The global Digital Healthcare Market is estimated to be valued at US$ 5123.63 Mn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Digital healthcare involves the use of digital and electronic healthcare technology for improving patient care, efficiency, outcomes and access to healthcare systems and information. It includes EHR, mHealth, telehealth and health analytics that provides advantages like cost-effectiveness, easy access and portability.
Market key trends:
One of the key trends driving the growth of Global Digital Healthcare Market Size is rising adoption of telehealth and telemedicine. During COVID-19 pandemic, telemedicine emerged as a effective solution for remote medical consultation and care. With growing popularity, telehealth is expected to continue seeing increased adoption for both chronic and acute care. This will boost the digital healthcare market growth over the forecast period.
SWOT Analysis
Strength: The digital healthcare market is witnessing high adoption of digital technology such as IoT, AI and analytics which is improving the quality of care and reducing costs. Telehealth and telemedicine services are enabling remote consultations which is a major strength.
Weakness: Data privacy and security continues to be a challenge in the digital healthcare market. Many healthcare organizations lack expertise in handling large and complex digital data. High initial investments required for digital transformation is also a weakness.
Opportunity: Growing geriatric population and rising prevalence of chronic diseases is driving the need for improved healthcare access and management. This presents an opportunity for digital healthcare solutions. Integration of digital services with government health programs can further boost the market.
Threats: Resistance to change from traditional healthcare providers and users can slow down the adoption of new technologies. Lack of standard regulations for telehealth practices and insurance coverage is also a threat.
Key Takeaways
The global digital healthcare market is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing need for cost effective and improved healthcare solutions.
Regional analysis
North America dominates the digital healthcare market currently due to advanced digital infrastructure and high healthcare expenditure in the US and Canada. However, Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing spending on healthcare and growing medical tourism in China, India and other Asian countries.
Key players operating in the digital healthcare market are IBM Corporation, CGI Group Inc., Accenture PLC, Deloitte LLP, AT&T Inc., PWC LLP, GE Healthcare Limited, and Syntel Inc. These players are focusing on new product launches and partnerships to expand their market share. For instance, IBM recently partnered with CVS Health to develop AI powered tools to improve healthcare monitoring.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it