Pune, India, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The global digital health market size was valued at USD 375.99 billion in 2022, and it is expected to expand from USD 452.79 billion in 2023 to USD 1,965.30 billion by 2030, exhibiting a CAGR of 23.3% over the study period. The expansion can be credited to the advancements in technologies of telecommunications. Moreover, easily accessible applications for patients can be developed due to the innovations in telecommunications and mobile technology.
Fortune Business Insights™ provides this information in its research report, titled “Digital Health Market, 2023-2030”.
Key Industry Development:
January 2022 - GE HealthCare announced a partnership with the Circle Health Group, the largest independent healthcare provider in the U.K. Through this move, the company aimed to offer data and technological solutions to over 50 hospitals across the country.
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Key Takeaways:
- The Peterson Center on Healthcare announced the founding of the Peterson Health Technology Institute (PHTI), a nonprofit group that conducts unbiased assessments of cutting-edge medical technologies to enhance patient care and save expenses.
- The National Rural Health Association (NRHA) and FUJIFILM Holdings Corporation worked together to deliver goods and services to rural areas, including as digital radiography and in-vitro diagnostics options.
- In order to give simple and quick access to patient information, MEDITECH worked with Google Health.
- Validic announced the launch of Validic Impact, its remote patient monitoring (RPM) application, on Epic Systems' 'App Orchard' platform. Developers can publish their apps to The App Orchard for use by the Epic Systems community.
Discover the Leading Players Featured in the Report:
General Electric Company (U.S.), Koninklijke Philips N.V. (Netherlands), Allscripts Healthcare, LLC (U.S.), Cerner Corporation (U.S.), Epic Systems Corporation (U.S.), McKesson Corporation (U.S.), Medical Information Technology, Inc. (U.S.), Siemens Healthcare GmbH (Germany), Boston Scientific Corporation (U.S.), FUJIFILM Holdings Corporation (Japan), Medtronic (Ireland), IBM (U.S.), Validic (U.S.)
Report Scope
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 23.3% |
| 2030 Value Projection | USD 1,965.30 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 452.79 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 181 |
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Drivers and Restraints:
Rising Penetration of Tablets, Smartphones, and Other Mobile Platforms to Bolster the Market Growth
One of the major factors driving the digital health market growth is a surge in the penetration of smartphones, tablets, and other mobile platforms. Due to this factor, there is a growing shift of people toward healthcare applications and wearables.
Despite an expanding scope for the adoption of the solution, privacy issues pertaining to patient data may impede the market growth.
By Product Type
- mHealth
- Apps
- Wearables
- Healthcare Analytics
- Digital Health Systems
- Telehealthcare
By Component
- Services
- Software
- Hardware
By End-User
- Business to Business
- Business to Consumer
By Geography
- North America (By Product Type, Component, End-User, and Country)
- Europe (By Product Type, Component, End-User, and Country)
- Asia Pacific (By Product Type, Component, End-User, and Country)
- Latin America (By Product Type, Component, End-User, and Country)
- Middle East & Africa (By Product Type, By Component, By End-User, and By Country)
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Regional Insights:
North America Dominates Owing to Favorable Reimbursement Policies
North America digital health market is expected to dominate during the forecast period. The region held the largest market share in 2022 and was valued at USD 15.38. The presence of favorable regulations for reimbursement in the U.S. is driving the regional growth.
Asia Pacific is expected to witness a highest growth rate during the forecast period on account of growing government initiatives in developing nations for encouraging digital solutions.
Competitive Landscape:
Notable Companies Enter Partnerships to Reinforce Their Industry Position
The leading digital health industry players are emphasizing different strategic initiatives such as collaborations, joint ventures, mergers and acquisitions, and others. Several companies are also focusing on partnership deals to capture the largest market share.
FAQ’s
How big is the Digital Health Market?
Digital Health Market size was USD 452.79 Billion in 2023.
How fast is the Digital Health Market growing?
The Digital Health Market will exhibit a CAGR of 23.3 % during the forecast period, 2023-2030
Related Reports:
Electronic Health Records (EHR) Market Share, Size, Trends and Forecast 2023-2030
mHealth Market Size, Share| Global Forecast Report 2029
Telehealth Market Trends, Growth | Global Forecast Report 2030
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