrastructure. Contrarily, the cloud makes it possible for large-scale big-data operations by providing tremendous amounts of processing and storage power.
Some of the main end customers in the global market are pharmaceutical companies, healthcare payers, and healthcare providers. Today’s healthcare personnel frequently use smartphones and tablets, which facilitates improved communication and information access at the point of service. As a result, the industry of healthcare providers can currently take the lead globally.
Digital Healthcare Market Regional Analysis:
Due to large healthcare spending and the quick uptake of healthcare IT, the American market will grow. Because healthcare prices in the US are so high, there is a growing demand to lower them, which is what is driving the industry. In the global market for digital healthcare, Europe has seen the second-largest growth due to the great need to cut healthcare costs and the rapid improvement of technology. The players’ continued initiatives to improve their current solution and service portfolio may have a favourable impact on the market share for digital healthcare in Europe.
Asia-Pacific is anticipated to enjoy the fastest growth rate in the coming years due to the quickly expanding number of healthcare IT vendors and the region’s rapidly developing healthcare infrastructure. The increase of supported R&D facilities and the presence of well-known corporations in the region’s developing nations both contribute to the market expansion rate. In the coming years, improvements to the nation’s failing healthcare system as well as continued government financial aid hikes may benefit the APAC market.
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Digital Healthcare Market Key Players:
The businesses that are contributing to the market and following the developments in the digital healthcare industry are Allscripts Healthcare LLC (US), BioTelemetry Inc. (US), Cerner Corporation (US), Cisco Systems Inc (US), Koninklijke Philips NV (The Netherlands), McKesson Corporation (US), General Electric Company (US), AT&T Inc. (US), Athenahealth Inc. (US), EClinicalWorks (US), iHealth Lab Inc. (US), Qualcomm Technologies Inc. (US).
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