New York, United States , July 04, 2024 (GLOBE NEWSWIRE) -- The Global Digital Healthcare Market Size is Expected to Grow from USD 260.9 Billion in 2023 to USD 1920.9 Billion by 2033, at a CAGR of 22.10% during the forecast period 2023-2033.
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Digital healthcare uses computing systems, networking, software, and sensors to provide health care and other applications. It encompasses a diverse range of technologies, including mobile health apps, wearable devices, telemedicine services, electronic health records (EHRs), and various health information systems. Consumers are empowered by digital health technology, which allows individuals to make informed health decisions while also providing new possibilities for prevention, early detection of life-threatening diseases, and chronic condition management outside of traditional healthcare settings. These technologies are used by providers and stakeholders to reduce inefficiencies, increase access, lower costs, improve treatment quality, and adapt medicine to their patients' needs. The digital healthcare market encompasses medical services and technologies that support digital healthcare operations. The market includes immunosuppressant drugs, medical devices, and other products used for the long-term care of transplant recipients to help prevent organ rejection. The digital health market is being propelled by technical breakthroughs such as AI and telemedicine, increasing healthcare accessibility, financial pressures, the demands of an aging population, consumer desire for health management tools, supportive regulations, and data analytics for tailored medicine. The usage of digital health devices is also expanding in emerging nations due to the introduction of low-cost gadgets and the continued expansion of high-speed mobile networks. However, the adoption and growth of digital healthcare technologies face challenges such as regulatory complexities, concerns about data privacy and security, integration difficulties with existing healthcare systems, disparities in technology access, resistance to change among healthcare professionals and patients, and the need for more robust evidence of long-term effectiveness.
Browse key industry insights spread across 280 pages with 110 Market data tables and figures & charts from the report on the "Global Digital Healthcare Market Size, Share, and COVID-19 Impact Analysis, By Technology (Healthcare Analytics, mHealth, Telehealthcare, and Others), By Component (Hardware, Software, Services), By Application (Obesity, Cardiovascular, Diabetes, Respiratory Diseases, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The telehealthcare segment is estimated to grow at the fastest CAGR growth through the projected period.
Based on the technology, the digital healthcare market is classified into healthcare analytics, mHealth, telehealthcare, and others. Among these, the telehealthcare segment is estimated to grow at the fastest CAGR growth through the projected period. Telehealthcare's growth rate can be attributed to improved internet connectivity, increased smartphone penetration, advanced technology readiness, a growing shortage of healthcare providers, rising medical costs, widespread availability of telehealth applications, and increased adoption of these technologies by patients and physicians. The continuous evolution of telehealth applications, as well as rapid technological innovations, contribute to promoting segment growth.
The service segment dominates the market with the largest market share through the forecast period.
Based on the components, the digital healthcare market is divided into hardware, software, and services. Among these, the service segment dominates the market with the largest market share through the forecast period. The service segment focuses on developing, optimizing, and managing digital systems to ensure seamless operation, data security, regulatory compliance, and improved patient outcomes using advanced analytics and telemedicine capabilities. As healthcare providers continue to embrace digital transformation, demand for these services is expected to fuel significant market development.
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North America is estimated to hold the largest share of the digital healthcare market over the forecast period.
North America is estimated to hold the largest share of the digital healthcare market over the forecast period. North America's dominance can be attributed to reasons such as adequate reimbursement standards in the United States, high per capita spending on advanced technology, leading healthcare IT firms, and rising demand for healthcare technologies in the region. Rising chronic disease rates, an aging population, and ongoing viral infection have accelerated the region's adoption of digital health solutions.
Asia Pacific is predicted to have the highest CAGR growth in the digital healthcare market over the forecast period. Asia Pacific is expected to expand due to technical and medical advancements, as well as changing regulatory laws in the region. Furthermore, initiatives launched by developing-country governments promote digital healthcare solutions in the region. According to the Ministry of Health and Family Welfare, the National Health Authority (NHA) announced in July 2022 the extension of the digital health ecosystem built under its flagship scheme, the Ayushman Bharat Digital Mission (ABDM), with the successful integration of 52 digital health applications in India.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the digital healthcare market include Koninklijke Philips N.V., Abbott, Siemens Healthineers AG, Medtronic, General Electric Company, Dexcom Inc., Johnson & Johnson, Fitbit, Inc., Masimo, AirStrip Technologies, Telefonica S.A., IBM corporation, CISCO System, Inc, Apple Inc., and others.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the digital healthcare market based on the below-mentioned segments:
Global Digital Healthcare Market, By Technology
- Healthcare Analytics
- mHealth
- Telehealthcare
- Others
Global Digital Healthcare Market, By Component
- Hardware
- Software
- Services
Global Digital Healthcare Market, By Application
- Obesity
- Cardiovascular
- Diabetes
- Respiratory Diseases
- Others
Global Digital Healthcare Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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