The global Digital Healthcare market is anticipated to grow at a significant CAGR of 16.6% during 2024-2031. The growth of the market is attributed to factors such as growing numbers of smartphone users, improved internet speed and connectivity, inclusion of IT in healthcare, growing healthcare costs, and accessibility to virtual care. Furthermore, factors like investments, government initiatives, rising health consciousness, wearables adoption, the proliferation of health apps, and growing R&D are driving the market growth.
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Digital Healthcare Market Trends
· Digital healthcare is attracting investments from various key market players to enhance the applications and user experience. For instance, in April 2023, Accenture invested in Virtonomy to help medical technology companies use digital twin technology to accelerate the time to market for medical devices.
· The digital healthcare market is driving forward due to government initiatives globally to support digital healthcare infrastructure. For instance, in August 2023, The World Health Organization (WHO) and the G20 India presidency announced a new Global Initiative on Digital Health (GIDH), which will be operated as will operate as a WHO-managed network and platform to support the implementation of the Global Strategy on Digital Health 2020–2025.
· Collaborations between brands and education institutions for research and innovation in the digital healthcare market are propelling market growth. For instance, in October 2023, Samsung announced an open innovation initiative with the MIT Media Lab, Brigham & Women’s Hospital, Tulane University School of Medicine, and Samsung Medical Center to build a digital health ecosystem.
· Telehealth/telemedicine has improved doctor-patient relationships and improved privacy and communication between doctors and patients. It has also reduced the cost of healthcare and made it more accessible. Brands are considering all these benefits and launching upgraded apps to support the global healthcare market. For instance, in February 2023, Axena Health secured a $25.0 million Series A investment to accelerate the global adoption of digital health treatment for female incontinence. The investment will support and expand access to the Leva® Pelvic Health System, a prescription digital therapeutic (PDT) that offers easy-to-use, at-home treatment for urinary incontinence (UI) and chronic fecal incontinence (FI) in women.
· The Internet of Things (IoT) or in healthcare it is also known as the Internet of Medical Things (IoMT) is consistently improving the digital healthcare platform. IoMT offers efficient data backup and analytics, reliable mobile connectivity, and advanced wearable devices with big data processing powering a personalized digital experience. For Instance, in June 2023, Teltonika, a Lithuanian high-tech company launched the production of TeltoHeart, a multifunctional smart medical wristband designed to help people with heart rhythm problems.
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The major companies serving the global Digital Healthcare market include AT&T, Inc., Apple, Inc., Allscripts Healthcare Solutions, Inc., Athenahealth Inc., eClinical Works, Google Inc., IBM Corp., Koninklijke Philips N.V., Qualcomm Technologies, Inc., Vodafone Group, and others. The market's existing and new players are considerably contributing to the market growth by the adoption of various strategies including collaborations, funding, and new product launches, to stay competitive in the market. Furthermore, governments globally is also supporting and initiating various moments in the global digital healthcare market. IoT, AI, Big Data, and Machine Learning (ML), among others is going to be the future shaper of global digital healthcare market.
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