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North America Digital Health Market Size By Component [Hardware, Software, Services], By Technology [Tele-healthcare {Telecare (Activity Monitoring, Remote Medication Management), Telehealth (LTC Monitoring, Video Consultation)}, mHealth {Wearables (BP Monitors, Glucose Meter, Pulse Oximeter, Sleep Apnea Monitors, Neurological Monitors), Apps (Medical, Fitness)}, Health Analytics, Digital Health System (EHR, e-prescribing System)], Industry Analysis Report, Country Outlook (U.S., Canada), Application Potential, Competitive Market Share & Forecast, 2020 - 2026
Published Date: December 2020 | Publisher: Graphical Research Report ID: GR1162 | Delivery : PDF  Request Free Sample

Industry Trends

North America Digital Health Market share was valued at USD 46.7 billion in 2019 and is expected to witness 27.2% CAGR from 2020 to 2026.

Digital Health is categorized into mHealth, wearable devices, telehealth, health information technology, telemedicine and personalized medicine. It employs the use of telecommunication technologies to provide healthcare services to the patients. Digital health has huge potential to advance the healthcare facilities by accurate diagnosis and treatment for individuals. Digital health tools provide opportunity for people to improve medical outcomes and enhance efficiency.

North America Digital Health Market

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Growing healthcare IT infrastructure in various countries in the region will drive the digital health market. Improvement in virtual medicine, internet application and growing demand of centralized medical care is expected to reduce healthcare costs. This will drive the digital health market in the region. Adoption of advance technologies such as cloud-based platform for telehealthcare will propel the telemedicine market growth. Also, various market players are focusing on developing advance IT infrastructure through strategic partnerships, acquisitions and mergers that will drive the digital health market in the region.

Increasing demand for remote patient monitoring services by patients for the treatment of chronic diseases will drive the digital health market in the region. Digital health helps the physicians to diagnose, analyze, prescribe medication and treat patients at home. The digital health market is driven by the growing demand of lowering the medical care spending, increasing number of chronic cases, advancement in technology and remote patient surveillance. However, high capital expenditure including maintenance and security concerns regarding the patient data will restrain the digital health market in the region.

North America Market, By Technology

By technology, the North America digital health market is segmented into telehealthcare, mHealth, health analytics and digital health systems. mHealth is segmented into wearable and apps. Wearable is categorized into BP monitors, glucose monitors, pulse oximeter, sleep apnea, monitors, neurological monitors and others. Wearable segmented accounted for USD 14.0 billion in 2019. Few emerging wearable medical devices include portable dialysis devices, AI enabled wearable devices, sweat sensor used by athletes to keep record of electrolyte and water loss. These devices are used extensively that will increase the demand of wearable device. Increasing prevalence of chronic diseases, decrease hospital stay and need of long-term care by patient is expected to increase the demand of wearables during the forecast period.

North America Market, By Components

By components, the digital health market is segmented into hardware, software and services. Software segment will show significant growth of 27.3% across the forecast timeframe. Health organization in U.S. are implementing various innovative digital strategies. The main focus is on machine learning, cloud, artificial intelligence (AI), electronic health records (EHRs), cyber security and other technologies. The organizations are innovating continuously to deliver better healthcare facilities for consumer experience. Various software are being developed of EHR that provides overview of patient’s medical data in real time and have multiple functions in management in medical practices. All such factors will increase the demand for digital health software and propel the segmental growth.

North America Market, By Country

Canada digital health market will witness growth of 25.8% and reach USD 22.1 billion by 2026. The local market is expected to show a high rate of growth. Growing number of geriatric populations in the country will have a positive impact on the region. Covid-19 pandemic has increased the demand of digital health due to advance technology and adoption digital health solutions in the country. Telehealth has helped people during the COVID-19 pandemic at greater extent that has increased the demand for its service extensively. The outbreak of COVD-19 pandemic along with advanced telecommunication infrastructure will be the key factors that will drive the Canada digital health market growth across the forecast timeframe.   

Competitive Market Share

Major market players in North America digital health market are Allscripts Healthcare Solutions, Inc., BioTelemetry, Cisco Systems and Honeywell International, Inc., among others. Companies undertake various strategies such as mergers, collaborations, new product launch, acquisitions, geographic expansions to strengthen their market share. For instance, in In July 2020, Allscripts announced the extension of its partnership with Microsoft for development and delivery of cloud-based healthcare IT solutions. This partnership will enable the company to enhance its EHR platforms’ overall performance and garner new customers.

Industry Background

In 19th century practicing medicine was a profession based on natural sciences with specific experience and knowledge which only few experts possessed. However, in 21st century, there was growing prevalence of chronic disorders and high cost of treatment was rising tremendously. Use of internet access, software, smartphone penetration and mobile phone has increased. Also, medical technologies such as robotics, genomics, artificial narrow intelligence, virtual teleconsulting and telemedicine have innovated the digital healthcare to next level. The evolution of medicine in recent decades have innovated digital health for better health facilities and researchers are being searching for more advance facilities. Additionally, the COVID-19 pandemic have played a major role in the uptake of digital health solutions to provide same quality of personal care that were provided by in-person hospital visits, that will boost the market growth in the future.

Frequently Asked Question(FAQ) :

The Market was driven by increasing prevalence of chronic disorders, increase in geriatric population, healthcare costs and healthcare regulatory norms. Moreover, technological advancements such as mobility and analytics and development in healthcare IT infrastructure in North America are responsible to trigger the growth of overall digital health market in North America.
Digital health systems segment held USD 21.1 billion revenue size in 2018.
Some of the major industry players involved in the Market include McKesson Corporation, Philips Healthcare, Athena Health, Cerner Corporation, Allscripts Healthcare and others.

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