Digital Health Market to Hit USD 1152.36 Bn by 2031, Fueled by Rising Demand for Remote Monitoring and Management Solutions.

AUSTIN, TEXAS, UNITED STATES, June 4, 2024 /EINPresswire.com/ -- Market Scope and Overview

The SNS Insider report indicates that the Digital Health Market was valued at USD 234.5 Bn in 2023. It is estimated to reach USD 1152.36 Bn by 2031 and grow at a staggering CAGR of 22.02% over the forecast period 2024-2031.

The digital health market is flourishing due to a confluence of factors. The rising prevalence of chronic conditions like diabetes, heart disease, and cancer necessitates robust remote monitoring and management solutions. Digital health tools empower patients to track their health vitals, diligently adhere to treatment plans, and seamlessly communicate with healthcare providers. Telemedicine and telehealth services are witnessing rapid adoption in the healthcare landscape, with strong backing from both government and corporate entities.

Digital health encompasses the integration of information technology and electronic communication with various healthcare activities, particularly chronic disease management in remote areas. The vast array of digital health services includes telehealth, medical wearables, digital healthcare systems like Electronic Medical Records (EMR) and Electronic Health Records (EHR), healthcare analytics, and much more. These solutions aim to enhance patient care, streamline illness management, and elevate the overall healthcare experience for users. Healthcare practitioners also leverage digital health tools to access patient information, create detailed diagnostic histories, eliminate redundant testing, and make more informed decisions.

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Some of the Major Key Players Studied in this Report are:

➤ Allscripts Healthcare Solution
➤ Cerner Corporation
➤ Cisco Systems
➤ eCLINICALWORKS
➤ General Electric Company
➤ Koninklijke Philips N.V
➤ Honeywell International
➤ Mckesson Corporation
➤ Siemens Healthcare AG
➤ Qualcomm Technologies
➤ Other Players

Segmentation Analysis

The patients and consumers segment of the digital health industry is projected to experience the most significant growth during the forecast period. This market is segmented into healthcare providers, payers, and patients & consumers. Within these segments, the patients and consumers segment are anticipated to be the fastest growing. This growth can be attributed to the rising awareness of self-health management, coupled with the widespread availability of smartphones and mHealth devices.

Market Segmentation and Sub-Segmentation Included Are:

By Technology

✦ mHealth

✦ mHealth Devices
✧ Vital Signs Monitors
✧ Peakflow Meters
✧ Fetal Monitors
✧ Sleep Apnea Monitors
✧ Neurological Monitors
✧ Others

✦ mHealth Apps
✧ Fitness Apps
✧ Medical Apps

✦ Telecare
✧ Activity Monitoring
✧ Remote Medication Management

✦ Telehealth
✧ LTC Monitoring
✧ Video Consultation

✦ Digital Therapeutics
✦ Preventive Therapeutics
✦ Treatment Therapeutics
✦ Healthcare Management Systems
✦ EHR
✦ Healthcare Analytics
✦ E-prescribing

By Application

✦ Chronic Disease Management
✦ Behavioral Health
✦ Health & Fitness
✦ Others

By Offering

✦ Software
✧ Subscription Based
✧ Annual Licensing

✦ Services
✧ Subscription Based
✧ Pay-Per-Service (Value-based)

✦ Application (Apps)
✧ Subscription based
✧ One-time Purchase
✧ Value-Based

✦ Hardware

By End User

✦ Provider
✦ Hospitals & Clinics
✦ Long term care facilities & Assisted Living
✦ Public
✦ Payers
✦ Private
✦ Patients & Consumers

Impact of Global Events

The ongoing crisis between Russia and Ukraine has reverberated across global markets, creating a ripple effect that has not spared the digital health sector. The intricate web of geopolitical tensions, economic uncertainties, and disruptions in supply chains has subtly influenced the landscape of digital health in various ways.

The crisis has catalyzed a surge in cybersecurity threats, posing a particular menace to the digital health industry due to the highly sensitive nature of health data. As cyber-attacks increase amidst the crisis, healthcare entities and digital health firms find themselves compelled to redirect resources and intensify investments in cybersecurity measures to safeguard patient information. While this heightened emphasis on cybersecurity has the potential to foster innovation and progress in secure digital health technologies, it also diverts resources away from other realms of digital health advancement.

The economic sanctions levied against Russia, coupled with the ensuing financial instability, have cast a shadow over global markets, impacting technology investments in the process. For the digital health sector, this translates to a potential reduction in available capital for startups and innovative projects, particularly in regions closely intertwined with the economies affected by the crisis. Paradoxically, the upheaval has underscored the pivotal role of digital health solutions such as telemedicine, remote monitoring, and digital therapeutics, especially in conflict zones or areas grappling with disrupted healthcare services.

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Key Regional Developments

The North American region is currently dominating the market, thanks to several key factors. These include the presence of well-defined reimbursement policies in the U.S., high per capita expenditure on advanced technologies, and a growing demand for healthcare technologies in the region.

The Asia Pacific Region is Projected to experience the fastest compound annual growth rate (CAGR) during the forecast period. This growth is driven by technological advancements, medical transformations, and evolving regulatory policies in the region. Additionally, government initiatives in developing countries across Asia Pacific are actively promoting the adoption of digital solutions in healthcare.

Recent Developments in the Digital Health Market:

In February 2024: Philips (Netherlands) announced a strategic collaboration with Teladoc Health (US) to integrate telehealth services into Philips' home monitoring solutions.

In May 2024: CVS Health (US) launched a new digital health platform designed to connect patients with chronic conditions to a network of healthcare professionals for personalized care plans and remote monitoring. This initiative highlights the growing emphasis on preventative care within the digital health landscape.

Key Takeaways

➤ The rising demand for convenient and accessible healthcare solutions is driving the adoption of digital health tools. Patients are increasingly seeking remote monitoring and management options, empowering them to take a more active role in their health journey.

➤ Continuous advancements in artificial intelligence, machine learning, and big data analytics are revolutionizing the digital health landscape. These technologies hold immense potential to personalize healthcare experiences, improve disease diagnosis and treatment, and optimize healthcare resource allocation.

➤ As the digital health market expands, so do cybersecurity threats. The sensitive nature of patient data necessitates robust cybersecurity measures to ensure data privacy and security. Addressing these concerns will be crucial for maintaining patient trust and fostering long-term market growth.

Table of Contents- Major Key Points

1. Introduction

2. Research Methodology

3. Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities
3.4. Challenges

4. Impact Analysis
4.1. Impact of Ukraine- Russia war
4.2. Impact of Ongoing Recession on Major Economies

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7. PEST Analysis

8. Digital Health Market, By Technology
8.1. Introduction
8.2. Trend Analysis
8.3. mHealth
8.4. mHealth Devices
8.5. mHealth Apps
8.6. Telecare
8.7. Telehealth
8.8. Digital Therapeutics
8.9. Preventive Therapeutics
8.10. Treatment Therapeutics
8.11. Healthcare Management Systems
8.12. EHR
8.13. Healthcare Analytics
8.14. E-prescribing

9. Digital Health Market, By Application
9.1. Introduction
9.2. Trend Analysis
9.3. Chronic Disease Management
9.4. Behavioral Health
9.5. Health & Fitness
9.6. Others

10. Digital Health Market, By Offering
10.1. Introduction
10.2. Trend Analysis
10.3. Software
10.4. Services
10.5. Application (Apps)
10.6. Hardware

11. Digital Health Market, By End User
11.1. Introduction
11.2. Trend Analysis
11.3. Provider
11.4. Hospitals & Clinics
11.5. Long term care facilities & Assisted Living
11.6. Public
11.7. Payers
11.8. Private
11.9. Patients & Consumers

12. Regional Analysis
12.1. Introduction
12.2. North America
12.3. Europe
12.4. Asia-Pacific
12.5. The Middle East & Africa
12.6. Latin America

13. Company Profile

14. Competitive Landscape
14.1. Competitive Benchmarking
14.2. Market Share Analysis
14.3. Recent Developments

15. USE Cases and Best Practices

16. Conclusion

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