The Digital Healthcare Market will acquire USD 167 billion in 2021. The market will show a massive move to obtain USD 1.3 trillion and at a 23.7% CAGR in the forecast period between 2022-2030.
The growing advancement in the healthcare sector and the popularity of remote patient monitoring are increasing the market’s growth. The integration of IT technology and the innovation in remote patient monitoring (RPM) systems is a major growth factor. RPM is a cost-efficient tool for clinical decision-making, reducing hospitalization chances. The adoption of RPM services globally is due to the increased rate of diabetes, cancer, and cardiovascular patients. The service is also accelerated due to the rising geriatric population and changes in lifestyles.
The initiatives were taken to ensure that patients have got access to digital health solutions. Improving diabetes care management and enhanced health solutions is driving the Digital Healthcare Market growth.
Moreover, the increased adoption of medical apps, electronic health records, e-prescriptions, and other digital health solutions promotes the market’s growth. Cyber hackers target medical records, and the rise of security concerns will bring robust growth opportunities to the market.
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The Digital Healthcare Market is segmented into major market segments such as technology, delivery mode, application, components, and end-users.
The technology segment is classified into Digital Health Systems, mHealth, telehealthcare, and Healthcare Analytics. mHealth segment is currently the popular digital healthcare market trend due to higher internet usage.
The application segment constitutes diabetes, neurology, cardiology, sleep apnea, oncology, and others. The cardiology segment is taking the lead due to rising cases of heart diseases.
The delivery mode of the market is categorized into on-premise and cloud-based. The software segment has software, services, and hardware. The rise in demand for digital healthcare software like healthcare analytics, EHRs, and fitness apps is making the software segment lead.
The end user segment is sub-categorized into healthcare payers, healthcare providers, and pharmaceutical companies.
According to the geographical growth analysis of the Digital Healthcare Market, it covers the American region, European Union, Asia-Pacific, and the rest of the world.
The American region is emerging as the global leader due to the higher healthcare spending and increased adoption rate of healthcare technology. The European region is the second leader in the market due to the cost-effective healthcare facility and the enhancement of technological innovations.
The Asia-Pacific is the rapidly growing regional market in the forecast period. This is due to the growing improvement of healthcare infrastructure and the presence of top healthcare IT vendors. The research & development activities combined are expanding the market in this region. Continuous development of healthcare infrastructure and the government’s rise in funds and aid is benefiting the market in this region.
List of Key Companies Covered in this Report:
Allscripts Healthcare LLC (US),BioTelemetry Inc. (US),Cerner Corporation (US),Cisco Systems Inc (US),Koninklijke Philips NV (The Netherlands),McKesson Corporation (US),General Electric Company (US,AT&T Inc. (US),Athenahealth Inc. (US),EClinicalWorks (US),iHealth Lab Inc. (US),Qualcomm Technologies Inc. (US)
In September 2022, Lyfegen raised USD 8M for a value-based platform and digital health funding. The company is, offering the platform for high-cost drugs in Series A funding. This was led by aMoon with APEX Ventures and other investors. The startup has its headquarters in Switzerland and the U.S. The software aims to help payers, providers, pharma companies, and medical technology companies.
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