WASHINGTON, Oct. 09, 2022 (GLOBE NEWSWIRE) -- Global Digital Health Market was valued at USD 145.57 Billion in 2021 and is projected to surpass the valuation of USD 430.52 Billion by 2028 at a CAGR of 16.9% during the forecast period 2022–2028.
The demand for digital health is on the rise, and businesses are starting to take notice. According to a recent report from vantage Market Research, the global digital health market will reach USD 430.52 Billion by 2028. That's a growth rate of 16.9%. Digital health technologies can help people stay healthy and avoid medical problems, and they're becoming more popular all the time. Some common applications include obesity detection, heart monitoring, diabetes management, and cancer tracking.
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Further evidence of the growing demand for digital health market comes from our finding that 61% of adults in the U.S. have tried at least one digital health technology, and 56% of adults have used at least one digital health technology in the past 12 months.
As digital health becomes more mainstream, businesses are starting to take notice. In fact, the growth of digital health has already led to some impressive innovations. For example, a company called Fitbit is famous for its fitness trackers, but it also produces devices that measure other aspects of health such as weight and sleep quality. Glass Health, a platform that helps doctors diagnose various health problems. One of the most popular solutions in digital health market is Health Kit. The Health Kit platform was created by Apple and it is available on devices such as the iPhone and iPad. Health Kit lets users track their health data, including medical records, workouts, diet data, and more. The platform also allows users to share their data with others and access it from a single location.
Top Players in Global Digital Health Market
- Allscripts Healthcare Solutions Inc. (US)
- Cisco Systems (US)
- Koninklijke Philips N.V. (Netherlands)
- McKesson Corporation (US)
- Cerner Corporation (US)
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Telehealth Generates Over 38% Revenue of Global Digital Health Market
In the last 4 years, telehealth has rapidly become an important part of digital health market, as it offers an alternative to traditional in-person treatments for patients. The healthcare industry is always seeking new ways to improve patient care and reduce costs. Telehealth has the potential to play an important role in improving patient outcomes and reducing healthcare costs.
By using telemedicine, patients can get diagnoses and treatment from experts in other locations without having to travel. This medication adherence monitoring tool also helps keep patients more aware of their own health and contributes to better overall care. Telehealth also enables doctors to treat patients more efficiently by providing them with access to medical records and previous test results from other clinics or hospitals. This saves both time and money for the doctor, as well as for the patient in the digital health market. In addition, telemedicine can help doctors connect with a wider range of patients, which can lead to better diagnosis and treatment. Overall, telehealth has many benefits for both patients and doctors alike.
This report on digital health market takes a closer look at the trends driving the growth of telehealth and explores how the technology is being used currently and projected to be used in the future. It also looks at some of the challenges that are preventing wider use of telehealth and offers key strategies for overcoming them.
As remote patient care continues to evolve, healthcare providers and patients are looking for ways to maximize its potential. In a recently released report, Vantage Market Research surveyed more than 2,000 customers across nine countries about their need for telehealth and its impact on their modern healthcare experience.
The study found that telehealth is growing rapidly in popularity as a means to improve care coordination and patient experience. Nearly two-thirds (64%) of respondents said that they are using telehealth services for hospital-based or primary care consultations. These services in the global digital health market are being used more frequently in hospitals (69% vs. 54% use in retail or consumer businesses), where they are seen as enhancing care coordination and access to specialists (71% vs. 52%). Almost three quarters (73%) of respondents cited improved patient satisfaction as one reason for using teleshopping services.
The most common telehealth use cases are for mental health (25%), chronic care management (23%), and pharmacotherapy (16%).
Since the Covid-19 pandemic, healthcare organizations in the global digital health market are using telehealth more frequently to reach patients in rural areas, as well as those living in outside of metropolitan statistical areas (MSAs). The top reasons the organization give for using telehealth services are to improve patient engagement (70%), reduce costs (59%), and improve staff productivity (47%).
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Key Findings:
- The eHealth product & service segment accounted for maximum growth in Digital Health Market during the forecast period. Rising demand for telehealth & telemedicine, the growing prevalence of chronic diseases, and the rising number of internet users are some major factors that propel the segmental growth of the market.
- The software sub-segment in the component segment is mentioned maximum market growth during the forecast period. This surge is accounted owing to the increasing demand for healthcare cost reduction, growing demand for obtaining organized data & workflow in the healthcare sector, and development of advanced healthcare infrastructure.
- Availability of large market players, increasing adoption of smartphone users, increasing occurrences of chronic diseases and advancements in healthcare information technology are some of the major parameters that fuelling the growth of Digital Health Market in this region.
Scope of the Report:
| Report Attributes | Details | |
| Market Size in 2021 | USD 145.57 Billion | |
| Revenue Forecast by 2028 | USD 430.52 Billion | |
| CAGR | 16.9% from 2022 to 2028 | |
| Base Year | 2021 | |
| Forecast Year | 2022 to 2028 | |
| Key Players |
| |
North America Generates More Than 47% of Digital Health Market Revenue
There is no question that the North America is one of the most digitally advanced regions in the world. In fact, according to Vantage Market Research, the US is home to over 48 million digital natives – people who have been growing up and living their lives online. This dominance in digital technology has led to an exponential growth in the use of digital health tools and services across the country. One such tool is digital health insurance. Prior to the Affordable Care Act (ACA), few people were aware of the existence of digital health insurance – let alone how it worked. However, thanks to the ACA, there’s now a wide range of options available for Americans who want to protect themselves by purchasing health insurance that covers their medical bills using technology.
As per our study, US contributes around 70% to the North America digital health market and it is growing rapidly in the US, and there are many reasons for this. Firstly, the US healthcare system is complex and expensive, which means that people are looking for ways to improve their healthcare overall. Secondly, the vast array of health data that is available in the US makes it an ideal environment for developing digital health technologies. And lastly, American patients have a high level of trust in technology-based solutions to their health problems. all of which make the US a powerful market for digital health products and services.
There are several companies in North America digital health market that are leading the way in the development of digital health solutions in the US. These include Fitbit, Apple Inc., Google Inc., Microsoft Corporation, and Amazon.com. These companies have developed innovative products that help consumers track their physical activity, monitor their food intake, and keep track of vitals, among others.
Browse market data Tables and Figures spread through 159 Pages and in-depth TOC on "Digital Health Market by Technology (Telehealthcare, mHealth, Healthacare Analytics, Digital Health Systems), by Component (Hardware, Software, Services), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Flooding Investment in Digital Health Market
There has been a surge of investment in digital health startups in recent years, with venture capitalists and private investors pouring money into companies aiming to transform the way people health data and healthcare are shared and accessed. The sector is starting to show signs of maturity, with a number of successful startups going public or being acquired by larger players. However, there is still plenty of room for growth, with digital health market expected to be worth USD 430.52 Billion by 2028.
There are a number of reasons for this boom in digital health startup investing. One big reason is that people are increasingly looking for ways to manage their health data themselves – rather than relying on third parties like doctors or insurers. This trend has been helped by the development of mobile apps and other online tools that make it easier for people to keep track of their own healthcare data. In addition, there is increasing demand from large multinational companies for new ways to monitor and treat their customers’ health data.
Startups in global digital health market are also seizing onto opportunities to address existing healthcare problems in new ways.
Following Are Some of the Key Investments in Digital Health Market:
- In September 2022, Mass General Brigham Ventures secured a funding of $32 million through seed funding round for Rippl, a digital health company engaged in offering mental health to older adults.
- In September 2022, Optellum, a company engaged in offering AI diagnosis for lung cancer, raised $14 million through series A funding round
- In September 2022, Scratch Financial raised $35 million in series C funding. The company offers buy now pay later platform for healthcare providers in the global digital health market
- In September 2022, Zócalo Health secured seed funding of $5 million to start its virtual primary care services
- In September 2022, Redesign Health raised $65 million through CVS Health Ventures, UPMC Enterprises, Samsung and General Catalyst
- In September 2022, Soda Health raised $25 million in series A funding. The company offers Medicaid supplemental benefits and personalized medicare advantage
- In September 2022, Rootine and Precision Health, start-ups in digital health market, secured a funding over $10 million through series A funding
- In September 2022, Trek Health secured $2.7 million funding. The company offers payment processing for mental health
- In September 2022, CertifyOS raised $14.5 million in a series A investment. It was led by General Catalyst.
- In September 2022, Digital health and physician connection platform Docquity received $44 million in series C financing
- In September 2022, Patient engagement platform Upfront got $10.5 million in series C funding.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Digital Health Market for the base year and forecast period?
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The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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