The global digital health market was estimated to be US$ 213.5 Billion in 2022 and is expected to reach US$ 1,168.01 Billion by 2032 at a CAGR of 18.6%.
Digital health is the collaboration of the genomic and digital evolutions with health, healthcare society, Society healthcare, and living. As we are experiencing, and seeing digital health is allowing us to track better, manage, and improve personal and our family’s health, to live better, more productive lives, and improve society. It’s also helping to reduce inefficiencies in healthcare delivery, improve access, reduce costs, increase quality, and make medicine more personalized and precise.
The global market for digital health is evaluated on the basis of the product, component, end user, and the geography. On the bases of product, the market is bifurcated into healthcare information systems and wearable devices. Amongst the two, healthcare information systems leads the global digital health market due to the substantial rise in the implementation of technologically advanced products, such as EHR/EMR, telehealth, and population health management.
Additionally, the healthcare information segment is divided into non-clinical solutions and clinical solutions. EHR/EMR, computerized physician order entry (CPOE), Clinical decision support system (CDSS) mHealth, telehealth, and population health management are the major segments of clinical solutions. mHealth is predicted to propel at a suggestively high growth rate on an account of the growing penetration of smartphones across the world and the augmenting levels of consciousness about fitness and health amongst people globally.
Based on the component, the digital health market is bifurcated into hardware, software, and services. The necessity for digital health services is growing when compared to other digital health components and is anticipated to remain highest over the forecast period. On the basis of end users, the market has been segmented into B2C and B2B. The B2B segment has developed as the major contributor to this market over the yeaster years. Providers, payers employers, and pharmaceutical companies are the main components of the B2B segment, whereas, the B2C segment includes caregivers and patients. Based on regions, the global Digital Health market is divided into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America.
Among these, North America, has been leading the global digital health market. Several factors, such as the prescience of a large pool of players and increasing partnership between them are influential behind the important growth of this regional market. With the high demand from Germany and the U.K., the Europe market for digital health is anticipated to continue on the top position over the next few years.
Going onward, Asia Pacific is likely to offer profitable opportunities for the development of the global market for digital health in the forecast period. Europe commands the second largest share in the global Digital Health market owing to the high expenditures by the European countries such as U. K. Germany among other countries.
The major companies that provide Digital Health include Cisco Systems Inc, Agfa-Gevaert N.V., Siemens Healthineers, McKesson Corp., Allscripts Healthcare Solutions Inc., Cerner Corp., Philips Healthcare, GE Healthcare, Epic Systems Corp., Truven Health Analytics, Qualcomm Inc are some of the key players in this market.
By end user
The digital health market is expected to reach US$ 1,168.01 Billion by 2032.
The digital health market is expected grow at a CAGR of 18.6% between 2023 to 2032.
The digital health market was estimated to be US$ 213.5 Billion in 2022.
Government initiatives to digitize the healthcare sector globally are driving the growth of the digital health market.
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Major participants in the digital health industry comprise Cisco Systems Inc, Agfa-Gevaert N.V., Siemens Healthineers, McKesson Corp., Allscripts Healthcare Solutions Inc., Cerner Corp., Philips Healthcare, GE Healthcare, Epic Systems Corp., Truven Health Analytics, Qualcomm Inc.
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