Digital health market to hit USD 939.54B by 2032

The global digital health market size surpassed USD 262.63 billion in 2022 and is anticipated to hit around USD 939.54 billion by 2032.

The global digital health market is expected to expand at a remarkable CAGR of 13.1% over the forecast period 2023 to 2032. The U.S. digital health market size reached USD 56.86 billion in 2022 and is projected to reach around USD 211.6 billion by 2032, expanding at a CAGR of 13.6% from 2023 to 2032.

Digital health refers to the use of technologies, information, and communication tools to improve various aspects of healthcare. It involves a wide range of applications and services that use digital solutions to effectively enhance healthcare delivery, improve patient outcomes, and reduce the management of health-related data. The component of digital health includes Electronic Health Records, Telehealth and Telemedicine, mHealth, Health Information Exchange, Health Analytics.

Digital health refers to the use of computing platforms, connectivity, software, and sensors for healthcare and related purposes. It includes various categories such as mobile health (mHealth), health information technology (IT), wearable devices, telehealth, telemedicine, and personalized medicine. These technologies have a wide range of applications, from general wellness to medical devices, and can be used to improve access, reduce inefficiencies, lower costs, increase quality, and provide more personalized healthcare for patients.

Digital health tools have the potential to improve the ability to accurately diagnose and treat diseases, enhance the delivery of healthcare, and empower consumers to make better-informed decisions about their health. The application areas of digital health include personal health management and wellness, diagnostics and triage, virtual care and telehealth, remote monitoring, and data and analytics. Digital healthcare offers a range of possibilities and may improve the quality of patient care by incorporating tools such as machine learning, mobile applications, sensors, wearables, and telehealth.

The digital health market is segmented based on component, technology, and region. Factors such as increasing adoption of digital healthcare, rising need to curb healthcare costs, rising incidence of chronic diseases, increasing accessibility of virtual care, focus on patient-centric healthcare solutions, are driving the growth of the market. However, the data privacy and security concerns, lack of interoperability, stringent regulatory, lack of reimbursement, digital divide, and cybersecurity threats are limiting the growth of market. Furthermore, personalization of care, prevention and early detection of diseases, improved patient outcomes, reduced healthcare costs, development of New AI-powered diagnostic tools, development of remote patient monitoring platforms are expected to offer ample opportunities.

Supply chain analysis of digital health market:
Digitizing the supply chain allows health care providers to deliver the right product to the right patient at the right time at a lower cost. Building a digital supply chain will also put healthcare businesses in a better position to take advantage of technological advancements that will increase data flow and analytics, provider-patient connectivity, asset tracking, and regulatory compliance. Several difficulties confront healthcare companies, encouraging them to consider establishing digital supply networks (DSNs):

Optimizing costs:
Changes in payment models brought on by healthcare reform, growing prices, and narrowing margins, and the healthcare industry’s shift from volume to value are forcing providers to find new methods to manage resources and cut costs across the board.

Limiting variation:
By digitizing typical operations, hospitals can lower the chance of poor results owing to mistakes and unpredictability while also freeing up personnel to work on higher-value tasks.

Increasing patient satisfaction:
Having an effective digital supply chain not only saves hospitals money, but it can also contribute to higher patient satisfaction by redirecting staff time to patient care, reducing waiting times, and decreasing the number of rescheduled appointments.

Taking on new value-creation challenges:
Health-care executives are paying more attention to areas like brand loyalty, operational agility, and resource engagement and management. To excel in these areas, it’s necessary to examine current processes—including supply chain management—and make adjustments that will encourage clinical and business innovation.

A way to unlocking value for health care providers starting their DSN transformation from the ground up is to digitize the core. Digitizing the core is an enterprise-wide initiative in which data from major business areas such as finance, purchasing, supply chain, marketing, and others is linked and shared through a common technological platform, commonly an integrated enterprise resource planning (ERP) system. By collapsing the old, linear supply chain and building a connected, smarter, faster, and more responsive digital supply network, health care providers can address supply chain concerns.

Traditional supply chains are linear, with a discrete sequence of design, plan, source, manufacture, and delivery. Many supply chains, on the other hand, are evolving from a static sequence to a dynamic, linked system that can more easily accommodate ecosystem partners—such as health care providers and life sciences companies—and grow to a more optimal state over time. This change from linear, sequential supply chain activities to an interconnected, open system of supply operations could pave the way for future competitiveness.

To drive the physical process of production and distribution, digital supply chains integrate data from a variety of sources and locations. The result might be a virtual environment that reflects and informs the real world. DSNs offer integrated views of the supply chain network and rapid use-case-appropriate latency reactions to changing situations by leveraging both the old and the new, such as sensor-based data sets.

Plan, source, deliver, and support—the four component elements or nodes that act as the main operating levers within the industry’s supply chain life cycle—are the primary emphasis of health provider digital chain suppliers functioning within an integrated ERP system.

Key market players

• BioTelemetry Inc
• eClinicalWorks
• Allscripts Healthcare Solutions Inc
• iHealth Lab Inc
• AT & T
• Honeywell International Inc
• Athenahealth Inc.
• Cisco Systems
• McKesson Corporation
• Koninklijke Philips N.V.
• AdvancedMD Inc.
• Cerner Corporation

Precedence Research