Digital Health Market Size to Reach Valuation of $430.52 Billion by 2028 | Telehealth Generates 38% Market Revenue

WASHINGTON, Oct. 09, 2022 (GLOBE NEWSWIRE) — Global Digital Health Market was valued at USD 145.57 Billion in 2021 and is projected to surpass the valuation of USD 430.52 Billion by 2028 at a CAGR of 16.9% in the course of the forecast interval 2022–2028.

The demand for digital well being is on the rise, and companies are beginning to take discover. According to a current report from vantage Market Research, the worldwide digital well being market will attain USD 430.52 Billion by 2028. That’s a development fee of 16.9%. Digital well being applied sciences will help individuals keep wholesome and keep away from medical issues, and so they’re gaining popularity on a regular basis. Some widespread functions embody weight problems detection, coronary heart monitoring, diabetes administration, and most cancers monitoring.

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Further proof of the rising demand for digital well being market comes from our discovering that 61% of adults within the U.S. have tried a minimum of one digital well being expertise, and 56% of adults have used a minimum of one digital well being expertise prior to now 12 months.

As digital well being turns into extra mainstream, companies are beginning to take discover. In truth, the expansion of digital well being has already led to some spectacular improvements. For instance, an organization referred to as Fitbit is legendary for its health trackers, but it surely additionally produces gadgets that measure different points of well being comparable to weight and sleep high quality. Glass Health, a platform that helps docs diagnose varied well being issues. One of the most well-liked options in digital health market is Health Kit. The Health Kit platform was created by Apple and it’s accessible on gadgets such because the iPhone and iPad. Health Kit lets customers observe their well being information, together with medical data, exercises, eating regimen information, and extra. The platform additionally permits customers to share their information with others and entry it from a single location.

Top Players in Global Digital Health Market

• Allscripts Healthcare Solutions Inc. (US)

• Cisco Systems (US)

• Koninklijke Philips N.V. (Netherlands)

• McKesson Corporation (US)

• Cerner Corporation (US)

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Telehealth Generates Over 38% Revenue of Global Digital Health Market

In the final 4 years, telehealth has quickly turn into an essential a part of digital well being market, because it affords an alternative choice to conventional in-person therapies for sufferers. The healthcare business is at all times searching for new methods to enhance affected person care and cut back prices. Telehealth has the potential to play an essential function in enhancing affected person outcomes and lowering healthcare prices.

By utilizing telemedicine, sufferers can get diagnoses and remedy from specialists in different places with out having to journey. This medicine adherence monitoring device additionally helps hold sufferers extra conscious of their very own well being and contributes to higher general care. Telehealth additionally allows docs to deal with sufferers extra effectively by offering them with entry to medical data and former take a look at outcomes from different clinics or hospitals. This saves each money and time for the physician, in addition to for the affected person within the digital well being market. In addition, telemedicine will help docs join with a wider vary of sufferers, which might result in higher analysis and remedy. Overall, telehealth has many advantages for each sufferers and docs alike.

This report on digital well being market takes a more in-depth take a look at the traits driving the expansion of telehealth and explores how the expertise is getting used at the moment and projected for use sooner or later. It additionally seems to be at a few of the challenges which are stopping wider use of telehealth and affords key methods for overcoming them.

As distant affected person care continues to evolve, healthcare suppliers and sufferers are on the lookout for methods to maximise its potential. In a not too long ago launched report, Vantage Market Research surveyed greater than 2,000 clients throughout 9 nations about their want for telehealth and its impression on their fashionable healthcare expertise.

The research discovered that telehealth is rising quickly in recognition as a method to enhance care coordination and affected person expertise. Nearly two-thirds (64%) of respondents mentioned that they’re utilizing telehealth companies for hospital-based or main care consultations. These companies within the international digital well being market are getting used extra often in hospitals (69% vs. 54% use in retail or shopper companies), the place they’re seen as enhancing care coordination and entry to specialists (71% vs. 52%). Almost three quarters (73%) of respondents cited improved affected person satisfaction as one cause for utilizing teleshopping companies.

The commonest telehealth use instances are for psychological well being (25%), persistent care administration (23%), and pharmacotherapy (16%).

Since the Covid-19 pandemic, healthcare organizations within the international digital well being market are utilizing telehealth extra often to succeed in sufferers in rural areas, in addition to these residing in exterior of metropolitan statistical areas (MSAs). The prime causes the group give for utilizing telehealth companies are to enhance affected person engagement (70%), cut back prices (59%), and enhance workers productiveness (47%).

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Key Findings:

• The eHealth product & service phase accounted for optimum development in Digital Health Market in the course of the forecast interval. Rising demand for telehealth & telemedicine, the rising prevalence of persistent illnesses, and the rising variety of web customers are some main elements that propel the segmental development of the market.

• The software program sub-segment within the element phase is talked about most market development in the course of the forecast interval. This surge is accounted owing to the growing demand for healthcare value discount, rising demand for acquiring organized information & workflow within the healthcare sector, and improvement of superior healthcare infrastructure.

• Availability of huge market gamers, growing adoption of smartphone customers, growing occurrences of persistent illnesses and developments in healthcare info expertise are a few of the main parameters that fuelling the expansion of Digital Health Market on this area.

Scope of the Report:

North America Generates More Than 47% of Digital Health Market Revenue

There is not any query that the North America is without doubt one of the most digitally superior areas on the planet. In truth, in line with Vantage Market Research, the US is house to over 48 million digital natives – individuals who have been rising up and residing their lives on-line. This dominance in digital expertise has led to an exponential development in the usage of digital well being instruments and companies throughout the nation. One such device is digital medical insurance. Prior to the Affordable Care Act (ACA), few individuals had been conscious of the existence of digital medical insurance – not to mention the way it labored. However, due to the ACA, there’s now a variety of choices accessible for Americans who wish to defend themselves by buying health insurance that covers their medical payments utilizing expertise.

As per our research, US contributes round 70% to the North America digital well being market and it’s rising quickly within the US, and there are numerous causes for this. Firstly, the US healthcare system is complicated and costly, which implies that individuals are on the lookout for methods to enhance their healthcare general. Secondly, the huge array of well being information that’s accessible within the US makes it a great atmosphere for creating digital well being applied sciences. And lastly, American sufferers have a excessive degree of belief in technology-based options to their well being issues. all of which make the US a robust marketplace for digital well being services.

There are a number of firms in North America digital well being market which are main the best way within the improvement of digital well being options within the US. These embody Fitbit, Apple Inc., Google Inc., Microsoft Corporation, and Amazon.com. These firms have developed modern merchandise that assist shoppers observe their bodily exercise, monitor their meals consumption, and hold observe of vitals, amongst others.

Browse market information Tables and Figures unfold by 159 Pages and in-depth TOC on “Digital Health Market by Technology (Telehealthcare, mHealth, Healthacare Analytics, Digital Health Systems), by Component (Hardware, Software, Services), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.

Flooding Investment in Digital Health Market

There has been a surge of funding in digital well being startups lately, with enterprise capitalists and personal traders pouring cash into firms aiming to rework the best way individuals well being information and healthcare are shared and accessed. The sector is beginning to present indicators of maturity, with plenty of profitable startups going public or being acquired by bigger gamers. However, there may be nonetheless loads of room for development, with digital well being market anticipated to be value USD 430.52 Billion by 2028.

There are plenty of causes for this increase in digital well being startup investing. One large cause is that individuals are more and more on the lookout for methods to handle their well being information themselves – moderately than counting on third events like docs or insurers. This pattern has been helped by the event of cellular apps and different on-line instruments that make it simpler for individuals to maintain observe of their very own healthcare information. In addition, there may be growing demand from massive multinational firms for brand new methods to observe and deal with their clients’ well being information.

Startups in international digital well being market are additionally seizing onto alternatives to handle present healthcare issues in new methods.

Following Are Some of the Key Investments in Digital Health Market:

• In September 2022, Mass General Brigham Ventures secured a funding of $32 million by seed funding spherical for Rippl, a digital well being firm engaged in providing psychological well being to older adults.

• In September 2022, Optellum, an organization engaged in providing AI analysis for lung most cancers, raised $14 million by sequence A funding spherical

• In September 2022, Scratch Financial raised $35 million in sequence C funding. The firm affords purchase now pay later platform for healthcare suppliers within the international digital well being market

• In September 2022, Zócalo Health secured seed funding of $5 million to start out its digital main care companies

• In September 2022, Redesign Health raised $65 million by CVS Health Ventures, UPMC Enterprises, Samsung and General Catalyst

• In September 2022, Soda Health raised $25 million in sequence A funding. The firm affords Medicaid supplemental advantages and customized medicare benefit

• In September 2022, Rootine and Precision Health, start-ups in digital well being market, secured a funding over $10 million by sequence A funding

• In September 2022, Trek Health secured $2.7 million funding. The firm affords fee processing for psychological well being

• In September 2022, CertifyOS raised $14.5 million in a sequence A funding. It was led by General Catalyst.

• In September 2022, Digital well being and doctor connection platform Docquity obtained $44 million in sequence C financing

• In September 2022, Patient engagement platform Upfront received $10.5 million in sequence C funding.

Key Questions Answered in The Report:

• Which area will present the quickest and highest development within the close to future?

• Which are the highest 5 gamers and their weak spot and energy of the Market?

• What would be the future innovation within the upcoming six years?

• Which utility and product will lead the biggest share of the Market?

• What are the expansion drivers, restraints and challenges of the business?

• What would be the CAGR and dimension of the Digital Health Market for the bottom yr and forecast interval?

Customization of the Report:

The report could be custom-made as per shopper wants or necessities. For any queries, you may contact us on [email protected] or +1 (202) 380-9727. Our gross sales executives will probably be pleased to grasp your wants and give you probably the most appropriate experiences.

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About Vantage Market Research:

We, at Vantage Market Research, present quantified B2B prime quality analysis on greater than 20,000 rising markets, in flip, serving to our shoppers map out constellation of alternatives for his or her companies. We, as a aggressive intelligence market analysis and consulting agency present finish to finish options to our shopper enterprises to fulfill their essential enterprise targets. Our clientele base spans throughout 70% of Global Fortune 500 firms. The firm supplies prime quality information and market research reports. The firm serves varied enterprises and shoppers in all kinds of industries. The firm affords detailed experiences on a number of industries together with Chemical Materials and Energy, Food and Beverages, Healthcare Technology, and so on. The firm’s skilled group of Analysts, Researchers, and Consultants use proprietary information sources and quite a few statistical instruments and methods to assemble and analyse info.

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