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Digital Health Market Analysis

Report ID: GMI833
Published Date: Mar 2023
Report Format: PDF

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Digital Health Market Analysis

By technology, the digital health market by the telehealthcare segment is anticipated to reach USD 244 billion by 2032, owing to the growing patient inclination towards technology-driven approaches which offer health management tools and provides easy access to services across remote locations. In September 2022, RxDefine, a leading engagement platform committed to educating and empowering healthcare consumers, launched RxTelehealth, a telehealth solution for life sciences brands as a part of its mission to ethically empower patients to navigate their health decisions. Such improvements in telehealthcare services focused on advancing their consumer-centric approach to reduce friction, increase engagement, and deliver a superior experience are expected to boost segment size.

Based on component, the digital health market from the software segment is projected to generate USD 327 billion by 2032. Digital health software is regarded as a cost-effective and technically efficient method to accelerate the pace of digital innovation, assisting providers in increasing revenue, boosting efficiency, enhancing care quality, and improving patient and staff experiences, which is slated to fuel segment development. In March 2022, GE Healthcare, a leading medical technology company, announced plans to launch its Edison Digital Health Platform. This software was designed to seamlessly collect data from many sources and suppliers to improve clinical applications that promote integrated care pathway management and holistic perspectives of each patient.

Digital Health Market Size by Region

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North America accounted for more than 44.5% of the digital health market share in 2022 and is projected to grow at a robust pace through 2032 due to the soaring prevalence of chronic illnesses and the expanding elderly population, as well as rising healthcare spending. In 2021, the U.S. National Health Expenditure rose by 2.7% to USD 4.3 trillion or USD 12,914 per person. Additionally, the elimination of government rules that impeded the deployment of digital health technology is expected to accelerate the adoption of digital health services and products across North America.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global market size for digital health surpassed USD 233.5 billion in 2022 and is set to grow at 15% CAGR through 2032 attributed to the rising adoption of smartphones, tablets, and other mobile platforms.

Software segment is projected to be worth USD 327 billion by 2032. Digital health software is regarded as a cost-effective and technically efficient method to accelerate the pace of digital innovation, assisting providers in increasing revenue, boosting efficiency, enhancing care quality, and improving patient and staff experiences.

North America digital health market accounted for over 44.5% of overall industry revenue in 2022 and is foreseen to witness substantial growth resulting from the rising prevalence of chronic illness prevalence and escalating healthcare spending.

Allscripts Healthcare Solutions Inc, AdvancedMD Inc., AT & T, Oracle (Cerner Corporation), Athenahealth, Inc., Cisco Systems, eClinicalWorks, McKesson Corporation, iHealth Lab, Inc., and Koninklijke Philips N.V. are among the major companies operating in the digital health industry.