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North America Digital Health Market Forecast 2027 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)], By Component [Hardware, Software, Services], Research Report, Country Outlook (U.S., Canada), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share
Published Date: August 2021 | Publisher: Graphical Research Report ID: GR1162 | Delivery : PDF  Request Free Sample

North America Digital Health Market size surpassed USD 61.7 billion in 2020 and is estimated to witness over 16.2% CAGR from 2021 to 2027.

Financial and investment shift from private to public markets will spur the market revenue. Growing digital infrastructure, high adoption of healthcare IT, and high demand by the consumers may further propel the market growth. Moreover, the market demand will be fueled by vibrant ecosystem of commercial and software development partners, changes in the regulatory policies, increasing number of clinical trials and rapid pace of innovation and upgrades by the industry players.

North America Digital Health Market

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Increasing demand of telehealth and remote patient monitoring devices for the management of chronic diseases will stimulate the digital health market size in North America. Also, integration of artificial intelligence and digital health will augment the treatment and diagnostic process of a disease. Moreover, increasing number of chronic diseases, growing demand of digital health, high technological advancement and increasing investment in the technology will boost the market expansion. However, security concerns, cyberattacks, and high capital investment may restrict the market growth.

North America Market, By Technology

Wearable segment accounted for North America digital health market share of 78.5% in 2020. Few emerging wearable medical devices technologies include portable oxygen monitors, AI-enabled wearable devices, portable insulin monitors, portable dialysis devices, and among others. These technologies keep a track of wellness and diseases.

Furthermore, increasing remote patient monitoring, rising prevalence of chronic diseases, and growing awareness regarding health and healthcare technology is anticipated to fuel the demand for wearables.

North America Market, By Components

The software segment will show significant growth of 16.1% during the forecast timeframe. Digital health software includes electronic health records (EHRs), mobile health (mHealth) apps, electronic medical records (EMRs), telehealth, and others.

The launch of U.S. Affordable Care Act (ACA) has developed the digital health platform in the country. The objective of the ACA was to improve healthcare quality and lower the cost of medical insurance through technology. ACA improved EHRs and their healthcare system. This technology of computer modeling helped the government to track healthcare spending in the country. Moreover, technological advancement and government initiatives and policies may stimulate the market growth.

North America Market, By Country

U.S digital health market is predicted to expand at more than 16.3% CAGR to reach a valuation of USD 158.6 billion by 2027. An increasing number of chronic diseases and rising cancer cases will pose positive impact on the country. Also, growing usage of mHealth apps coupled with rapid adoption of wireless & mobile health services will propel the industry growth.

Further, rising implementation of EHR in hospital owned ambulatory care, increasing awareness levels regarding innovative and advanced applications of medical devices are some of the factors enhancing the country level market growth. The advancement of healthcare IT along with development of healthcare infrastructure will drive the market expansion.  

Competitive Industry Landscape

Major players in North America digital health market are Allscripts Healthcare Solutions, Inc., AdvancedMD Inc, eClinicalWorks, Cisco Systems, McKesson Corporation, iHealth Lab Inc, Koninklijke Philips N.V., Cerner Corporation, AT & T, and among others.

Companies undertake various strategies such as new product launch, mergers, acquisitions, collaborations, geographic expansions to strengthen their market position. For instance, in July 2020, Allscripts announced its partnership extension with Microsoft for the delivery of cloud-based healthcare IT solutions. This strategy enhanced its EHR platforms’ performance and acquired new customers.
 

Frequently Asked Question(FAQ) :

The market size for digital health in North America has exceeded USD 61.7 billion in 2020 and will record CAGR of over 16.2% through 2027.
Wearable segment had captured 78.5% of the regional market share in 2020 due to rising demand for portable oxygen monitors, AI-enabled wearable devices, portable dialysis devices, etc.
Software segment will exhibit a CAGR of 16.1% through 2027 with growing adoption of electronic health records (EHRs), mobile health apps and electronic medical records (EMRs) to track healthcare data.
The market size for digital health in U.S will witness a CAGR of over 16.3% through 2027 owing to rising cases of chronic diseases and cancer in the country.

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