Digital Health Market, By Technology (Telehealthcare, mHealth, Health Analytics, Digital Health Systems, Telemedicine, and Others), By Component (Software, Hardware, Services, Connected Devices, and Others), By End User (Hospitals & Clinics and Health Insurance Firms), By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)

Published In : Dec 2023

Code : CMI1909

Pages :150

Formats :

Excel and PDF

Industry : Healthcare IT

Market Challenges And Opportunities

Digital Health Market Drivers:

Growing Geriatric Population: Increasing geriatric population globally will aid in the market growth over the forecast period, as geriatric patients are preferring telemedicine consultation. For instance, according to the data published by the World Health Organization (WHO) on October 1, 2022, in 2050, 80% of older people will be living in low- and middle-income countries.

Rising Investment in Telehealth and Telemedicine: This pandemic experience has accelerated the ongoing shift towards telehealth as the new normal. Many patients, doctors, and healthcare systems have now recognized the value of virtual care delivery models. This is driving higher and sustained investments in telehealth technologies across regions. For instance, in the U.S., federal programs expanded telehealth coverage and reimbursements during the pandemic. As per the U.S. Department of Health and Human Services, between April and July 2020, 62 times more Medicare patients received virtual care compared to pre-pandemic levels.

Digital Health Market Opportunities:

Increasing Inorganic Strategies by the Market Players: Increasing inorganic strategies by market players, such as mergers, acquisitions, and collaborations, are expected to drive the market growth over the forecast period. For instance, on August 5, 2020, Teladoc Health (TDOC), the global leader in virtual care, and Livongo (LVGO), the leading applied health signals company, announced that they have entered into a definitive merger agreement. This merger represents a transformational opportunity to improve the delivery, access, and experience of healthcare for consumers around the world.

Digital Health Market Restraints:

Lack of Awareness in Developing Nations: Lack of technological awareness among medical practitioners is significantly restraining the growth of the global digital health market. Traditional medical education system has not fully incorporated new-age digital healthcare solutions and technologies in their curriculum. As a result, most doctors and healthcare providers have limited know-how of advanced digital tools and platforms that can help improve patient outcomes. This technological disconnect is one of the major roadblocks in wider adoption of telehealth, remote patient monitoring, Artificial Intelligence (AI)-based clinical decision support systems, and other emerging digital interventions. For instance, according to the World Health Organization (WHO), only 14% of countries had developed telemedicine guidelines and regulations as of 2021.