North America Digital Health Market: Upcoming Opportunities with SWOT Analysis By 2036
The North American Digital Health Market is to generate the highest revenue by the end of 2035. The market’s expansion can be largely ascribed to the increase in demand for electronic health records. EHRs and the capacity to exchange health information electronically improves the organization’s operations and help you give patients better, safer treatment. According to data from 2019 and 2021, around 86% of non-Federal general acute care hospitals had deployed a 2015 Edition certified electronic health record (EHR). In addition to this, around 23% of specialty hospitals and 40% of rehabilitation institutions used the EHR. Also, the region’s industry is anticipated to develop as a result of the rising use of telehealth services. The use of telehealth increased in the US from over 51% in February 2019 to over 62% in March 2021. Moreover, telehealth usage increased three times as quickly in 2020 as it did in 2019.
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Growing Use of Wearable Devices to Drive Growth of the Global Digital Health Market
The global digital health market is estimated to grow majorly on account of the rising use of smart wearable devices and electronic health records. Wearable medical devices are designed to collect data on a user’s personal fitness and health. They can even provide a doctor or other healthcare professional with a patient’s health data in real-time. Consumers received more than 445 million wearable fitness gadgets in 2020, across the globe and the epidemic helped to drive a more than 31% growth in fitness tracker sales. Moreover, almost 1 billion people are predicted to benefit from improved healthcare services and better emergency response thanks to the use of modern, digital information and communication technologies.
On the other hand, the rising use of mobile devices in health care and telehealth services is also expected to boost market growth. Many telemedicine options, such as websites, robots, and chatbots, allow for virtual doctor visits and primary care, e-prescriptions, remote patient monitoring, and screening in real-time, all of which are essential for giving the patient prompt attention. Around 74% of hospitals are more efficient than those that don’t collect patient data using mobile devices. Also, 84% of healthcare workers use mobile devices to assist patients after they leave the hospital. In addition to this, behavioral health telemedicine has seen a 50% increase in demand for scheduling virtual consultations with counselors, psychologists, and other behavioral health professionals. Moreover, almost 25% of doctors use mobile devices to provide patient care, and four out of five doctors use them to help with daily tasks.
Some of the major growth factors and challenges that are associated with the growth of the global digital health market are:
Growth Drivers:
· Surging Use of Smartphones and Laptops in Healthcare
· Promising Government Programs for Digital Healthcare
Challenges:
Substantial investment is needed for the deployment of digital health and the frequent need for software and hardware maintenance are some of the major factors anticipated to hamper the growth of the global digital health market. Digital health needs deployment of various advanced technologies demands high investment that puts a lot of strain on the budgets of hospitals and physicians. On the other hand, it is anticipated healthcare organizations’ main concern is data security which is also expected to limit market growth. The potential for security breaches, data thefts, and fraud has increased as medical services become more computerized. Patient health information that is private and sensitive can be lost as a result of any hack. In 2021, 45 million people were impacted by attacks on the healthcare system, up from 34 million in 2020.
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By technology, the global digital health market is segmented into tele health care, health, healthcare analytics, and digital health systems. The tele health care segment is anticipated to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The increased use of telehealth services in hospitals is responsible for the segment’s expansion. Hospitals used more telehealth, virtual visits, video discussions, patient portals, and remote monitoring tools during the epidemic. It reduces the chance of getting diseases and enables easier access to care, and patient convenience. A survey of 254 patients at Massachusetts General Hospital found that nearly 80% rated the effectiveness and communication of telemedicine consultations as outstanding and that nearly 82% indicated they would recommend them to family and friends. In addition to this, in 2022, telehealth will be the organization’s top priority, according to more than 26% of the providers evaluated. Moreover, nearly 350,00 mobile health apps are available in app stores and are used by around 4 million people.
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