The global Digital Healthcare Market is estimated to be valued at US$ 5123.63 Mn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The digital healthcare market consists of technology-enabled healthcare tools that help in remote monitoring of vital body functions, chronic disease management and diagnosis & consultation through digital means. These include telehealth, eHealth, mHealth and digital healthcare systems that improve accessibility and outcomes while reducing costs.
Market key trends:
One of the key trends driving the Global Digital Healthcare Market Size is growing proliferation of AI and analytics. Artificial intelligence and machine learning is being extensively used to analyze huge amounts of patient data which helps in predictive diagnosis of diseases, drug discovery and precision medicine. AI assists physicians in clinical decision making by identifying disease patterns, predicting high-risk patients and streamlining work processes. This significantly improves healthcare outcomes.
Segment Analysis
The global digital healthcare market is segmented on the basis of component, delivery mode, application, end user and region. Based on component, the market is segmented into hardware, software and services. The software segment is dominating the market and is expected to witness high growth during the forecast period. This is attributed to increasing adoption of software like electronic health record and clinical solutions for better management and exchange of patient health records and medical data.
Key Takeaways
The global digital healthcare market is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing focus on patient-centric healthcare delivery and growing adoption of telehealth and telemedicine solutions enabled by connected devices and technologies.
The North America region is currently dominating the market owing to rapid technological advancements and implementation of favorable government initiatives for uptake of digital healthcare solutions in this region. However, Asia Pacific digital healthcare market is expected to exhibit highest growth rate during the forecast period owing to growing medical tourism, increasing investments by key players and rising disposable income in emerging countries like China and India.
Key players operating in the digital healthcare market are IBM Corporation, CGI Group Inc., Accenture PLC, Deloitte LLP, AT&T Inc., PWC LLP, GE Healthcare Limited, and Syntel Inc. These players are focusing on various organic and inorganic growth strategies like mergers & acquisitions and new product launches to strengthen their market position. For instance, in 2022, Accenture acquired engineering firm Edenhouse to expand its digital healthcare capabilities in the UK and Ireland.
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