Digital Healthcare Market Is Estimated To Witness High Growth Owing To Rising Preference For Remote Patient Monitoring
The digital healthcare market is estimated to be valued at US$ 5123.63 Mn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The digital healthcare market mainly involves digitalization of healthcare services and infrastructure for easy accessibility and exchange of vital information. This includes using digital and electronic platforms for consultations, remote patient monitoring, healthcare applications, and e-prescriptions. This has streamlined disease management and diagnosis while improving quality of care.
Market Dynamics:
The digital healthcare market is expected to grow exponentially owing to two major drivers - rising preference for remote patient monitoring and growing geriatric population globally. Remote patient monitoring allows continuous tracking of vital health parameters like blood pressure, heart rate, blood sugar using digital platforms and devices at home. This has become increasingly popular due to the flexibility and convenience offered. Furthermore, with rising life expectancy, the global geriatric population is growing rapidly. Older adults tend to have multiple comorbidities requiring long term care. Digital healthcare provides independent living and aging in place solutions to cater to this demographic. However, data privacy and security concerns might hinder the market prospects to some extent.
SWOT Analysis
Strength: The Global Digital Healthcare Market Size offers various advantages such as improved patient outcomes, reduced healthcare costs and improved patient experiences. Digital healthcare solutions help manage chronic diseases more efficiently. It also provides 24/7 access to healthcare services to people living in remote areas.
Weakness: Data privacy and security continue to be a major challenge in the digital healthcare market. Many people also have low digital health literacy and lack technical skills to use digital healthcare tools effectively.
Opportunity: The growing adoption of telehealth and remote patient monitoring services provide significant opportunities for market growth. Moreover, the increasing use of big data analytics and AI in the healthcare sector is expected to drive new opportunities.
Threats: Resistance to change from healthcare providers and patients poses a major threat to market growth. Moreover, the high price of digital healthcare solutions restrict their adoption in developing nations.
Key Takeaways:
The global digital healthcare market is expected to witness high growth, exhibiting CAGR of 13.% over the forecast period, due to increasing investments and initiatives by governments and private organizations in digital transformation of healthcare. North America currently dominates the market due to rapid technological advancements and availability of advanced digital healthcare infrastructure in the region.
Regional analysis: North America is expected to continue dominating the global digital healthcare market during the forecast period owing to advanced digital healthcare infrastructure and presence of key market players. Asia Pacific is projected to grow at the fastest pace due to improving healthcare systems, rising medical tourism, and growing geriatric population in countries such as China and India.
Key players: Key players operating in the digital healthcare market are IBM Corporation, CGI Group Inc., Accenture PLC, Deloitte LLP, AT&T Inc., PWC LLP, GE Healthcare Limited, and Syntel Inc. These players are focusing on new product launches, partnerships, and business expansion strategies to gain a competitive edge in the market.
For More Insights, Read- https://www.trendingwebwire.com/digital-healthcare-market-analysis-growth-forecast-outlook-2023-2030/
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