Digital Healthcare Market Size Worth USD 767,718 Million by 2030 at 22.5% CAGR - Report by Market Research Future (MRFR)
Digital Healthcare Market Trends and Insights by Technology (Digital Health Systems, Telehealthcare, mHealth and Healthcare Analytics), Application (Cardiology, Diabetes, Neurology, Sleep Apnea, Oncology and others), Delivery Mode (On-Premise and Cloud-Based), Components (Software, Services and Hardware), End User (Healthcare Providers, Healthcare Payers, Pharmaceutical Companies), Competitive Market Growth, Size, Share and Forecast to 2030
New York, USA, May 24, 2022 (GLOBE NEWSWIRE) -- Digital Healthcare Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Digital Healthcare Market Information By Delivery Mode, Application, Component, End User, Technology and Region - Forecast till 2030", the market will touch USD 767718.9 million by 2030 at a 22.5% CAGR.
Many corporate and public organizations have already jumped on the IT adoption bandwagon by digitizing their operations. Furthermore, digital health technology allows people to make better decisions, spending more time on jobs they value, significantly changing the market environment. Growing healthcare spending, mounting preference for remote patient monitoring services, intensifying incidence of chronic diseases, and escalating accessibility of virtual care are driving market expansion. The telehealth and teleconsultation services market is caused by the fast-rising incidence rate of chronic diseases like Alzheimer's, diabetes, cardiovascular diseases, and cancer, requiring long-term care and patient monitoring services.
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Digital Healthcare Market Competitive Landscape:
The formidable contenders in the digital healthcare market are
McKesson Corporation (US)
Allscripts Healthcare LLC (US)
BioTelemetry Inc. (US)
Cerner Corporation (US)
Cisco Systems Inc (US)
Koninklijke Philips NV (The Netherlands)
iHealth Lab Inc. (US)
General Electric Company (US
AT&T Inc. (US)
Athenahealth Inc. (US)
Qualcomm Technologies Inc. (US)
Digital Healthcare Market USP Covered:
The digital healthcare industry is being boosted by the expanded use of EHR and EMR systems, amplified use of big data in the healthcare sector, assistance in managing patients' electronic health records, and legal duties. Furthermore, the market is expanding due to a growing trend of preventative healthcare and amplified investment in various mHealth companies. Specialists and physicians in several countries operate primarily in cities or metros, leaving patients in rural areas in the lurch. This problem can be solved by using telecloud, enabling healthcare providers to treat patients over large distances at a minimal cost and in real-time.
Digital Healthcare Market Restraints:
Developing patient data security concerns, the need for significant capital expenditure, and the necessity for maintenance could pose considerable hurdles to the participants in the coming years.
Digital Healthcare Market COVID 19 Analysis
Due to the temporary stoppage of manufacturing facilities and diminished demand, the COVID-19 epidemic has had a crippling effect on the healthcare sector. While the globe tries to contain the spread of SARS-CoV-2, leading corporations are working to strengthen their supply networks and speed up operations to prevent more losses. Furthermore, the widespread practice of social distancing has prompted patients to seek out remote healthcare consultations, bolstering the necessity for digital healthcare. In light of the pandemic's spread, healthcare professionals are increasingly offering consultations via video conferencing and phone calls. This will almost certainly assist the digital healthcare business in the following years.
Telehealth applications are constantly evolving, and technology advancements accelerate the segment's growth. Furthermore, the increased need for virtual healthcare consultations as a result of the COVID-19 pandemic and the integration of modern IoT technologies and developing connectivity are all contributing to the segment's strong growth rate.
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Digital Healthcare Market Segmentation
With the rising smartphone sales, mounting internet usage, and a wide selection of new mHealth apps accessible in the digital healthcare industry, mHealth is currently one of the most prominent digital healthcare market trends.
The cardiology category is expected to take the lead because, with the rise in lifestyle-related disorders that contribute to cardiac illness, prevention and recovery have emerged as top priorities beyond diagnosis and treatment. In the cardiology division, innovations in the digital healthcare landscape have resulted in a higher demand for patient-focused monitoring services and solutions.
By Delivery Modes
On-premise model is not considered a feasible alternative because it necessitates more significant IT infrastructure investments, whereas the cloud enables large-scale big data operations by providing massive storage and processing power.
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Digital healthcare software such as EHRs, healthcare analytics, and fitness and medical apps have seen a significant increase in demand, which is expected to be a key growth booster. The growing prevalence of novel coronavirus cases has increased the need for specialized software to keep track of all SARS-CoV-2 cases, increasing the demand for EHRs. Additionally, after the lockdown, recreation clubs and gyms were forced to close, which increased the number of fitness apps downloaded.
By End Users
Healthcare providers nowadays utilize smartphones and tablets for various purposes, including increased communication and access to better information at the point of service. As a result, the healthcare providers segment might lead the global industry during the forecast period.
Digital Healthcare Market Regional Insights
The digital healthcare business in America is expected to be the strongest in the near future due to massive healthcare spending and extensive implementation of healthcare information technology. The digital health business in the United States has been rapidly rising as the country spends much money on healthcare, and the drive to save money is boosting demand for digital healthcare.
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In light of the enormous push to lower healthcare costs and the elevation in technology advancements, Europe has been the second-largest gainer in the global digital healthcare market. Players' ongoing attempts to strengthen their existing solution and service portfolios may also benefit the European digital healthcare market. Due to substantial improvements in healthcare infrastructure and a growing pool of healthcare IT vendors, Asia-Pacific is anticipated to have the fastest growth rate in the following years. The presence of recognized enterprises across the region's emerging nations and the upsurge in sponsored research and development institutes contribute to the market growth rate. Constant reforms to fix poor healthcare infrastructure and increased government financial help could boost the APAC industry in the upcoming years.
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