North America Is Dominating Digital Health Market

The size of the global digital health market was USD 183,517.9 million in 2022, and the figure is set to rise at a CAGR of 19.90% from 2022 to 2030 and reach USD 783,848.2 million by the end of this decade.

This is ascribed to the escalating need for remote patient monitoring services, growing usage of smartphones and tablets, surging demand for enhanced healthcare information systems, development of innovative mobile health applications, and the government's help in implementing guidelines regarding such solutions.

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Furthermore, advanced internet connectivity with the launch of 5G, development in healthcare IT infrastructure, snowballing frequency of chronic illnesses, and growing need to reduce healthcare charges are major factors boosting the market growth.

In 2022, the telemedicine category held a considerable market share. The demand for Telehealth services is surging mainly because of the rising demand for managing the populace in real-time, protected healthcare information storage, and dependable health and fitness monitoring.

The growth of such services is being supported by the upgradation of the hardware and software utilized in telehealth. Therefore, the growing trend of software upgrades that consist of several healthcare applications is accountable for market growth in the future.

The individual category is estimated to grow at the fastest pace in the coming years. This can be credited to the increasing acceptance of IT solutions by people across the globe. With the help of such solutions, the transfer of accurate information to the concerned person becomes possible. Furthermore, such solutions aid in storing, manipulating, and tracking data and delivering it to the correct individuals, as and when needed.

The growing acceptance of cloud computing solutions in the healthcare industry is the key trend currently observed in the sector. Due to the rapid enhancement in processing and storage technologies, computing settings are becoming more cost-efficient, powerful, and easily available than before.

This is significantly boosting the development of cloud computing, a new model of computing in which the resources, consisting of clinical claims, including pharmacy orders and physician inquiries, and non-clinical applications, like revenue cycle management and individual billing; are offered to users on demand, through the internet.

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In 2022, North America had the largest revenue share of approximately 39% in the market. This dominance can be ascribed to the growing public knowledge regarding digital health technologies through numerous workshops and conferences, mainly in the U.S., growing government policies, and snowballing geriatric populace and measures for the betterment of the operation of healthcare delivery systems in the North American region.

Hence, the digital health industry is propelled by the increasing use of tablets and smartphones and supportive government policies.

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