April 22, 2024
Digital Healthcare Market

Digital Healthcare Market is Estimated to Witness High Growth Owing to Increasing Health Awareness

The digital healthcare market has witnessed significant growth over the past few years owing to the growing need for monitoring health on a real-time basis. Digital healthcare involves the use of digital and electronic healthcare technology for health services and managing care. This includes factors such as electronic health records, mobile health technologies for monitoring health parameters, online consultation services, diagnostic services, etc. The growing prevalence of chronic diseases and increasing health awareness among consumers have driven the demand for digital healthcare globally. Digital healthcare provides remote monitoring of health conditions that allow early detection and preventive care. It reduces wait times and improves health outcomes through remote consultations.

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 from 2024 to 2030.

Key Takeaways
Key players operating in The Digital Healthcare are AgSource, AgroLiquid, Crop Nutrition Laboratory Services Ltd., Element Materials Technology, Eurofins Scientific, Picketa Systems Inc., Spectrum Analytic, Soilscape Solutions, Wallace Laboratories LLC., Ward Laboratories, Inc., Waters Agricultural Laboratories, Inc.
Key opportunities in the digital healthcare market include increasing penetration of telemedicine & telehealth services with rising internet connectivity. This allows patients to access healthcare services remotely through video consultations with physicians and medical experts. The growing trend of self-monitoring and preventive healthcare has also opened opportunities for remote monitoring devices and digital therapeutic solutions.
Globally, the adoption of digital healthcare is increasing across regions. North America dominates the digital healthcare market owing to advanced healthcare infrastructure and high adoption rate of new technologies. However, Asia Pacific is expected to offer lucrative growth opportunities during the forecast period with supportive government initiatives for modernizing healthcare systems in developing countries.

Market drivers
The increasing incidence of chronic diseases such as diabetes, cardiovascular diseases, cancer etc. is a major market driver for digital healthcare. Chronic conditions require continuous monitoring and management which is efficiently provided through digital solutions. According to WHO, chronic diseases accounted for over 70% of global deaths in 2020. Digital healthcare helps physicians to efficiently manage long-term chronic conditions. This reduces healthcare costs associated with frequent hospital visits and prevent complications. The COVID-19 pandemic has further accelerated the adoption of digital healthcare technologies as social distancing norms prompted remote treatment through telehealth services.

PEST Analysis

Political: Regulations supporting digital healthcare and telemedicine are being introduced by various governments around the world to improve access to healthcare.

Economic: Rising healthcare costs and growing focus on cost containment and cost reduction are expected to drive greater adoption of digital health solutions which can help reduce expenses.

Social: Younger generations are more comfortable with digital technologies which is increasing acceptance of digital healthcare solutions. Social trends like ageing population are also boosting demand.

Technological: Advancements in areas like AI, machine learning, sensors, blockchain and digital connectivity are enabling new digital healthcare models and innovations in areas like remote monitoring, virtual consultations and personalized medicine. Technologies make delivery of healthcare more efficient and convenient.

Geographical concentration

North America region currently accounts for the largest share of the global digital healthcare market in terms of value. This can be attributed to advanced digital infrastructure in countries like the US and growing reimbursements for telehealth and remote patient monitoring in the region.

Fastest growing region

The Asia Pacific region is poised to witness the highest growth over the forecast period supported by rising internet penetration, increasing investments by governments in digitization of healthcare and growing geriatric population demanding innovative healthcare solutions in countries like India and China.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it