The digital healthcare market comprises of digital health technologies such as healthcare information systems, wearable devices, telehealth and telemedicine, and more. These technologies help enable long-distance clinical healthcare, patient and professional health-related education, health information exchange, and others. Digital health is transforming healthcare delivery through personalized medicine, evidence-based healthcare solutions, integration of services and practices, and improved quality and cost outcomes. Technologies like telemedicine and remote patient monitoring have witnessed rise during the pandemic as they limit exposure and facilitate contactless healthcare.
The Global Digital Healthcare Market is estimated to be valued at US$ 5902.43 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the digital healthcare market are AgSource, AgroLiquid, Crop Nutrition Laboratory Services Ltd., Element Materials Technology, SGS Société Générérale de Surveillance SA, Eurofins Scientific, Picketa Systems Inc., Spectrum Analytic, Soilscape Solutions, Wallace Laboratories LLC., Ward Laboratories, Inc., Waters Agricultural Laboratories, Inc.
Digital Healthcare Market growth include increased collaborations for innovation, growth in emerging economies through awareness programs, and government support for digital health initiatives.
Globally, the digital healthcare market is expected to witness high growth in Asia Pacific and Latin America owing to rising healthcare expenditure, increasing digitalization, and favorable government policies in the regions.
Market Drivers
Telemedicine and remote patient monitoring have become essential during the Covid-19 pandemic to enable contactless healthcare and reduce exposure. This is a major growth driver for the digital healthcare market. The growing geriatric population globally also contributes to the increasing demand for digital health solutions as they facilitate independent living and remote care.
PEST Analysis
Political: Government regulations and support for data privacy and ownership are constantly evolving in this space and can impact players in this market.
Economic: The costs of providing digital healthcare services can be high, but technologies are helping drive down costs over time. Economic growth and changes could influence consumer spending on these services.
Social: Younger generations are more comfortable with digital healthcare technologies leading to higher adoption rates. Social trends around preventative healthcare and wellness are supportive of this market’s growth.
Technological: Advancements in areas like AI, cloud computing, remote monitoring devices are helping expand digital healthcare applications and services. These technologies are making services more accessible and personalized.
Digital Healthcare Market Regional Analysis The North American region accounts for the largest value share in the digital healthcare market currently due to factors like high disposable incomes, advanced IT infrastructure, growing geriatric population, and supportive regulatory environment. The presence of major players in the region has also contributed to its leading position.
The Asia Pacific region is poised to be the fastest growing region in the digital healthcare market during the forecast period. This is attributable to increasing investments to develop digital healthcare infrastructure in countries like China, India and others. Rising disposable incomes, expanding patient base for chronic diseases and focus on preventative care are driving adoption. The large population base represents significant future growth potential.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
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