The digital health market is projected to grow at a CAGR of 16.5%, with estimated market size of USD 194.1 billion in 2021 and USD 485.3 billion by 2028. Rapid digitalization adoption in health services significantly drives market revenue. Big data analysis, the Internet of Things (IoT), artificial intelligence (AI), increased health spending by governments globally, the quick acceptance of digitalization in health services, and a surge in new startups are all factors influencing the market's revenue growth.
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Technological advancements in healthcare
Rapid advancements in healthcare IT, such as cloud-based storage systems, as well as the widespread use of laptops, smartphones, and tablets by hospitals and healthcare professionals, are the main reasons propelling the expansion of the digital health sector. Electronic health records (EHR), remote monitoring sensors, and wearable technology have all been made more widely available by rising healthcare IT innovations and regulations that support them. This has fueled the market's expansion.
High cost of devices & data breach concerns
Innovation, technologically advanced equipment, and high capital costs will restrain market expansion. In the upcoming years, growing data security issues such as cyberattacks and illegal access to information technology (IT) systems may restrain the expansion of the digital health industry. Furthermore, significant impediments to the market share of digital health may exist due to the general unwillingness of the populace in emerging countries to use healthcare technology.
Key Market Players
The digital health market is dominated by a few global players and comprises several regional players. Some key manufacturers operating in the market are 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. and Cerner Corporation.
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