Digital Health Market - By Technology [Telehealthcare {Telecare, mHealth (Wearables, Apps (Medical, Fitness))}, Health Analytics], By Component (Hardware, Software, Services), By Region, Competitive Landscape, Pricing Analysis - Global Forecast to 2032.

Digital Health Market - By Technology [Telehealthcare {Telecare, mHealth (Wearables, Apps (Medical, Fitness))}, Health Analytics], By Component (Hardware, Software, Services), By Region, Competitive Landscape, Pricing Analysis - Global Forecast to 2032.

Digital Health Market is poised to grow notably during 2023–2032, as healthcare IT has emerged as a promising technology for transforming paper-based healthcare into a digitized system. Favorable initiatives by the U.S. federal government for encouraging digital health will also favor the industry outlook positively. For instance, the U.S. Affordable Care Act (ACA) and other government health insurance schemes have accompanied fresh innovations in digital health.

Digital health has transformed how medical professionals offer care, and the healthcare system operates. It uses the power of digital technologies, such as advanced analytics, to offer enhanced healthcare.

Some of the common benefits offered by digital health include enhanced patient health outcomes through personalized treatment plans, prolonged access to health care for historically marginalized communities, lessened health care costs for patients and providers, amplified operation efficiency at health facilities, such as hospitals, and improved diagnoses through machine learning algorithms.

Intrinsic innovations by leading conglomerates in the digital healthcare space would add to the market landscape. In 2022, Amazon launched a new virtual health service with USD 3.9 billion acquisition of One Medical. Dubbed the Amazon Clinic, the service would operate as a virtual health storefront offering users access to 3rd party telehealth providers.

Overall, the digital health industry is segmented in terms of technology, component, and region.

Based on technology, the health analytics segment accounted for USD 26 billion in 2022 and will grow significantly during the estimated timeframe. Increasing deployment of EHR (electronic health records) across healthcare facilities due to the data's complexity and transition from written to EHR will positively influence the industry outlook. Besides, the increasing collection of genomic data and their analysis for developing personalized medicine, along with the increasing interest of investors in healthcare analytical tools, will further foster market expansion.

By component, the services segment will showcase lucrative growth through 2032. The increasing prevalence of chronic diseases and rising awareness regarding the benefits of several digital health-related services among consumers will favor the industry outlook. In addition, significant investments made by various digital health market vendors will also offer lucrative growth opportunities to the segmental growth.

Regionally, the Europe digital health industry is estimated to grow considerably through 2032, as the mobile health segment is gaining massive momentum across the region. Additionally, an array of mhealth apps for doctors and patients for specific diseases, disabilities, and health improvement are constantly being developed in this region, pushing the market share for digital health.