by Digital health refers to the use of digital and electronic healthcare technology to monitor patients’ health. It includes electronic health records, connected medical devices, telehealth, telemedicine and more. Digital health improves clinical outcomes, drives efficiencies and reduces costs.
The global Digital Health Market is estimated to be valued at US$ 170.2 Bn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Telemedicine refers to delivery of clinical services through telecommunication technologies such as video conferencing. The increasing prevalence of chronic diseases and lack of healthcare professionals in remote areas is driving the adoption of telemedicine. It provides real-time access to medical advice and expertise by connecting patients to doctors and health care providers virtually. Major players are focusing on providing advanced telemedicine platforms and connected medical devices to improve virtual healthcare delivery. For instance, in 2020, J launched new virtual care service to expand its telehealth and remote patient monitoring capabilities. The rise of telemedicine is expected to drive significant growth in the digital health market.
SWOT Analysis
Strength: Digital health provides enhanced patient care through remote monitoring. It allows improved access to healthcare services.
Weakness: Concerns around data privacy and security. High costs associated with digital health infrastructure and solutions.
Opportunity: Growing demand for virtual care and telehealth especially post-pandemic. Expanding application of digital health across various therapeutic areas.
Threats: Resistance from traditional healthcare providers and patients regarding digital technologies. Stringent regulations around data privacy and cybersecurity.
Key Takeaways
The Global Digital Health Market Size is expected to witness high growth.
Regional analysis: The North America region currently dominates the global digital health market and is expected to continue its dominance during the forecast period. This can be attributed to growing adoption of digital healthcare solutions along with supportive regulatory environment and availability of advanced healthcare infrastructure in the region.
Key players related content comprises Key players operating in the digital health market are Johnson & Johnson Services, Inc., athenahealth, Inc., McKesson Corporation, Cerner Corporation, Koninklijke Philips N.V., Dell Technologies, Inc., and Optum, Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
