Digital Health is Estimated to Witness High Growth Owing to...

Digital Health is Estimated to Witness High Growth Owing to Increasing Adoption of Telehealth and Telemedicine

Posted 2024-01-05 05:50:47

Digital health refers to the use of digital technologies like mobile apps, smart sensors and connected devices to provide healthcare services remotely. Digital health products like telehealth platforms enable remote monitoring of vital signs, online consultation with physicians and automated disease diagnosis. Such digital tools are proving beneficial in managing chronic illnesses, minimizing hospital visits and improving health outcomes.

The global Digital Health Market is estimated to be valued at US$ 170.2 billion in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The increasing adoption of telehealth and telemedicine is driving the growth of the global digital health market. Telehealth services allow remote delivery of healthcare services and consultations through digital means. During the COVID-19 pandemic, telehealth emerged as a safe way for non-emergency medical care when in-person visits were not preferred. This boosted the utilization of virtual consultations. According to a survey, over 40% of healthcare organizations indicated they will continue using telehealth beyond the pandemic. Further, supportive regulations about virtual care reimbursement and expansion of broadband infrastructure in rural areas will also augment the digital health market growth over the forecast period. However, data privacy concerns and lack of physical examination in telehealth may restraint the market to a certain extent.

SWOT Analysis

Strength: The digital health market offers various advantages like remote patient monitoring, improved access to healthcare and reduced costs. Technologies such as mobile health apps and telehealth services allows continuous monitoring of patients vital stats remotely which improves the quality of care. Moreover, digital solutions help providers reach more people in rural areas and provide access to healthcare anytime. Use of digital health solutions also reduces operational costs for providers through automation and centralized data management.

Weakness: High costs of developing and maintaining digital health solutions pose a major challenge for wider adoption. Data privacy and security risks are also a concern for users in sharing their personal health information online. Lack of competence in handling digital technologies among elderly population acts as a barrier. Interoperability issues between different health IT systems leads to integration problems.

Opportunity: Growing penetration of internet and smartphones offer an opportunity to expand telehealth and mHealth services to more users. Rising preference for personalized healthcare and focus on preventive health management will drive demand. Further, ongoing COVID-19 pandemic has accelerated digital transformation in the industry and increased focus on remote patient monitoring solutions. Government initiatives for nationwide EHR adoption also support market growth.

Threats: Stringent regulations for development and deployment of medical software and devices continue to threaten new entrants. Healthcare affordability issues in developing nations are a restraint for premium digital solutions. Cybersecurity threats from hacking of medical data emerge as a key challenge as well. Delay in standards finalization causes delays in integrated healthcare IT planning.

Key Takeaways

The Global Digital Health Market Size is expected to witness high growth. The market size is estimated to reach US$ 340.4 Bn by 2030 from US$ 170.2 Bn in 2024, expanding at a compound annual growth rate (CAGR) of 17.4% during the forecast period. Rapid rise in chronic diseases, growing need for cost-effective healthcare delivery, and increasing insurance penetration are expected to drive adoption of digital healthcare solutions like telemedicine, mHealth apps, and AI-based clinical decision support tools.

Regional analysis related content comprises:
North America accounted for the largest share of the global digital health market in 2024. This is attributed to advanced healthcare infrastructure, high healthcare spending, and early adoption of cutting-edge technologies in the region. Asia Pacific is expected to witness the fastest growth during the forecast period. This is owing to rapidly developing economies in countries like India and China, rising medical tourism, increasing penetration of smartphones, supportive government programs and initiatives for digital transformation of the healthcare sector.

Key players related content comprises:

Key players operating in the Digital Health Market include McKesson Corporation, Allscripts Healthcare Solutions, Inc., Veeva Systems, athenahealth Inc., Cerner Corporation, NextGen Healthcare, Epic Systems Corporation, Meditech, eClinicalWorks,