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Digital Health Market - By Technology [Telehealthcare {Telecare, mHealth (Wearables, Apps (Medical, Fitness))}, Health Analytics], By Component (Hardware, Software, Services), By Region, Competitive Landscape, Pricing Analysis - Global Forecast to 2032.

  • Report ID: GMI833
  • Published Date: Mar 2023
  • Report Format: PDF

Digital Health Market Size

Digital Health Market size was worth more than USD 233.5 billion in 2022 and is anticipated to depict a 15% CAGR between 2023 and 2032 driven by the growing adoption of smartphones, tablets, and other mobile platforms.
 

Digital Health Market

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Rising smartphone usage among physicians across the U.S. and APAC region has resulted in the high acceptance of digital health. Smartphones and other smart devices are used by one-third of all adults in the United States, with physicians using them twice as often as the general public. This is the major factor contributing to the massive increase in the number of mobile applications for healthcare requirements, thereby promoting the market progress.
 

High initial investment and maintenance costs to limit product adoption

Rising incidences of IT breaches and data security, along with limited budgets, have increased the financial strain on hospitals and physicians, driving the uptake of digital health solutions. However, the initial capital expenses of consulting and planning for the installation of technologically complex systems are high, which is slowing down the digital health market growth.
 

However, ongoing R&D initiatives have prompted the development of innovative digital technologies with advanced features at affordable costs. Moreover, as the healthcare ecosystem evolves, digital technology is helping maintain affordability across the sector, which benefits consumers as these digital portals make healthcare more accessible and inexpensive.
 

Digital Health Market Analysis

Digital Health Market Share By Technology

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By technology, the digital health market by the telehealthcare segment is anticipated to reach USD 244 billion by 2032, owing to the growing patient inclination towards technology-driven approaches which offer health management tools and provides easy access to services across remote locations. In September 2022, RxDefine, a leading engagement platform committed to educating and empowering healthcare consumers, launched RxTelehealth, a telehealth solution for life sciences brands as a part of its mission to ethically empower patients to navigate their health decisions. Such improvements in telehealthcare services focused on advancing their consumer-centric approach to reduce friction, increase engagement, and deliver a superior experience are expected to boost segment size.
 

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global market size for digital health surpassed USD 233.5 billion in 2022 and is set to grow at 15% CAGR through 2032 attributed to the rising adoption of smartphones, tablets, and other mobile platforms.

Software segment is projected to be worth USD 327 billion by 2032. Digital health software is regarded as a cost-effective and technically efficient method to accelerate the pace of digital innovation, assisting providers in increasing revenue, boosting efficiency, enhancing care quality, and improving patient and staff experiences.

North America digital health market accounted for over 44.5% of overall industry revenue in 2022 and is foreseen to witness substantial growth resulting from the rising prevalence of chronic illness prevalence and escalating healthcare spending.

Allscripts Healthcare Solutions Inc, AdvancedMD Inc., AT & T, Oracle (Cerner Corporation), Athenahealth, Inc., Cisco Systems, eClinicalWorks, McKesson Corporation, iHealth Lab, Inc., and Koninklijke Philips N.V. are among the major companies operating in the digital health industry.

Digital Health Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 10
  • Tables & Figures: 488
  • Countries covered: 17
  • Pages: 275
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