PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1386014
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1386014
Scope of the Report | |
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Years Considered for the Study | 2021-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | Value (USD) Billion |
Segments | Offering, Technology, Application, End User,And Region |
Regions covered | North America,Europe, Asia Pacific,Latin America and MEA |
The Digital Health Market is projected to reach USD 549.7 billion by 2028 from USD 180.2 billion in 2023, at a CAGR of 25.0% during the forecast period. Digital health adoption is influenced by a wide range of factors. One of the major factors driving the market growth includes technological advancements. Advances in healthcare technology, such as wearable devices, telehealth platforms, electronic health records (EHRs), and mobile apps, make it easier for individuals to monitor their health and interact with healthcare providers. Moreover, improvements in healthcare infrastructure in emerging countries has led to an increase in adoption of digital health technologies thereby facilitating the market growth. On the other hand, data integration and interoperability issue is key factor restraining the market growt at certain extent over the forecast period.
"Software segment is estimated to hold the major share in 2022 in the global digital health market"
On the basis of offering, the digital health market is bifurcated into software, hardware, application and services. The software segment expected to account for the largest market share of the global digital health market in 2022. The development of user-friendly and intuitive interfaces makes it easier for both healthcare providers and patients to navigate and use digital health software. Growing availability of highly efficient software has fostered the segmental growth.
"Telehealthcare technology segment accounted for the largest share of the global digital health market"
On the basis of technology, the digital health market is segmented into mhealth, telehealth, digital therapeutics, healthcare management systems technologies. The telehealthcare segment accounted for the largest share of the global market in 2022. Patients with chronic conditions can receive ongoing care, monitoring, and education through telehealth, improving their management and reducing hospital readmissions. Moreover, improving reimbursement scenario for telehealth technology has increased its demand thereby, positively impacting the segment growth.
"Providers segment expectd to hold the largest share of the market in 2022"
On the basis of end user, the digital health market is divided into providers, payers and consumers and patients segment. In 2022, the providers segment accounted for the largest share of the digital health market. Digital health technologies assist hospitals in managing their resources more effectively, such as managing hospital beds, equipment, and staff schedules. Moreover, hospitals use digital health technologies to provide more patient-centered care, catering to the preferences and needs of individual patients. Aforementioned factors have positively impacted the segment growth.
"North America to dominate the digital health market in 2022"
The global digital health market is segmented into four major regions, namely, North America, Europe, Asia Pacific, Latin America and MEA. In 2022, North America accounted for the largest and the fastest-growing regional market for digital health. Well-developed healthcare infrastructure along with high awareness for digital health technologies such a digital therapeutics and telehealth has facilitated the regional growth.
Prominent players in this market are Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE HealthCare (US), Abbott (US), OMRON Corporation (Japan), Fitbit, Inc. (A Google Company) (US), Johnson & Johnson Private Limited (US), Siemens Healthineers AG (Germany), Masimo (US), Apple, Inc. (US), Merative (US), AT &T, Inc. (US), Veradigm LLC (US), Noom, Inc. (US), Teladoc Health, Inc. (US), Omada Health Inc. (US), Dexcom, Inc. (US), Biotricity (US), iHealth Labs Inc (US), my mhealth Limited (UK), athenahealth (US), eClinicalWorks (US), AirStrip Technologies, Inc (US), AdvancedMD, Inc. (US) and Qardio, Inc. (US). Players adopted organic as well as inorganic growth strategies such as product upgrades, collaborations, agreements, partnerships, and acquisitions to increase their offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.
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