Newark, Oct. 18, 2023 (GLOBE NEWSWIRE) -- Brainy Insights estimates that the USD 159.75 billion in 2021 global digital health market will reach USD 1033.18 billion in 2030. The advent of AR and AI has elevated telemedicine to new heights. Doctors can confer with their patients through telemedicine in a 3D virtual reality setting. It removes the barrier to holding in-person meetings. In-person consultations may increase the risk of hospital infections, allowing patients to visit with their doctors whenever it is most convenient for them from the comfort of home. By promoting collaborations between healthcare providers and institutions, digital health will hasten the creation of better medical technologies, gadgets, instruments, procedures, and pharmaceuticals. A rise will also aid in the expansion of the global digital health industry in government agencies and private sector companies working together to create better healthcare technology.
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Key Insight of the Global Digital health Market
North America will dominate the market during the forecast period.
Due to the expanding adoption of government initiatives, North America dominates the global digital health market. Additionally, the increased frequency of chronic diseases, the need for ongoing monitoring, and initiatives to improve the efficiency of the healthcare delivery system are all driving market expansion in this area. Additionally, the region's market is expanding due to the highly established network infrastructure and the quick creation of various healthcare mobile apps.
In 2021, the software segment dominated the market with the largest market share of 39.14% and revenue of 62.52 billion.
The component segment is divided into hardware, software, and services. In 2021, the software segment dominated the market with the largest market share of 39.14% and revenue of 62.52 billion.
In 2021, the health segment dominated the market with the largest market share of 34.16% and market revenue of 54.57 billion.
The technology segment is divided into telehealthcare, health, digital health systems, and healthcare analytics. In 2021, the health segment dominated the market with the largest market share of 34.16% and market revenue of 54.57 billion.
In 2021, the cloud-based segment dominated the market with the largest market share of 57.21% and market revenue of 91.39 billion.
The delivery mode segment is divided into cloud-based and on-premise. In 2021, the cloud-based segment dominated the market with the largest market share of 57.21% and market revenue of 91.39 billion.
In 2021, the healthcare providers segment dominated the market with the largest market share of 38.27% and market revenue of 61.13 billion.
The end-user segment is divided into healthcare payers, healthcare providers, and pharmaceutical companies. In 2021, the healthcare providers segment dominated the market with the largest market share of 38.27% and market revenue of 61.13 billion.
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Advancement in market
• The launch of Hypercube, an AI-powered platform that integrates structured and unstructured text data, democratizes analytics and enables users to ask questions in free text and receive answers based on specific patient data, was announced by Mendel.ai. This startup uses artificial intelligence to help structure medical information.
• To guide the FDA on scientific and technical matters relating to digital health technologies (DHTs), such as artificial intelligence (AI), machine learning (ML), augmented reality, virtual reality, digital therapeutics, wearables, and remote patient monitoring, the FDA announced the formation of the Digital Health Advisory Committee. The committee, which plans to function fully in 2024, will offer knowledge and insight into how the FDA perceives the advantages and difficulties of DHTs. The group was created in response to the quickly changing DHT market, which includes a variety of technologies. According to the FDA, these technologies include patient-generated health data, decentralized trials, and cybersecurity.
Market Dynamics
Driver: The increasing internet connectivity and IT coverage.
The digital age is associated with the automation of most services, including those in the healthcare sector. The increasing ownership of smartphones, given the reduced retail costs and increasing availability and accessibility to smart connected devices, has also contributed to the market's growth. The increasing digital literacy and government spending to develop a digital IT healthcare infrastructure to improve healthcare services' access, affordability, efficiency and productivity will augment the market's growth. Expanding internet facilities and developing faster internet services will also grow the market. Therefore, the increasing ownership of smart connected devices and expanding IT infrastructure will drive the global digital health market's growth.
Restraints: The lack of infrastructure.
The basic healthcare infrastructure is poor, lacking funds, devices, equipment, and personnel in most low- and middle-income countries. The introduction of digital health and its implementation will face many hurdles in the face of the dismal state of IT and healthcare infrastructure. Therefore, the lack of infrastructure will challenge the market's growth.
Opportunities: The introduction of new service applications.
Given the rising incidence of chronic and other lifestyle diseases, the growing healthcare needs have facilitated the need for better healthcare systems. Digital health is a promising solution to deal with the growing healthcare needs of the population efficiently without compromising on quality. Market players are developing enhanced applications offering various simple, accessible, safe, secure and open virtual healthcare services. These reduce hospital burden, prioritize cases and optimize resources. Therefore, the development of new applications will propel the market's growth.
Challenges: Data privacy and security concerns.
The lack of proper legislation to govern, monitor, control and regulate the collection, storage exchange or transfer of patient days, including confidential and sensitive information, increases the risk of data theft and other cybersecurity concerns. Therefore, the data privacy and security concerns, given the lack of legislation, will hamper the market's growth.
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Some of the major players operating in the global digital health market are:
• Apple Inc
• Cerner Corporation
• Epic Systems Corporation
• McKesson Corporation
• Allscripts
• QSI Management, LLC
• Telefonica S.A.
• Airstrip Technologies
• HiMS
• Google, Inc
• Vodafone Group
• Qualcomm Technologies, Inc
• MQure
• CISCO Systems, Inc
• Samsung Electronics Co. Ltd
• Computer Programs and Systems, Inc
• IBM Corporation
• Vocera Communications
• Softserve
Key Segments covered in the market:
By Component
• Hardware
• Software
• Services
By Technology
• Telehealthcare
• mHealth
• Digital Health Systems
• Healthcare Analytics
By Delivery Mode
• Cloud-Based
• On-Premise
By End-User
• Healthcare Payers
• Healthcare Providers
• Pharmaceutical Companies
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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