Digital Health Market: Introduction
Digital health can be defined as the combination of electronic communication and information with several healthcare processes. Digital healthcare services contain medical wearables, telehealth, healthcare analytics, digital healthcare systems like EMR and EHR medical apps and many others.
Digital health Services aims to improve patient care, disease management and users’ overall healthcare experience. Digital health also assists healthcare providers to access health records, reduce the need for duplicate tests, make effective decisions and prepare diagnosis history. It helps in identifying new illnesses or the worsening of existing diseases while lowering the total cost of healthcare. Due to these benefits, Digital health finds both clinical and non-clinical applications across medical history.
The Global Digital Health Market Forecast:
The Global Digital Health market size was at USD 95.5 Billion in 2020, and it is predicted that it will reach a valuation of USD 393.80 Billion by the end of 2030 with an annual development rate (CAGR) of 15.1% between 2022 and 2030.
Global Digital Health Market: Key Trends
The rise in the use of smartphones and other mobile applications will stimulate the digital health market expansion:
Due to a rise in the use of smartphones by physicians in the United States, there has been a growth in the practice of digital health. The usage of various mobile platforms such as smartphones, tablets, and other are one-third of all U.S. adults and physician has been adopting them twice as compared to the general population.
For instance, presently, it is estimated that more than 5 billion people own mobile devices, and half of them are smartphones. This has been leading to the enormous growth of mobile applications for healthcare needs, thereby fueling the industry development. Additionally, various factors impact the industry revenue positively, such as favourable government initiatives, improving IT infrastructure, rising venture capitalists investment, and growing demand for remote monitoring services.
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Security concerns regarding patient data may hinder the market growth:
The value of the industry may get hampered due to security concerns regarding patient data. Stringent data security is required for the implementation of digital health solutions such as electronic health records, medical apps and e-prescriptions. Breaching in data security can result in the significant loss of confidential and critical information such as medical records, insurance IDs, addresses, medical details and social security numbers; hence, it is adversely affecting the result and reputation of the operations.
Common security threats are individual attempts to gain unauthorised access to the information technology systems, which are directed at the physician, customers, hospitals and its third-party service providers.
Key Market Segmentation of the Global Digital Health Market:
This Research Report Categorised The Global Digital Health Market Based on Technology, Deployment Mode, Modality, End- User and Geographical Landscape.
By Technology:
- Mobile Health Technology
- Health Information Technology
- Wearables Technology
- Telehealth Technology
- Others
By Deployment Mode:
- Software
- Service
- Hardware
By Modality:
- Wired
- Wireless
By End-User:
- Clinics
- Hospitals
- Ambulatory Surgery Centres
- Home Care Settings
- Others
By Geographical Landscape:
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Major Key Players in the Global Digital Health Market Are:
- AT&T Inc.
- Apple Inc.
- AirStrip Technologies LP
- Alcatel-Lucent Corporation
- Cerner Corporation
- Symantec Corporation
- Aruba Networks, Inc.
- Cisco Systems, Inc.
- Qualcomm, Inc.
- Siemens Healthineers AG
- Philips Healthcare
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The Covid-19 Impact Analysis:
The Covid-19 pandemic had disrupted all the major sectors globally, but digital health segment had witnessed a positive boost amid the pandemic. The government of both developed and developing economies altered their regulation related with the use of digital technology for healthcare purposes. This in turn resulted in a surge in the use of digital health technology. Therefore, it has impacted the industry positively.
Similarly, due to a large number of cases and the need of tracking the long term effect of vaccines, the demand for EHR solutions and healthcare analytics gained massive boost. However, the rise in the use of digital health is leading towards an increase in the number of security breaches and data leaks that may hinder the market progression.
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