Digital Health Market Estimated at US$ 1.1 Trillion by 2031, TMR Study

In 2022, the worldwide 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐇𝐞𝐚𝐥𝐭𝐡 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲 garnered a valuation of US$ 382.5 billion. Projections indicate a steady growth trajectory, with a compound annual growth rate (CAGR) of 13.1% anticipated from 2023 to 2031, ultimately culminating in a total valuation of US$ 1.1 trillion by the conclusion of 2031.

Market analysts foresee a promising outlook characterized by the burgeoning prevalence of chronic diseases and the increasing adoption of smartphones and internet connectivity. These factors are expected to drive the expansion of the digital health market throughout the forecast period. Moreover, advancements in healthcare IT infrastructure are poised to create lucrative opportunities for vendors operating within the market landscape.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅:
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=12473&utm_source=OpenPR&utm_campaign=MansiR_OpenPR

Digital health encompasses the utilization of wearable technologies, telehealth, telemedicine, mobile health (mHealth), health information technology (IT), and personalized medicine. It relies on a variety of computing platforms, networking software, and sensors to facilitate healthcare services. These technologies find application in areas such as general wellness, medical equipment, diagnosis, and the advancement of drugs and medical devices.

At its core, digital health solutions are centered around healthcare information systems and wearable devices. Examples of healthcare information systems include Electronic Health Records (EHR)/Electronic Medical Records (EMR), Clinical Decision Support Systems (CDSS), Computerized Physician Order Entry (CPOE), and mHealth. Meanwhile, wearable devices encompass a range of tools such as pain management devices, rehabilitation devices, respiratory therapy devices, and insulin pumps.

𝐑𝐢𝐬𝐞 𝐢𝐧 𝐏𝐫𝐞𝐯𝐚𝐥𝐞𝐧𝐜𝐞 𝐨𝐟 𝐂𝐡𝐫𝐨𝐧𝐢𝐜 𝐃𝐢𝐬𝐞𝐚𝐬𝐞𝐬 𝐏𝐫𝐨𝐩𝐞𝐥𝐥𝐢𝐧𝐠 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐇𝐞𝐚𝐥𝐭𝐡 𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭

Rising prevalence of diabetes, cardiovascular diseases, and other chronic illnesses globally due to aging populations and poor dietary habits is driving growth in the digital health market. Chronic diseases, including cardiovascular diseases, are major contributors to global mortality rates, with millions of deaths annually. In the US alone, chronic diseases are the leading cause of death and disability, affecting nearly half the population. Investment in healthcare IT infrastructure, including AI and IoMT, is expected to fuel market expansion, although cost and cybersecurity risks remain significant challenges.

𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

Agfa-Gevaert N.V., Cerner Corporation, Allscripts Healthcare Solutions, Inc., McKesson Corporation, Philips Healthcare, GE Healthcare, Siemens Healthineers, Epic Systems Corporation, Merative, Alphabet Inc., Qualcomm, Inc., UnitedHealth Group (Optum), and Cisco Systems, Inc.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧-

Product

Healthcare Information Systems
Clinical Solutions
EHR/EMR
Clinical Decision Support System (CDSS)
Computerized Physician Order Entry (CPOE)
mHealth
Connected Medical Devices
mHealth Applications
Fitness App
Medical Reference
Wellness
Medical Condition Management
Nutrition
Remote Consultation
Reminders and Alerts
Diagnostics
Others
Telehealth
Population Health Management
Others
Non-clinical Solutions

Wearable Devices

Diagnostic and Monitoring Devices
Digital Therapeutic Devices
Pain Management Devices
Rehabilitation Devices
Respiratory Therapy Devices
Insulin Pumps

Component

Software
Hardware
Services

End-user

B2C
Patients
Caregivers
B2B
Providers
Payers
Employers
Pharmaceutical Companies
Others

𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐚𝐧𝐝 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬:

Drivers:

Rising prevalence of chronic diseases
Technological advancements in healthcare
Increasing demand for remote patient monitoring
Government initiatives to promote digital health solutions
Growing investments in healthcare IT

Challenges:

Data security and privacy concerns
Lack of interoperability among digital health systems
Reimbursement challenges for digital health services
Resistance to adoption among healthcare providers
Regulatory complexities across different regions

𝐑𝐞𝐠𝐢𝐨𝐧𝐬 𝐂𝐨𝐯𝐞𝐫𝐞𝐝:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬:

In June 2023, Medix Global launched Digital Health Innovation Challenge 2023 for start-ups and innovators creating cutting-edge digital health solutions. The challenge focuses on tech start-ups catering to healthcare issues linked to women's health and mental health.

In July 2021, Cerner Corporation collaborated with Baystate Health to introduce a digital health platform in order to integrate care delivery and financing systems for a more consumer-focused approach to patient care.

𝐏𝐥𝐚𝐜𝐞 𝐚𝐧 𝐎𝐫𝐝𝐞𝐫 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.transparencymarketresearch.com/checkout.php?rep_id=12473<ype=S&utm_source=OpenPR&utm_campaign=MansiR_OpenPR

𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬:

Adoption of artificial intelligence (AI) and machine learning in healthcare
Integration of blockchain technology for secure health data management
Expansion of virtual reality (VR) and augmented reality (AR) applications in healthcare
Emphasis on personalized medicine and precision healthcare
Growth of remote patient monitoring solutions for elderly care and chronic disease management

𝐅𝐮𝐭𝐮𝐫𝐞 𝐎𝐮𝐭𝐥𝐨𝐨𝐤:

The future of the digital health market looks promising, with continued innovations in technology, increasing collaboration between healthcare providers and technology companies, and rising consumer acceptance of digital health solutions. The market is expected to witness substantial growth opportunities, particularly in emerging economies where there is a significant unmet need for healthcare services.

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐮𝐝𝐲 𝐏𝐨𝐢𝐧𝐭𝐬:

Market size and growth projections
Market segmentation analysis
Regional dynamics and market trends
Regulatory landscape and policy implications
Competitive analysis and strategic initiatives

𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐓𝐌𝐑:

𝐏𝐄𝐓-𝐂𝐓 𝐒𝐜𝐚𝐧𝐧𝐞𝐫 𝐃𝐞𝐯𝐢𝐜𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭- https://www.globenewswire.com/news-release/2022/10/07/2530323/0/en/PET-CT-Scanner-Devices-Market-Revenue-Share-and-Profit-Sources-Analysis-TMR-Study.html

𝐒𝐭𝐮𝐝 𝐖𝐞𝐥𝐝𝐢𝐧𝐠 𝐌𝐚𝐜𝐡𝐢𝐧𝐞 𝐌𝐚𝐫𝐤𝐞𝐭- https://www.globenewswire.com/news-release/2022/10/10/2530819/0/en/Stud-Welding-Machine-Market-Estimated-at-US-1-69-Billion-by-2031-TMR-Study.html

𝐀𝐛𝐨𝐮𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

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𝐂𝐨𝐧𝐭𝐚𝐜𝐭:

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