Digital health refers to the use of digital technology and various connected devices to improve health outcomes and healthcare facilities. The main goal of digital health is to make healthcare more efficient, accessible, and effective by using digital technologies to collect, store, analyze, and often share health data. Several types of digital health technology include Electronic Health Records (HER), mobile health apps, telemedicine, and wearable devices. The digital health market has been growing in recent years, the reason being the availability of fast healthcare solutions. The innovations in digital healthcare like remote monitoring systems, telemedicine devices, electronic drug dispensing units, and smart inhalers all of these innovations have the potential to greatly improve healthcare delivery thus providing effective healthcare solutions. Medical devices are also playing an important role in improving healthcare delivery by reducing healthcare costs and enabling remote patient monitoring.
Wearable devices are another important part of digital health. These include augmented reality-integrated wearable devices, artificial intelligence-integrated wearable devices, and energy-harvesting wearable devices. Another classification of digital health devices is diagnostic devices, which further include point-of-care diagnostics, noninvasive diagnostics, and nanotechnology-based diagnostics. Therapeutic devices include wearable therapeutics, noninvasive simulators, and regenerative therapeutics. Thus digital health contributes to better healthcare even in remote areas.
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Global Digital Health Market – Competitive Insight
On March 4, 2024, WebMD acquired Healthwise to boost its footprint.
On Jan 8, 2024, Boston Scientific Corporation announced that it has entered into an agreement to acquire Axonics, Inc. which will enable entry into sacral neuromodulation, a high-growth adjacency with opportunities to expand access to care for patients
December 19, 2023, mPulse announced the acquisition of HealthTrio and Decision Point Healthcare Solution to strengthen its position in healthcare digital engagement.
Some of the Key Players in the Global Digital Health Market Include –
- Oracle Cerner
- Softserve
- Telefonica S.A.
- Epic System Corporation
- AirTrip Technologies
- CISCO Systems, Inc.
- Veradigm
- Mckesson Corporation
- Qualcomm Technologies, Inc.
- Samsung Electronics Co. Ltd
- General Electronic Company
- Koninklijke Philips N.V.
- Validic
- IBM (U.S)
- Boston Scientific Corporation
- FUJIFILM HoldingsCorporation
- Medical Information Technology, Inc.
- Medtronic
Global Digital Health Market – Growth Drivers
There has been a significant rise in the prevalence of chronic diseases throughout the world. According to a report published by NIH, of the population 50 years or older, the number with at least one chronic disease is estimated to increase by 99.5% from 71.522 million in 2020 to 142.66 million by 2050. Those with multimorbidity are projected to increase 91.16% from 7.8304 million in 2020 to 14.968 million in 2050. These are the data in the U.S. itself. Thus, the need for digital healthcare facilities will also rise with the rise in the incidence of chronic diseases thus contributing to the growth of the digital health market. The increase in the usage of smartphones and internet penetration is another prominent driver for the particular market. According to the GSM association report, the number of people connected to smartphones surpassed 5.4 billion in 2022, thus making it another prominent market driver. Nowadays the demand for value-based healthcare is increasing thus contributing to the market growth. According to WHO, noncommunicable diseases (NCDs) kill 41 million people each year. Thus, digital healthcare facilities have an opportunity to drive the market in a particular area.
Global Digital Health Market – Restraints
Despite providing important patient data to healthcare practitioners using digital healthcare devices and technologies, data breaches are reported globally, thus the privacy of the patient is hindered. This is one of the major setbacks for the digital health market. Digital healthcare hinders the opportunity for interaction with healthcare practitioners. In-person interaction allows the patient to discuss his problems and share his emotions, thus restraining the growth of the digital health market. Certain groups like minorities, the elderly, and rural area people may have difficulty understanding and using digital health solutions due to low health literacy levels. Again, the quality of health information available online is often nonscientific and not based on evidence-based practices, thus the patient may get misled, therefore restraining the growth of the digital health market. There has been a lack of data-sharing agreements thus hindering the infrastructure which is needed for effective data sharing.
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Global Digital Health Market – Opportunities
According to WHO, by 2030, 1 in every 6 people in the world will be aged 60 years or more. The rise in the geriatric population will indirectly lead to an increase in the incidence of noncommunicable diseases as well as an increase in chronic diseases. This increase in the disease condition will directly provide opportunities for the prominent players to introduce cutting-edge technologies in the digital health market. There has been an increase in the use of mobile devices in recent years. Also, smartphones and associated healthcare apps are used a lot, thus creating opportunities to invest and expand the business in a particular market. The cost of healthcare particularly for chronic disease is huge and all patients cannot afford the treatment. Thus digital technology plays an important role in providing affordable healthcare services, thus creating more opportunities in the particular sector of the market. Again rise in funds by government and private organizations to develop healthcare provides new opportunities in the particular market.
Global Digital Health Market – Geographical Insight
The market for digital health is segmented into regions such as North America, Latin America, Europe, Asia-Pacific, the Middle East & Africa. North America is the largest market for digital health due to the presence of advanced technologies in the region. The presence of key market players contributes to research and development in the region. Europe is another prominent market for digital health. Advanced healthcare systems support timely diagnosis and treatment. Asia-Pacific is another prominent market for digital health. The rise in the cases of chronic diseases as well as non-communicable diseases is the major factor for growth in the particular region of the world.
Global Digital Health Market – Key Development
- On Sep 18, 2023, Oracle Health announced new generative AI services for healthcare organizations, enabling providers to leverage the power of generative AI together with voice commands to reduce manual work.
- On Nov 17, 2022, McKesson launched EvolveHelth Digital Ecosystem, which is a site of digital solutions designed to seamlessly connect healthcare providers to help simplify and enhance the patient experience and deliver better patient outcomes.