The North America digital health market size is expected to reach USD 712.3 billion by 2030, registering a CAGR of 27.8% over the forecast period, according to a new report by Grand View Research, Inc.
North America Digital Health Market Report Highlights
- The telehealthcare segment dominated the market in 2021 due to the growing adoption of long-distance patient care services by the medical professionals and improved healthcare IT infrastructure in the U.S.
- The services segment dominated the market in 2021 owing to the growing preference for the improvement of digital healthcare platforms for better remote patient monitoring services
- However, the software segment will record the fastest CAGR over the forecast period due to rising demand for functionally improved software for better remote healthcare services and a rapid increase in the development of software with diverse healthcare applications by the manufacturers
- The mandatory social distancing practices due to the COVID-19 pandemic and the lack of face-to-face consultation between healthcare providers and patients have made digital health the safest interactive platform for disease management in 2020
- In addition, the rapid development of technology, such as mHealth, telemedicine, telecare, and digital systems, boosted the market growth during this period
- Furthermore, a high preference for telehealth platforms for virtual health consultation and remote patient monitoring services also fueled the market growth during the COVID-19 pandemic
- For instance, according to the U.S. Department of Health and Human Services (HHS) report, in December 2021, the Medicare visits through telehealth increased by 52.7 million in 2020 from approximately 840,000 in 2019
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The transition from volume-based healthcare to value-based care and the necessity of digital technology to improve treatment quality are among the major factors anticipated to drive the market growth over the forecast years. In addition, the increasing prevalence of chronic disorders, growing geriatric population, and shortage of healthcare professionals in North America are anticipated to boost the market growth over the forecast period. Moreover, increasing internet penetration and the growing digitalization of healthcare are expected to support the market growth. The telehealthcare segment accounted for the highest revenue share in 2021.
This is due to the high adoption of long-distance patient care services by medical professionals and improving healthcare IT infrastructure in the U.S. In addition, the increasing adoption of digital communication technologies, such as mobile and computer devices, for remote health care services is supporting the segment growth. Moreover, the growing number of COVID-19 cases increases the preference for remote patient monitoring, virtual consultation, and online patient engagement, which, in turn, is anticipated to drive the segment growth over the coming years. The services component segment dominated the market in 2021 owing to the growing preference for the improvement of digital healthcare platforms for better remote patient monitoring services. In addition, pre- and post-installation of digital platforms, maintenance, staffing, training, resource allocation services for better patient engagement from remote locations are also supporting the segment growth.
COVID-19 Impacts On North America Digital Health Market
The government-imposed shutdowns and lockdowns due to the COVID-19 pandemic have created a supportive environment for digital healthcare platforms and various initiatives by the government to develop online digital platforms for remote healthcare management also accelerated the industry growth. The market is estimated to witness a steadfast year-on-year growth. The growing prevalence of several chronic disorders coupled with the rapid advancement of information and communication technology using portable electronic devices for remote patient monitoring is also anticipated to boost the market growth over the coming years.
Industry Share Analysis By Major Companies
The key players are focusing on the development of improved digital components to broaden their service and product portfolio and hold a higher revenue share in the market. The increasing industry consolidation activities, such as mergers, collaborations & partnerships, and product innovation strategies, by key players to expand their product portfolios are among the major factors expected to support market growth over the forecast years. Some of the prominent players in the North America digital health market include:
- Cerner Corp.
- Allscripts
- Apple, Inc
- Telefonica S.A.
- McKesson Corp.
- Epic Systems Corp.
- QSI Management, LLC
- AT&T
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North America Digital Health Market Segmentation
Grand View Research, Inc. has segmented the North America digital health market on the basis of technology, component, and region:
- North America Digital Health Technology Outlook (Revenue, USD Million, 2016 – 2030)
- North America Digital Health Component Outlook (Revenue, USD Million, 2016 – 2030)
- North America Digital Health Regional Outlook (Revenue, USD Million, 2016 – 2030)
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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