Digital healthcare refers to the use of digital and electronic healthcare technology for healthcare services and management of chronic illnesses. It involves use of tools like electronic health records (EHR), mHealth, telehealth and remote patient monitoring. Digital healthcare enables improved patient care management and coordination between providers and patients. It offers advantages like online booking of appointments, remote monitoring of vitals, diagnosis and management of chronic diseases. The growing preference for digital care services owing to convenience and lower costs has increased the need for digital healthcare solutions.
The Global Digital Healthcare Market Size is estimated to be valued at US$ 5902.43 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity to improve patient care management and outcomes is driving growth of the digital healthcare market. Digital healthcare solutions enable effective management of chronic illnesses through remote patient monitoring and timely diagnosis. It offers healthcare providers tools to better track patient health metrics and vital signs outside traditional healthcare settings. This helps in early detection of health issues and preventive care. Digital care also improves care coordination between various providers and facilitates better treatment adherence. The ability of digital healthcare to enhance patient experience and clinical outcomes through personalized remote care presents lucrative growth opportunities for market players in the coming years.
Porter's Analysis:
The threat of new entrants in the digital healthcare market is low as it requires huge investments in technological infrastructure and presence of established players.
The bargaining power of buyers is high due to availability of various treatment options and healthcare plans.
The bargaining power of suppliers is moderate as they need to comply with strict regulations.
The threat of new substitutes is moderate with emerging technologies.
Competitive rivalry in the market is high owing to presence of major players focusing on new product launches and partnerships.
SWOT Analysis:
Strength: Digital healthcare solutions facilitate improved patient engagement and remote monitoring.
Weakness: High costs associated with deployment of technologies and security & privacy concerns.
Opportunity: Growing geriatric population and surge in chronic diseases. Opportunity: Integration of advanced technologies like AI, ML, blockchain and telehealth.
Threats: Lack of infrastructure in developing regions and resistance to changes from healthcare providers.
Key Takeaways:
The global digital healthcare market is expected to witness high growth during the forecast period. The global Digital Healthcare Market is estimated to be valued at US$ 5902.43 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2031.
North America dominates the market currently due to presence of major players and advanced healthcare infrastructure. Asia Pacific is expected to grow at the fastest pace with rising healthcare expenditure and developing economies.
Key players operating in the digital healthcare market are AgSource, AgroLiquid, Crop Nutrition Laboratory Services Ltd., Element Materials Technology, SGS Société Générale de Surveillance SA, Eurofins Scientific, Picketa Systems Inc., Spectrum Analytic, Soilscape Solutions, Wallace Laboratories LLC., Ward Laboratories, Inc., Waters Agricultural Laboratories, Inc. Regional analysis related content North America holds a significant share in the global digital healthcare market, mainly owing to the presence of major players, rising focus on precision and personalized medicine, and supportive government initiatives in the U.S. and Canada. For instance, under the American Recovery and Reinvestment Act of 2009, the U.S. government allocated over US$ 36 billion to develop the healthcare infrastructure and adopt electronic health records. Asia Pacific is poised to grow at the fastest pace during the forecast period owing to increasing healthcare expenditure, surge in chronic diseases, supportive government policies for digitization of healthcare, and emergence of regional players in countries such as China, India, and Japan.
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