Global Digital Health Market Analysis Report 2023: AI's Role in Revolutionizing Digital Health - Forecasts to 2028
DUBLIN, Sept. 8, 2023 /PRNewswire/ -- The "Global Digital Health Market: Analysis by Technology (Tele-healthcare, mHealth, Healthcare Analytics and Digital Health Systems), By Component (Hardware, Software and Service), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global digital health market, valued at US$235.70 billion in 2022, is on a trajectory of extraordinary growth, projected to reach an astounding US$612.40 billion by 2028. This remarkable expansion is propelled by a robust Compound Annual Growth Rate (CAGR) of 17.25% during the forecast period of 2023-2028.
Key Factors Driving Digital Health Demand:
The surge in digital health is attributed to several factors, including the widespread adoption of smartphones, reduced medical treatment costs, rapid urbanization, government initiatives, and the growing demand for remote monitoring services. The adoption of remote monitoring has revolutionized healthcare delivery, allowing physicians and general practitioners to extend their services to remote and underserved areas, ushering in a digital transformation of the healthcare landscape.
Emerging Trends Reshaping Healthcare:
Additional transformative trends include the integration of artificial intelligence and machine learning in healthcare, the expansion of the Internet of Medical Things (IoMT), remote patient monitoring, and the utilization of Augmented Reality/Virtual Reality (AR/VR) in healthcare. These innovations are set to revolutionize the conventional healthcare system, enhancing healthcare services and driving the demand for digital healthcare solutions.
Tele-Healthcare Takes Center Stage:
In 2022, the tele-healthcare segment captured the majority market share and remains the fastest-growing segment. Tele-healthcare enables long-distance patient and clinician interactions, offering care, advice, reminders, monitoring, and remote admissions via audio or video calls, leading to significant cost and time savings for patients.
The demand for tele-healthcare has surged due to factors like advancing internet technology, a tech-savvy population, the high cost of traditional care, and the increasing need for patient retention. In the US, 80% of respondents accessed healthcare via tele-healthcare in 2022, up from 72% in 2021.
Services Segment Facilitates Adoption:
The services segment dominated the market in 2022 and continues to experience rapid growth. Integrating digital health solutions into large healthcare institutions can be complex. Service providers specializing in digital health offer expertise in navigating these complexities, ensuring seamless adoption and minimal disruption to existing operations.
Factors such as training, education, continuous support, expansion of tele-healthcare and remote patient monitoring, ongoing technological advancements, and innovation contribute to the services segment's growth in the digital health market.
Regional Highlights:
North America Leads: North America commanded the largest market share in 2022, driven by the expansion of the Internet of Things (IoT), a high prevalence of chronic diseases, an aging population, and the widespread adoption of remote digital services and health & fitness apps. The US, with its focus on cutting-edge technology, is a global leader in digital health.
Asia Pacific's Rapid Growth: The Asia Pacific digital health market is poised for the fastest growth due to consumer expectations, digital tools, and innovative technology. Factors such as chronic diseases, an aging population, remote healthcare consultations, and digitalization investments have spurred the adoption of smartphones, connected wearables, telehealth, and electronic medical records.
China's Dominance: China leads the Asia Pacific region due to increased smartphone and internet penetration, growing awareness of remote healthcare services, a burgeoning elderly population, and the integration of artificial intelligence in healthcare. The Chinese government's commitment to AI research has fostered a robust startup and innovation ecosystem.
Global Digital Health Market Dynamics:
Rising demand for remote monitoring services has the potential to boost the growth of the digital health market. As, remote monitoring enables healthcare providers to monitor patients' health conditions and vital signs remotely, eliminating in-person visits. This technology uses sensors, wearables, and apps to collect data and send notifications.
Demand for remote monitoring services is growing due to chronic diseases, aging population, and efficient resource management. It reduces strain on facilities, lowers costs, and plays a crucial role during emergencies. Digital health companies are investing in advanced monitoring technologies and data analytics to transform healthcare delivery worldwide. Further, the market is expected to increase due to rising penetration of smartphones, rapid urbanization, reduced cost of medical treatment, government support and regulatory initiatives, and healthcare data explosion etc.
Security Concerns can present several challenges for the digital health market. Unauthorized access and hacking are primary concerns, as attackers may attempt to gain access to devices, intercept patient's sensitive data, or execute malicious activities. Other challenges that digital health market faces is knowledge gap and interoperability issues.
A major trend gaining pace in digital health market is Artificial Intelligence (AI) and machine learning as it assists in drug discovery, disease prevention, clinical research, clinical decision support, medical imaging, and diagnostics, and much more in no time.
Also, AI enables faster and more effective utilization of data collected from genetic testing, health records, medical facilities, clinical trials, and research. AI in personalized healthcare further aids in faster and more targeted drug discovery. This reduces patient-specific complications and facilitates treatment development for rare diseases.
More trends in the market are believed to augment the growth of digital health market during the forecasted period include, use of AR/VR in healthcare, emergence of 5G technology, cloud-based healthcare, internet of medical things (IoMT), rising popularity of telemedicine and telehealth, out of hospital care, blockchain technology, etc.
Impact Analysis of COVID-19 and Way Forward:
The COVID-19 pandemic has had positive impact on the global digital health market. The pandemic has driven digital transformation and telehealth and remote monitoring saw a rapid surge in adoption, enabling healthcare providers to conduct virtual consultations.
Post-COVID, the impact on digital health continues to drive sustained growth as healthcare systems embrace telehealth, remote monitoring, and digital tools to enhance patient care, improve efficiency, and increase accessibility to healthcare services.
Competitive Landscape and Recent Developments
Global Digital Health market is fragmented. The key players are constantly investing in strategic initiatives, such as adoption of new technologies, introducing their services to emerging markets and more, to maintain a competitive edge in this market.
For instance, in May 2023, Ontario hospitals launched health information exchange with Oracle to reduce administrative overhead and improve care coordination for patients transitioning from acute to long-term care.
Market Dynamics
Growth Drivers
- Rising Penetration of Smartphones
- Rapid Urbanization
- Reduced Cost of Medical Treatment
- Government Support and Regulatory Initiatives
- Increase in Demand for Remote Monitoring Services
- Healthcare Data Explosion
Challenges
- Data Security and Privacy Concern
- Knowledge Gap
- Interoperability Issues
Market Trends
- AI and ML in Healthcare
- Emergence of 5G Technology
- Cloud Based Healthcare
- Use of AR/VR in Healthcare
- Internet of Medical Things (IoMT)
- Out of Hospital Care
- Telemedicine and Telehealth
- Blockchain Technology
Key players of global Digital Health market are:
- Cisco Systems, Inc.
- Oracle Corporation (Cerner)
- Qualcomm Technologies
- AT&T Inc.
- Veradigm Inc. (Allscripts Healthcare Solutions)
- Nextgen Healthcare, Inc
- International Business Machines Corporation
- Samsung SDS
- Siemens Healthineers
- Epic Systems Corporation
- AdvancedMD
- Athenahealth
- eClinicalWorks
For more information about this report visit https://www.researchandmarkets.com/r/l0bqe2
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