Digital Health Market in terms of revenue was estimated to be worth $180.2 billion in 2023 and is poised to reach $549.7 billion by 2028, growing at a CAGR of 25.0% from 2023 to 2028 according to a new report by MarketsandMarkets. The growth of this market is driven by the expansion of telemedicine and telehealth services, enhanced patient engagement and empowerment and increased investment in health tech startups. On the other hand, variability in healthcare infrastructure and digital literacy, reimbursement and payment issues are some of the factors challenging the growth of the market.

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North America accounted for the largest share of the global Digital Health Industry in 2022.

The Digital Health market is segmented into four key regions—North America, Europe, APAC, and the Rest of the World (RoW). North America, being the early adopter of advanced technologies, has captured the largest share of the Digital Health market in 2022, followed by Europe and APAC. It is also projected to register the highest CAGR. North America is the fastest-growing regional segment for digital health due to its technological development, expansion in the healthcare industry, favorable regulatory environment, and the presence of key players and innovation hubs.

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Digital Health Market Dynamics:

Drivers

·         Increasing penetration of smartphones, tablets, and other mobile platforms

·         Supportive initiatives and increasing strategic alliances

·         Rising geriatric population and subsequent increase in prevalence of chronic diseases

·         Rising focus on patient-centric healthcare solutions

 Restraints

·         High cost of deployment of digital health solutions for small and medium-sized hospitals in emerging countries

·         Interoperability issues

 Opportunities

·         Shift toward intelligent health ecosystem to deliver personalized health experiences

·         Digital health solutions for universal healthcare access

·         Improving regulatory support and reimbursements

·         Advancements in digital health

 Challenges

·         Healthcare gap in emerging economies

·         Privacy and security concerns

Key Market Players of Digital Health Industry:

Prominent players in the digital health market include Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE HealthCare (US), Abbott (US), OMRON Corporation (Japan), Fitbit, Inc. (A google company) (US), Johnson & Johnson Private Limited (US), Siemens Healthineers AG (Germany), Masimo (US), Apple, Inc. (US), Merative (US), AT & T, Inc. (US), Veradigm LLC (US), Noom, Inc. (US), Teladoc Health, Inc. (US), Omada Health Inc. (US), Dexcom, Inc. (US), Biotricity (US), iHealth Labs Inc (US), my mhealth Limited (UK), athenahealth (US), eClinicalWorks (US), AirStrip Technologies, Inc (US), AdvancedMD, Inc. (US) and Qardio, Inc. (US). Players adopted organic as well as inorganic growth strategies such as product upgrades, collaborations, agreements, partnerships, and acquisitions to increase their offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.

Breakdown of supply-side primary interviews, by company type, designation, and region:

· By Supply Side: Tier 1 (31%), Tier 2 (28%), and Tier 3 (41%)

· By Demand Side: Purchase Managers (45%), Head Of AI, ML, Drud Discovery & Computational Molecular Design (30%), Research Scientists (25%)

· By Designation: C-level (31%), Director-level (25%), and Others (44%)

· By Region: North America (45%), Europe (20%), Asia Pacific (28%), and RoW (7%)

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 Recent Developments:

· In May 2023 Medtronic (Ireland) acquired EOFlow Co. Ltd. (South Korea) to expand its ability to treat patients with diabetes.

· In March 2023, GE HealthCare (US) partnered with Advantus Health Partners (US) to sign a multi-year contract to expand access to Healthcare Technology Management Services.

· In April 2023, Abbott (US) acquired Cardiovascular Systems, Inc. (CSI) (US) to gain a complementary treatment option for vascular illness. The highly advanced atherectomy technology from CSI prepares vessels for angioplasty or stenting to restore blood flow.

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