Digital Health Market to Exceed the Value of US$ 1.2 Trn by 2028, TMR Study

WILMINGTON, DE / ACCESSWIRE / September 27, 2022 / Transparency Market Research Inc. - Growing incidence of various chronic diseases, including cardiovascular diseases and diabetes, is generating growth opportunities in the global digital health market. This trend is further bolstered by the increasing number of geriatric individuals across the world, changing lifestyles, increasing consumption of unhealthy food products, and increase in the incidence of obesity. According to a recent research report, the global digital health market is anticipated to rise at a CAGR of 18.3% over the forecast period of 2021 to 2028.

Transparency Market Research inc., Tuesday, September 27, 2022, Press release picture
Transparency Market Research inc., Tuesday, September 27, 2022, Press release picture

Growing adoption of next-gen digital health products by healthcare providers, such as insurance companies, and hospitals and clinics, is also influencing the development of the market. However, the high cost of installing digital health systems, such as EMR or EHR, may restrain the growth of the global digital health market in coming years. On the other hand, rising instances of collaborations amongst the players are anticipated to bode well for the development of the global digital health market in coming years.

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Increasing innovations in electronic health records or EHR, is anticipated to create new avenues in the global digital health market. Several governments across the world are focusing on engaging IT players to achieve innovations in EHR technologies. Players in the global digital health market are also enhancing their capabilities to design and develop mobile apps, for accessing EHR information for increasing the convenience of insurance policy holders.

Digital Health Market - Key Findings of the Report

  • Increasing demand for App on Prescription Model: Growing number of patients are preferring to avail medical services while staying at home. This trend particularly gained prominence over the period of COVID-19 pandemic. This has also led to an increase in the number of individuals consulting with healthcare professionals using eHealth apps. The rising trend of mobile apps for prescription medication is anticipated to bode well for the expansion of global digital health market in post-pandemic era as well.

  • Increasing Collaborations Between Researchers and IT Players: Several players in the global digital health market are focused on collaborating with IT companies to leverage new technologies, such as AI or artificial intelligence to develop novel products that can help medical practitioners in predicting disease patterns in patients. Market players are also collaborating with IT companies to utilize deep learning technologies to predict the risks associated with Parkinson's disease and dementia in patients.

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Digital Health Market - Growth Drivers

  • Rising adoption of digital health solutions by healthcare providers and growing prevalence of diseases drive growth of the global digital health market

  • Increasing innovations in electronic health records technologies favor the expansion of the market

  • Rising uptake of novel eHealth solutions, including laboratory management systems, clinical decision support systems, and telehealth solutions supplements the growth of the global digital health market

Digital Health Market - Key Players

Some of the leading companies operating in the global digital health market are Siemens Healthineers, Cerner Corporation, McKesson Corporation, Epic Systems Corporation, Alphabet, Inc., Agfa-Gevaert N.V., GE Healthcare, Allscripts Healthcare Solutions, Inc., Philips Healthcare, Truven Health Analytics, and Qualcomm, Inc. Players are focusing on increasing their research and development efforts to launch effective next-gen digital health products.

Competition in the global digital health market is intense, owing to a small number of leading players accounting for the key market share. Players are adopting various strategies to enhance their presence in the market, such as collaborations, acquisitions, launching new innovative products, and gaining regulatory approvals. The emergence of wearable medical devices is also leading to an increased competition amongst well-trenched players and new entrants within the global digital health market.

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Digital Health Market: Segmentation

Digital Health Market, by Product Type

  • Healthcare Information Systems

    • Clinical Solutions

      • EHR/EMR

      • Clinical Decision Support System (CDSS)

      • Computerized Physician Order Entry (CPOE)

      • mHealth

        • Connected Medical Devices

        • mHealth Applications

          • Fitness Apps

          • Medical Reference

          • Wellness

          • Medical Condition Management

          • Nutrition

          • Remote Consultation

          • Reminders and Alerts

          • Diagnostics

          • Others

        • mHealth Services

      • Telehealth

      • Population Health Management

      • Others

    • Non-clinical Solutions

  • Wearable Devices

    • Diagnostic & Monitoring Devices

    • Digital Therapeutic Devices

      • Pain Management Devices

      • Rehabilitation Devices

      • Respiratory Therapy Devices

      • Insulin Pumps

Digital Health Market, by Component

  • Hardware

  • Software

  • Services

Digital Health Market, by End Users

  • B2C

    • Patients

    • Caregivers

  • B2B

    • Providers

    • Payers

    • Employers

    • Pharmaceutical Companies

    • Others

Digital Health Market, by Region

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East & Africa

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