New York, June 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Digital Health Market and Trends 2023" - https://www.reportlinker.com/p06185907/?utm_source=GNW
The global adoption of digital healthcare solutions is transforming the conventional healthcare market. Patients and medical professionals are embracing telemedicine, health apps, wearables, and disease management tools. The digital health market is projected to grow at a double-digit CAGR between 2022 and 2032, reaching close to EUR 900 billion by 2032, according to a report. Investments in digital health companies have been flowing in due to their growth potential. Significant investment is directed towards companies focusing on social determinants of healthcare and expanding affordable healthcare services. However, total digital health funding witnessed a decline of nearly -50% between 2021 and 2022 due to macroeconomic challenges, including inflation, interest rate hikes, and supply chain issues. Investor risk aversion also contributed to the decline, with a focus on avoiding late-stage deals and high-valuation startups. Despite the funding decline, the changing digital health market continues to attract investors. It is anticipated that in 2023, investments in digital healthcare will be directed towards alternative healthcare models, such as out-of-hospital care. Additionally, the home-based caregiving market, providing long-term care to patients after chronic illness or injury, emerged as a trend in 2022 and is expected to see increased investment in 2023. Although digital health funding decreased, the USA generated the highest digital health funding in Q4 2022 compared to other regions, reaching nearly EUR 2,000 million, as reported. Health IT and telehealth were the top two segments that dominated total digital health funding globally during that period.
The digital health market is witnessing a boom in growth against the backdrop of emerging trends such as connected health, telehealth, and AI in healthcare
The global digital health industry is rapidly advancing due to technological innovations and emerging trends. AI, telehealth, and telemedicine are transforming the traditional healthcare market. AI enables early detection of conditions, reduces healthcare costs, and improves treatment efficiency and accuracy. Healthcare leaders worldwide are investing heavily in AI, with over half planning to prioritize it. In the USA, one-third of physicians aim to adopt AI within a year for practice efficiency and clinical applications. Telehealth is also gaining popularity, with many Americans accessing healthcare through telemedicine. Prescription refills, minor illnesses, and mental health conditions are the top segments for telemedicine use. Europe expects telehealth to enhance diagnosis in the next 3-5 years. Telephone-based telehealth is preferred in countries like Canada, Spain, and the USA.
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Read the full report: https://www.reportlinker.com/p06185907/?utm_source=GNW
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