Digital Healthcare Market Will Grow at Highest Pace Owing To Growing Adoption of Telehealth and Telemedicine Solutions

Digital healthcare refers to the use of digitized patient medical records and health data by doctors, hospitals and healthcare institutions for providing healthcare services. The digital healthcare market has gained traction in recent years due to its advantages such as easy accessibility and storage of patient health records, reduced medical errors, streamlined workflows and enabling remote healthcare through telehealth solutions.

Digital healthcare solutions include electronic health record systems, healthcare information systems, computerized physician order entry systems, picture archiving and communication systems, telemetry systems and others. These solutions digitally capture, store, share and analyze patient health information digitally to aid in treatment and diagnosis. With growing prevalence of chronic diseases and healthcare costs, digital healthcare offers a efficient way for doctors and patients to communicate remotely through telehealth and telemedicine solutions. This reduces costs and improves access to healthcare outside traditional clinical settings.


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 2024 to 2030.


Key Takeaways

Key players operating in The Digital Healthcare Market 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. The major players are focusing on strengthening their market presence through strategic partnerships and new product launches.

The growing demand for telehealth and telemedicine services amidst the COVID-19 pandemic has boosted adoption of digital healthcare solutions globally. Telehealth solutions enable remote care delivery and monitoring, reducing the need for in-person visits. This has significantly contributed to the growth of the digital healthcare market over the recent past.

Technological advancements in big data analytics, cloud computing and IoT have enabled integrated digital healthcare platforms that offer real-time data analysis and remote patient monitoring. This has improved clinical outcomes and care delivery. Further innovations in artificial intelligence, virtual reality, blockchain and digital therapeutics are expected to transform digital healthcare in the coming years.

Market Trends

Growing Adoption of Telehealth - The COVID-19 pandemic accelerated the adoption of telehealth and telemedicine solutions globally as they enabled remote care. This trend is expected to continue even post pandemic as telehealth offers increased access and lower costs.

Integration of AI and Analytics - AI, machine learning and analytics are increasingly being integrated into digital healthcare platforms and solutions. This allows for personalized treatment recommendations, predictive analytics for risk assessment and automated diagnosis support.

Market Opportunities

Remote Patient Monitoring - There is potential for growth in remote patient monitoring devices and platforms that can monitor vital signs at home and transmit data to clinicians remotely. This reduces need for frequent clinical visits.

Digital Therapeutics - The application of digital and online technologies to treat medical conditions is an emerging area. More innovative digital therapeutics solutions can be further developed and commercialized.

Impact of COVID-19 on Digital Healthcare Market

The COVID-19 pandemic has accelerated digital transformation across various industries including healthcare. There was a surge in demand for telehealth and telemedicine as people avoided in-person visits to hospitals and clinics to curb the spread of the virus. Various digital healthcare solutions ranging from remote patient monitoring devices, hospital management systems, electronic health records gained widespread adoption during this period. Telehealth usage rose by 154% in the initial months of the pandemic.

Pre-COVID, adoption of digital health solutions was gradual with varying levels of acceptance. However, the pandemic acted as a catalyst prompting healthcare providers to shift towards digitization at a much faster pace. Government policies were also adjusted to promote and reimburse telehealth services. This helped address the challenge of providing chronic care management and critical services while maintaining social distancing. Going forward, digital healthcare is expected to play a major role in early detection, population health management, care coordination and value-based reimbursements.

Newer technologies like AI, blockchain, wearables will further aid virtual care delivery and personalized medicine. Telehealth is likely to remain an important component of outpatient services even in the post-COVID era. While in-person visits will pick up, a hybrid approach combining virtual and physical care will become the new normal. Overall, COVID-19 has accelerated the digital healthcare market transition by 3-5 years. Sustained investments are needed from governments, insurers as well as providers to build on the opportunities and drive continued innovation.

North America has been a dominant regional market for digital healthcare.

The region accounted for the largest share of the global digital healthcare market in terms of value in 2024, driven by favorable government policies, rise of value-based care models, and increased health awareness among population. Notable country-level markets include the United States and Canada. Presence of prominent technology companies and healthcare providers has accelerated product development and commercialization of various digital solutions. Moreover, high disposable incomes, spending capacity, and superior connectivity infrastructure have propelled market growth. Going forward, Europe is expected to emerge as the fastest growing regional market supported by initiatives like eHealth Action Plan 2012-2020. Countries like the UK, Germany, France are at the forefront of digitization due to supportive regulatory frameworks and healthcare reforms encouraging adoption of telehealth, EHR and remote monitoring services. Asia Pacific will exhibit healthy growth rates led by China, India and Japan as their healthcare infrastructures mature and chronic diseases rise.

 

Get more insights on Digital Healthcare Market

 


Comments

Post a Comment

Popular posts from this blog

Vegan Yogurt Market is Poised for Growth Driven by Rising Health Consciousness

Image
Vegan yogurt is a dairy-free alternative to conventional yogurt made from plant-based milk such as soy, almond, oat, coconut or rice. It provides similar texture and taste to dairy yogurt but without any animal products.Vegan yogurt offers several health advantages over dairy yogurt as it is devoid of lactose, cholesterol and saturated fats. The growing number of people adopting vegan and flexitarian diets has driven the demand for plant-based dairy alternatives like vegan yogurt. The global vegan yogurt market is estimated to be valued at US$ 4.15 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031. Key Takeaways Key players- Met Fods, Cocos Organic, Hain Celestial, EasiYo Product Limited, Danone, General Mills Inc., Stonyfield Far, Inc., Daiya Foods Inc.m Good Karma foods, Inc.m Hudson River Foodsm NANCY'S, Kite Hill, COYO Pty lTd., Nush Foods, Chobani, LLC, Barambah Oraganics Pty Ltd., Blue Diamond Growers, Dean Foodsm General Mills Inc...
Read more

Hypoglycemic Drugs Market is Estimated to Witness High Growth Owing to Increasing Prevalence of Diabetes in the Geriatric Population

Image
Hypoglycemic drugs or anti-diabetic drugs are medications used to treat diabetes mellitus by lowering blood glucose levels. Some key hypoglycemic drugs include insulin, sulfonylureas, metformin, thiazolidinediones, DPP-4 inhibitors, SGLT2 inhibitors and GLP-1 receptor agonists. These drugs help control blood sugar levels in diabetics and prevent or delay diabetes-related health complications. The global hypoglycemic drugs market is estimated to be valued at US$ 720.72 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Dynamics: The growth of the global hypoglycemic drugs market is majorly driven by the increasing prevalence of diabetes in the geriatric population globally. As per estimates, around 1 in every 11 people aged 65 years and above have diabetes. Further, the number of people with diabetes in this age group is anticipated to grow from 25.9 million in 2017 to...
Read more

Clinical Trials Rising with Digital Technologies Adoption

Image
 Clinical trials support services play a vital role in assisting sponsors and life science companies to conduct clinical trials in a precise and well-organized manner.These services assist pharmaceutical companies in patient recruitment, data management, site management, and overall clinical trial management. With rising complexities in clinical trials owing to integration of technologies like telehealth and remote patient monitoring, the demand for these support services is growing substantially. The global Clinical Trials Support Services Market is estimated to be valued at US$ 22.38 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: The growing adoption of digital technologies across clinical trials is a key trend accelerating the growth of the clinical trials support services market. Digital tools like electronic data capture, clinical trial manag...
Read more