NEW YORK, Dec. 19, 2023 /PRNewswire/ — The Digital Health Market report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The Digital Health Market is expected to accelerate at a CAGR of 25.8% during the forecast period.
What is the projected size of the Digital Health Market in the next five years?
Technavio has announced its latest market research report titled Global Digital Health Market 2023-2027
The Digital Health Market is projected to reach a value of USD 563.59 billion in 2027. Download Free Sample before buying
What are the main growth drivers for the Digital Health Market?
The significant rise in mergers and acquisitions (M&A) within the market stands as a significant driver for the growth of the global digital health market. Forecasts indicate an anticipated expansion owing to the rise in technological innovations and increased M&A activities. These strategic M&A endeavors among various companies play a significant role in boosting the creation of more effective products and profit margins for service providers. Investments, whether through capital outlays for new service offerings or the acquisition of other service providers, contribute substantially to this dynamic market landscape.
Are there any emerging technologies impacting the Digital Health Market? Buy the report to get the details
How do Key Digital Health Technologies Transform Healthcare?
Electronic Health Records (EHR):
Centralized patient information storage for improved healthcare management.
Facilitates seamless data access among healthcare providers.
Telemedicine:
Remote healthcare delivery using telecommunications technology.
Enables consultations and diagnoses from a distance, enhancing accessibility.
Health Information Exchange (HIE):
Facilitates secure sharing of patient data among healthcare entities.
Supports coordinated care and reduces duplication of tests and treatments.
mHealth (Mobile Health):
Utilizes mobile devices for healthcare services and information dissemination.
Enhances patient engagement through health-related apps and notifications.
Wearable Devices:
Devices like smartwatches and fitness trackers for health monitoring.
Tracks vital signs and physical activity, promoting proactive health management.
Remote Patient Monitoring:
Continuous monitoring of patient health outside traditional healthcare settings.
Enables timely intervention and personalized care for chronic conditions.
Digital Therapeutics:
Software-based treatments for managing and treating medical conditions.
Offers therapeutic interventions like cognitive behavioral therapy through apps.
Health Apps:
Mobile applications provide health-related information and services.
Includes fitness trackers, medication reminders, and symptom checkers.
Healthcare Analytics:
Utilizes data analysis to derive insights for informed decision-making.
Enhances operational efficiency and improves patient outcomes.
Artificial Intelligence (AI) in Healthcare:
Employs AI algorithms for diagnostic assistance and personalized treatment.
Enhances efficiency and accuracy in healthcare services.
Virtual Health Assistants:
AI-powered assistants for scheduling appointments and providing health information.
Offers personalized health advice and guidance.
Telehealth:
Remote delivery of healthcare services using telecommunications technology.
Includes virtual consultations, remote monitoring, and teletherapy.
Patient Engagement Solutions:
Strategies and tools to involve patients in their care management.
Enhances patient satisfaction and adherence to treatment plans.
Personal Health Records (PHR):
Patient-controlled health records accessible across healthcare providers.
Empowers individuals to manage and share their health information securely.
Population Health Management:
Focuses on improving the health outcomes of a defined group of individuals.
Utilizes data to identify health trends and address community health needs.
Blockchain in Healthcare:
Secures health data through decentralized and tamper-proof systems.
Enhances data integrity and interoperability across healthcare entities.
Cloud Computing in Health:
Offers scalable and accessible storage and processing of healthcare data.
Enables efficient data sharing and collaboration among healthcare providers.
Cybersecurity in Digital Health:
Implements measures to protect digital health systems and patient data.
Ensures confidentiality, integrity, and availability of health information.
Precision Medicine:
Tailors medical treatments and interventions are based on individual variability.
Considers genetics, lifestyle, and environment for personalized care.
Health Sensors:
Devices detecting and transmitting health-related data.
Enables real-time monitoring and alerts for various health parameters.
Health Data Interoperability:
Enables seamless exchange and integration of health data across systems.
Facilitates comprehensive patient information accessibility for better care.
Internet of Things (IoT) in Healthcare:
Connects medical devices and systems for data exchange and analysis.
Improves healthcare efficiency and patient outcomes through connected devices.
Chronic Disease Management:
Focuses on continuous care and support for individuals with long-term conditions.
Utilizes technology for monitoring and managing chronic diseases effectively.
Clinical Decision Support Systems:
Provides clinicians with evidence-based information for patient care.
Assists in diagnosis, treatment planning, and reducing medical errors.
Health Chatbots:
AI-powered conversational agents offering health-related assistance.
Provides information, advice, and support to users.
Digital Imaging and Diagnostics:
Utilizes digital technology for medical imaging and diagnostic purposes.
Enhances accuracy and efficiency in diagnosing medical conditions.
E-prescribing:
Electronic transmission of prescription information between healthcare providers and pharmacies.
Improves prescription accuracy and medication management.
Health API (Application Programming Interface):
Enables integration and interaction among different healthcare software systems.
Facilitates seamless data exchange and interoperability.
Remote Consultations:
Allows patients to consult healthcare professionals remotely.
Enhances accessibility and convenience for healthcare services.
Data Analytics in Healthcare:
Utilizes data analysis for deriving insights and patterns in healthcare data.
Improves decision-making and enhances patient care strategies.
Health Technology Assessment (HTA):
Evaluates the effectiveness and impact of health technologies and interventions.
Guides decision-making on the adoption and implementation of healthcare innovations.
What are some of the challenges faced by the Digital Health Market?
The global digital health market faces a significant challenge in the form of open-source service providers. This challenge stems from the abundance of open-source companies offering diverse digital health solutions. By amalgamating products from multiple open-source sources, users can access nearly all functionalities provided by both on-premises and cloud-based proprietary digital health solution providers. Open-source software boasts attributes like unhindered innovation, enhanced credibility, and decentralized control, adversely affecting the market share of proprietary players within the industry.
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What are the different segments within the Digital Health Market?
The Digital Health Market is segmented by application (wireless health, mobile health, EHR, and telehealth), component (software, services, and hardware), and geography (North America, Europe, Asia, and Rest of World (ROW)).
How is the Digital Health Market segmented by type?
Technavio anticipates a substantial growth in market share for the wireless health segment. Wireless health encompasses the application of wireless technologies in conventional medical practices, including disease diagnosis and treatment. Among the key wireless technologies employed in digital health, prominent ones include 4G, Bluetooth low energy (BLE), and BodyLAN. BodyLAN, a wireless communication system, functions close to the body, operating at low power while facilitating faster data transmission speeds.
View the Sample Report for insights into the contribution of all the segments and regional opportunities in the report.
What trends are emerging in the Digital Health Market?
The integration of AI within digital health is set to boost the growth of the global digital health market. AI enhances the intelligence of medical equipment, expediting result generation. Its utilization leads to more refined diagnostic charts and informed insights, empowering medical professionals with greater efficiency. Serving as a clinical decision-support tool, AI collaborates with human workers to elevate care quality and efficacy.
Within the radiology domain, AI equips radiologists with tools essential to meet escalating diagnostic imaging demands. Through AI algorithms, clinical workflows become swifter, mitigating diagnostic errors. Notably, AI constitutes a significant focus in the research and development endeavors of various digital health vendors like Siemens. Its anticipated role in fostering comprehensive medical and image comprehension forms the foundation for the evolving landscape. The increasing utilization of health data and associated analytics stands as a key driver propelling the growth of the digital healthcare market.
What are some of the major companies operating in the Digital Health Market?
3M Co., Agfa Gevaert NV, Allscripts Healthcare Solutions Inc., Alphabet Inc., Apple Inc., Cisco Systems Inc., Computer Programs and Systems Inc. Epic Systems Corp., Honeywell International Inc., International Business Machines Corp., Koninklijke Philips NV, McKesson Corp., Oracle Corp., Qualcomm Inc., Samsung Electronics Co. Ltd., Siemens AG, Telefonica SA and UnitedHealth Group Inc.
Transforming Healthcare: The Digital Health Revolution
The digital health market is experiencing a revolutionary transformation, with innovative technologies such as Electronic Health Records (EHR), Telemedicine, and Health Information Exchange (HIE) driving its evolution. These advancements, combined with mHealth (Mobile Health) solutions and wearable devices, are reshaping patient care by enabling Remote Patient Monitoring and Digital Therapeutics.
Healthcare providers increasingly leverage Health Apps and Healthcare Analytics powered by Artificial Intelligence (AI) to enhance diagnostic accuracy and treatment efficiency. Virtual Health Assistants and Telehealth services further expand access to quality care, fostering Patient Engagement Solutions and Personal Health Records (PHR) adoption among individuals.
The sector’s growth is driven by advancements like Population Health Management and Blockchain in Healthcare, ensuring data integrity and facilitating Health Data Interoperability. Cloud Computing in Health, coupled with robust Cybersecurity in Digital Health, ensures secure storage and transmission of sensitive medical information.
Healthcare Precision Medicine and Health Sensors, coupled with the Internet of Things (IoT) in Healthcare, enable personalized care and real-time health monitoring. Chronic Disease Management benefits from Clinical Decision Support Systems and innovative Health Chatbots, enhancing patient outcomes.
Digital Imaging and Diagnostics, E-prescribing, and Health API (Application Programming Interface) integration further streamline healthcare workflows, enabling Remote Consultations and Data Analytics in Healthcare. Health Technology Assessment (HTA) plays a crucial role in evaluating the efficacy and impact of these digital health solutions.
This dynamic landscape underscores the pivotal role of technology in revolutionizing healthcare, offering immense opportunities to improve patient care, operational efficiency, and overall health outcomes. The convergence of these diverse digital health elements continues to redefine the future of healthcare delivery.
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Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Service
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
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