
The global digital health market, valued at $180.2 billion in 2023, is projected to reach $549.7 billion by 2028, growing at a CAGR of 25.0%. Key factors driving market growth include the increasing penetration of smartphones and mobile platforms, supportive initiatives, strategic alliances, a rising geriatric population, and a focus on patient-centric healthcare solutions. However, high deployment costs and interoperability issues pose challenges. The telehealthcare segment accounted for the largest market share in 2022, driven by demand during the COVID-19 pandemic and improved attitudes towards virtual care. North America holds the largest market share and is expected to grow the fastest due to technological advancements and a favorable regulatory environment. Prominent players in the market include Koninklijke Philips N.V., Medtronic, GE HealthCare, Abbott, and Apple, Inc. Recent developments include Medtronic’s acquisition of EOFlow and GE HealthCare’s partnership with Advantus Health Partners.
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North America accounted for the largest share of the global Digital Health Industry in 2022.
The Digital Health market is segmented into four key regions—North America, Europe, APAC, and the Rest of the World (RoW). North America, being the early adopter of advanced technologies, has captured the largest share of the Digital Health market in 2022, followed by Europe and APAC. It is also projected to register the highest CAGR. North America is the fastest-growing regional segment for digital health due to its technological development, expansion in the healthcare industry, favorable regulatory environment, and the presence of key players and innovation hubs.
Digital Health Market Dynamics:
Drivers
- Increasing penetration of smartphones, tablets, and other mobile platforms
- Supportive initiatives and increasing strategic alliances
- Rising geriatric population and subsequent increase in prevalence of chronic diseases
- Rising focus on patient-centric healthcare solutions
Restraints
- High cost of deployment of digital health solutions for small and medium-sized hospitals in emerging countries
- Interoperability issues
Opportunities
- Shift toward intelligent health ecosystem to deliver personalized health experiences
- Digital health solutions for universal healthcare access
- Improving regulatory support and reimbursements
- Advancements in digital health
Challenges
- Healthcare gap in emerging economies
- Privacy and security concerns
Key Market Players of Digital Health Industry:
Prominent players in the digital health market include Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE HealthCare (US), Abbott (US), OMRON Corporation (Japan), Fitbit, Inc. (A google company) (US), Johnson & Johnson Private Limited (US), Siemens Healthineers AG (Germany), Masimo (US), Apple, Inc. (US), Merative (US), AT & T, Inc. (US), Veradigm LLC (US), Noom, Inc. (US), Teladoc Health, Inc. (US), Omada Health Inc. (US), Dexcom, Inc. (US), Biotricity (US), iHealth Labs Inc (US), my mhealth Limited (UK), athenahealth (US), eClinicalWorks (US), AirStrip Technologies, Inc (US), AdvancedMD, Inc. (US) and Qardio, Inc. (US). Players adopted organic as well as inorganic growth strategies such as product upgrades, collaborations, agreements, partnerships, and acquisitions to increase their offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.
Recent Developments:
· In May 2023 Medtronic (Ireland) acquired EOFlow Co. Ltd. (South Korea) to expand its ability to treat patients with diabetes.
· In March 2023, GE HealthCare (US) partnered with Advantus Health Partners (US) to sign a multi-year contract to expand access to Healthcare Technology Management Services.
· In April 2023, Abbott (US) acquired Cardiovascular Systems, Inc. (CSI) (US) to gain a complementary treatment option for vascular illness. The highly advanced atherectomy technology from CSI prepares vessels for angioplasty or stenting to restore blood flow.
Related Links:
https://finance.yahoo.com/news/digital-health-market-expected-reach-123000321.html