Digital Health Market Size Anticipated to Hit USD 939.54 Billion by 2032 | Precedence Research

OTTAWA, ON, Nov. 24, 2023 /PRNewswire/ -- The global digital health market size surpassed USD 262.63 billion in 2022 and is anticipated to hit around USD 939.54 billion by 2032.

The global digital health market is expected to expand at a remarkable CAGR of 13.1% over the forecast period 2023 to 2032. The U.S. digital health market size reached USD 56.86 billion in 2022 and is projected to reach around USD 211.6 billion by 2032, expanding at a CAGR of 13.6% from 2023 to 2032.

Market Segmentation, By Technology

• Telehealthcare
• mHealth
• Digital Health Systems
• Health Analytics

Global Digital Health Market, By Technology, 2022-2032 ($Million)

Immediate Delivery Available | Buy This Premium Research Report@ https://www.precedenceresearch.com/checkout/1145

Market Segmentation, By Component

• Software
• Hardware
• Services

Global Digital Health Market, By Component, 2022-2032 ($Million)

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Global Digital Health Market, by Region 2022-2032 ($Million)

Digital health refers to the use of technologies, information, and communication tools to improve various aspects of healthcare. It involves a wide range of applications and services that use digital solutions to effectively enhance healthcare delivery, improve patient outcomes, and reduce the management of health-related data. The component of digital health includes Electronic Health Records, Telehealth and Telemedicine, mHealth, Health Information Exchange, Health Analytics.

Digital health refers to the use of computing platforms, connectivity, software, and sensors for healthcare and related purposes. It includes various categories such as mobile health (mHealth), health information technology (IT), wearable devices, telehealth, telemedicine, and personalized medicine. These technologies have a wide range of applications, from general wellness to medical devices, and can be used to improve access, reduce inefficiencies, lower costs, increase quality, and provide more personalized healthcare for patients.

The Full Study is Readily Available | Download the Sample Pages of this Report@ https://www.precedenceresearch.com/sample/1917

Digital health tools have the potential to improve the ability to accurately diagnose and treat diseases, enhance the delivery of healthcare, and empower consumers to make better-informed decisions about their health. The application areas of digital health include personal health management and wellness, diagnostics and triage, virtual care and telehealth, remote monitoring, and data and analytics. Digital healthcare offers a range of possibilities and may improve the quality of patient care by incorporating tools such as machine learning, mobile applications, sensors, wearables, and telehealth.

The digital health market is segmented based on component, technology, and region. Factors such as increasing adoption of digital healthcare, rising need to curb healthcare costs, rising incidence of chronic diseases, increasing accessibility of virtual care, focus on patient-centric healthcare solutions, are driving the growth of the market. However, the data privacy and security concerns, lack of interoperability, stringent regulatory, lack of reimbursement, digital divide, and cybersecurity threats are limiting the growth of market. Furthermore, personalization of care, prevention and early detection of diseases, improved patient outcomes, reduced healthcare costs, development of New AI-powered diagnostic tools, development of remote patient monitoring platforms are expected to offer ample opportunities.

Personalized Your Customization Here: https://www.precedenceresearch.com/customization/1145

Key Insights:

• The services segment has captured the major market revenue accounting 65.2% market share in 2022.
• The telehealthcare segment has held the largest revenue share of 48%.
• North America accounted revenue share of around 28.4% in 2022.
• Europe has generated revenue share of around 31.3% in 2022.

Supply Chain Analysis of Digital Health Market:

Digitizing the supply chain allows health care providers to deliver the right product to the right patient at the right time at a lower cost. Building a digital supply chain will also put healthcare businesses in a better position to take advantage of technological advancements that will increase data flow and analytics, provider-patient connectivity, asset tracking, and regulatory compliance. Several difficulties confront healthcare companies, encouraging them to consider establishing digital supply networks (DSNs):

Optimizing costs: 

Changes in payment models brought on by healthcare reform, growing prices, and narrowing margins, and the healthcare industry's shift from volume to value are forcing providers to find new methods to manage resources and cut costs across the board.

Limiting variation: 

By digitizing typical operations, hospitals can lower the chance of poor results owing to mistakes and unpredictability while also freeing up personnel to work on higher-value tasks.

Increasing patient satisfaction: 

Having an effective digital supply chain not only saves hospitals money, but it can also contribute to higher patient satisfaction by redirecting staff time to patient care, reducing waiting times, and decreasing the number of rescheduled appointments.

Taking on new value-creation challenges: 

Health-care executives are paying more attention to areas like brand loyalty, operational agility, and resource engagement and management. To excel in these areas, it's necessary to examine current processes—including supply chain management—and make adjustments that will encourage clinical and business innovation.

A way to unlocking value for health care providers starting their DSN transformation from the ground up is to digitize the core. Digitizing the core is an enterprise-wide initiative in which data from major business areas such as finance, purchasing, supply chain, marketing, and others is linked and shared through a common technological platform, commonly an integrated enterprise resource planning (ERP) system. By collapsing the old, linear supply chain and building a connected, smarter, faster, and more responsive digital supply network, health care providers can address supply chain concerns.

Traditional supply chains are linear, with a discrete sequence of design, plan, source, manufacture, and delivery. Many supply chains, on the other hand, are evolving from a static sequence to a dynamic, linked system that can more easily accommodate ecosystem partners—such as health care providers and life sciences companies—and grow to a more optimal state over time. This change from linear, sequential supply chain activities to an interconnected, open system of supply operations could pave the way for future competitiveness.

To drive the physical process of production and distribution, digital supply chains integrate data from a variety of sources and locations. The result might be a virtual environment that reflects and informs the real world. DSNs offer integrated views of the supply chain network and rapid use-case-appropriate latency reactions to changing situations by leveraging both the old and the new, such as sensor-based data sets.

Plan, source, deliver, and support—the four component elements or nodes that act as the main operating levers within the industry's supply chain life cycle—are the primary emphasis of health provider digital chain suppliers functioning within an integrated ERP system.

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 650 460 3308

Regional Insights:

North America region is growing significantly during the forecast period owing to the increased prevalence of chronic illnesses in the United States and Canada. According to the Centers for Disease Control and Prevention, diabetes affects more than 38 million Americans. Additionally, the availability of advanced healthcare infrastructure, advancements in internet connectivity, and profitable financial alternatives is expected to drive the growth of the market. Moreover, the Europe region is also expected to grow faster during the forecast period with Germany and UK holding a major share in digital health.

Asia Pacific is expected to grow faster during the forecast period due to improvements in IT infrastructure and the emergence of startups, rising adoption of digital technologies in healthcare, rising awareness of digital health, and increasing accessibility of virtual care.

• The North America digital health market size surpassed USD 70.06 billion in 2022 and is expected to reach around USD 267.22 billion by 2032, growing at a CAGR of 13.8% from 2023 to 2032.
• The Asia Pacific digital health market was valued at USD 68.98 billion in 2022 and is anticipated to hit around USD 303.4 billion by 2032, expanding at a CAGR of 15.4% from 2023 to 2032.
• The Europe digital health market was accounted at USD 93.24 billion in 2022 and is predicted to hit around USD 294.21 billion by 2032, growing at a CAGR of 11.7% from 2023 to 2032.

Component Insights

The hardware segment is expected to grow faster during the forecast period. The hardware segment includes a wide range of devices aimed to transform healthcare by collecting, transferring, and storing health-related data. Wearable devices, such as fitness trackers and smartwatches, have grown in popularity, functioning additionally as watches but also as health monitoring tools with functions such as heart rate tracking and sleep pattern analysis. Connected glucometers and blood pressure monitors, for instance, enable users to manage chronic illnesses by giving real-time data for remote healthcare monitoring. Internet of Things (IoT) devices, such as smart medical devices and sensors, are critical in establishing a linked healthcare ecosystem and improving patient care and treatment outcomes.

Video conferencing equipment, for instance, helps in the spread of telehealth services by enabling effective interaction between healthcare professionals and patients. Furthermore, data storage technologies, such as health information management systems and cloud storage solutions, make secure storage and management of electronic health records possible. The integration of hardware and software solutions for comprehensive data analysis, a focus on interoperability between different devices and platforms, and the continuous evolution of advanced sensor technologies ensure the development of more accurate and effective health monitoring devices.

Technology Insights

The mHealth segment is growing rapidly during the forecast period. The growth of the market is driven by technological advancements in technologies. Fitness applications, which include features such as workout programs and nutritional assistance, are becoming increasingly popular fueling the augmented reality and social involvement. Additionally, medical applications are becoming more prevalent, allowing users to manage their medications and track chronic diseases. Wearables, such as smartwatches and fitness trackers, play an important role in providing real-time health monitoring by easily connecting with mHealth apps. Diabetes and hypertension are better managed using specific apps linked to health monitoring devices like glucose meters, blood pressure monitors, and pulse oximeters.

Immediate Delivery Available | Buy This Premium Research Report@ https://www.precedenceresearch.com/checkout/1145

Market Dynamics

Drivers: Healthcare Analytics

The healthcare sector creates a large amount of data from various sources, such as electronic health records (EHRs), medical imaging, wearable devices, and mobile health apps. Efficient data analysis is critical for improving overall healthcare system performance. Healthcare analytics is critical in providing clinicians with real-time data to make informed disease diagnosis decisions. Predictive analytics in healthcare analytics uses machine learning algorithms to identify persons at risk of acquiring specific conditions, allowing for early intervention for prevention and management. Furthermore, healthcare analytics techniques enable in the effective administration of public health. Shilling, a startup based in the United States, exhibits this by providing Health Analytics-as-a-Service via a digital health platform that uses AI for patient analytics and capacity planning.

The technology actively monitors provider capacity, allowing professionals to manage appointments and improve patient care through personalized dashboards that analyze patient health. Additionally, Swiss firm NXGEN Medical Services offers NXGEN Medico, a cloud-based data analysis platform that integrates AI, macroeconomics, and population data with medical data. This enables healthcare workers to forecast client demand, assisting in resource allocation and planning based on data-driven insights. In simple terms, healthcare analytics improves hospital operations such as appointment scheduling and staff administration, but it also enables proactive healthcare decision-making for improved patient outcomes.

Restraints: Data Privacy

The field of digital health presents major challenges to data security and privacy, ranging from potential breaches and illegal access to weak encryption and vulnerabilities to third parties. Instances including the Anthem data breach illustrate the susceptibility healthcare companies are to cyberattacks, which can result in identity theft and financial fraud. Weak authentication, a lack of encryption, and insufficient control of third-party vendors all offer the complex task of safeguarding sensitive health information. Regulatory compliance, employee training, and the risks connected with IoT devices all increase this issue.

Browse More Research Reports:

• eHealth Market - The global market size was valued at US$ 128.99 billion in 2022 and is expected to hit US$ 707.23 billion by 2032, poised to grow at a CAGR of 18.6% from 2023 to 2032.
• Individual Health Insurance Market - The global market size reached USD 124.8 billion in 2022 and is projected to hit around USD 233.16 billion by 2032, registering a CAGR of 6.50% during the forecast period from 2023 to 2032.
• Digital Brain Health Market - The global market size was valued at USD 199.97 billion in 2022 and is projected to hit around USD 412.53 billion by 2032, poised to grow at a CAGR of 7.51% between 2023 and 2032.
• Artificial Intelligence (AI) in Animal Health Market - The market size was estimated at USD 0.99 billion in 2022 and is projected to hit around USD 5.76 billion by 2032, growing at a CAGR of 19.30% from 2023 to 2032.
• Digital Patient Monitoring Devices Market - The global digital patient monitoring devices market was valued at US$ 80.61 billion in 2021 and is expected to reach over US$ 451.54 billion by 2030, growing at a remarkable CAGR of 21.1% from 2021 to 2030.
• AI in Medical Coding Market - The global market size was valued at USD 2.06 billion in 2022 and is expected to be worth around USD 7.15 billion by 2032, poised to grow at a CAGR of 13.3% during the forecast period from 2023 to 2032.

Opportunities

Advancement in Electronic Health Records in digital health

Electronic health records (EHRs) have seen an innovative development that focuses on patient data accuracy, accessibility, and usability. EHRs, which are at the core of healthcare, enable real-time access to a patient's entire medical history, improving diagnosis, treatment, and continuing health monitoring. The need for enhanced interoperability, quicker access, and data exchange among healthcare professionals across different systems is the main objective in EHR advancement. Startups are leading EHR advancements in the digital health market. The use of AI into EHR solutions offers specific diagnostics and targeted treatment solutions. Voice recognition technology, enabled by natural language processing (NLP), enables simplified data documentation, decreasing manual entry errors and saving healthcare worker's important time.

For instance, CloudPital, a Saudi Arabian firm, provides a global Healthcare Information System. The platform merges clinical operations and patient involvement, making appointment booking easier and automating medical billing processes for faster and error-free financial workflows. Furthermore, CloudPital enables in-depth analysis of patient experiences, ensuring recent data availability through digitizing shifted medical data.

Recent Developments

• In Nov 2023, Evinova, a health technology firm launched by AstraZeneca, aims to expand the global application of its digital health solutions to clinical research institutions, trial sponsors, care teams, and patients. Evinova will use proven digital technologies to streamline clinical trial design and delivery, ultimately saving time and money in pharmaceutical development. In addition, the company plans to focus on digital remote patient monitoring and medicines.
• In Nov 2023, The European Commission has launched a call for proposals under the Digital Europe Programme 2023-2024, investing €42 million to improve digital skills. The plan requires to reach 20 million ICT specialists by 2030, with funds supporting education initiatives and the development of cybersecurity capabilities
• In Oct 2022, Galen Growth and FINN Partners join forces to produce the inaugural "Global State of Digital Health Report." Drawing insights from 200 million data points and over 12,000 digital health ventures globally, the report focuses on emerging trends, growth areas, and innovations in the digital health sector. The collaboration aims to offer decision-makers practical insights beyond equity funding, providing a concise and comprehensive view of the dynamic digital health market.

Key Market Players

• BioTelemetry Inc
• eClinicalWorks
• Allscripts Healthcare Solutions Inc
• iHealth Lab Inc
• AT & T
• Honeywell International Inc
• Athenahealth Inc.
• Cisco Systems
• McKesson Corporation
• Koninklijke Philips N.V.
• AdvancedMD Inc.
• Cerner Corporation

Market Segmentation

By Component

• Software
• Hardware
• Services

By Technology

• Telehealthcare
• Telehealth
• Video Consultation
• LTC Monitoring
• Telecare
• Remote Medication Management
• Activity Monitoring
• mHealth
• Apps
• Fitness Apps
• Medical Apps
• Wearables
• Glucose Meter
• BP Monitor
• Pulse Oximeter
• Neurological Monitors
• Sleep Apnea Monitor
• Others
• Digital Health Systems
• E-prescribing Systems
• Electronic Health Records
• Health Analytics

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Immediate Delivery Available | Buy This Premium Research Report@ https://www.precedenceresearch.com/checkout/1145

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 650 460 3308

Unlocking Market Insights through Data Excellence 

The "Precedence Statistics" flexible dashboard is a powerful tool that offers real-time news updates, economic and market forecasts, and customizable reports. It can be configured to support a wide range of analysis styles and strategic planning needs. This tool empowers users to stay informed and make data-driven decisions in various scenarios, making it a valuable asset for businesses and professionals looking to stay ahead in today's dynamic and data-driven world. 

Access our Premium Real Time Data Intelligence Tool, Visit: www.precedencestatistics.com

About Us

Precedence Research is a worldwide market research and consulting organization. We give an unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

Web: https://www.precedenceresearch.com
Our Blogs:
https://www.towardshealthcare.com
https://www.towardspackaging.com
For Latest Update Follow Us:
Linkedin | Facebook | Twitter

Logo: https://mma.prnewswire.com/media/2264617/Precedence_Research_Logo.jpg