Digital Health Market Is Projected To Drives Growth Due To Increasing Adoption Of Wearable Medical Devices
Digital health refers to the use of digital and mobile health technologies to improve health outcomes, healthcare services and business models across various settings. Digital health technologies help monitor health and provide healthcare at anytime and anywhere. They also create efficiencies within healthcare delivery by improving diagnosis, treatment, disease management and physician insights. With an aging population and rise of chronic diseases, digital health technologies play a crucial role in improving access to quality and affordable healthcare.
The global Digital Health Market is estimated to be valued at US$ 170.2 billion in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Wearable medical devices allow constant monitoring of health parameters like heart rate, oxygen saturation and stress levels. They facilitate early detection of health anomalies and preventive healthcare. The COVID-19 pandemic further accelerated the demand for wearable medical devices as they help monitor health remotely without visiting hospitals. With continued technological advancements, wearable medical devices are becoming more accurate and affordable. This growing popularity of remote patient monitoring wearables is expected to drive significant growth in the digital health market over the forecast period.
Segment Analysis
The global digital health market can be segmented based on the types of solutions, namely mobile health, electronic health records/electronic medical records, telehealthcare, analytics in healthcare, digital health systems, and other healthcare IT systems. Among these, the telehealthcare segment dominated the market in 2023 owing to COVID-19 pandemic boosting telemedicine and remote patient monitoring services. Also, the segment is expected to remain dominant during the forecast period due to ease of access to healthcare services.
Key Takeaways
The Global Digital Health Market Size is expected to witness high growth. The global digital health market is estimated to be valued at US$ 170.2 Bn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030.
Regional analysis related content comprises the North America region currently dominating the global digital health market and is expected to continue dominating during the forecast period due to advancements in digital health technologies in the region. Asia Pacific region, on the other hand, is expected to witness the fastest growth rate during the forecast period due to growing focus of key players and governments in the region toward digitization of healthcare services.
Key players related content comprises Key players operating in the digital health market are Cerner Corporation, McKesson Corporation, Philips Healthcare, athenahealth, Epic Systems Corporation, Allscripts, Cisco Systems, Qualcomm, Siemens Healthineers, and GE Healthcare.
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