North America Digital Health Market Share, Trends, Demand, Revenue, Growth Drivers, CAGR Status, Challenges and Future Competition Till 2033


North America Digital Health Market Share, Trends, Demand, Revenue, Growth Drivers, CAGR Status, Challenges and Future Competition Till 2033: SPER Market Research

 Category : Healthcare

 Published: Apr-2024
 Author: SPER Analyst

North America digital health market is estimated to reach USD XX Billion by 2033 with a CAGR of 17.90%.

Any programme intended to increase hospital and administrative productivity, provide fresh perspectives on medications and treatments, or raise the standard of the healthcare system as a whole is referred to as healthtech. To increase productivity and improve the patient experience, healthtech is being used in cancer research, surgery, and hospital administration procedures. Growing drug and medical device research and development results in a spike in the use of health technology, which propels the market's expansion. The market's expansion is hampered by small healthcare organisations' limited adoption of healthcare technology due to its expensive implementation costs. Furthermore, the growing popularity of telemedicine technology makes it possible for consumers to quickly and conveniently obtain healthcare services, which is predicted to open up new growth prospects for the industry.

North America HealthTech Market Driving Factors and Challenges
AI and machine learning are used by the pharmaceutical sector in drug research and development. These technologies are being applied in many different sectors of the industry to help expedite labor-intensive processes, like locating chemical combinations that aid in the creation of drugs and locating patients who might have benefited from a certain drug trial that propels market expansion. Additionally, artificial intelligence is being incorporated into healthcare technology devices to process data, including medical imaging and illness detection, assisting physicians in accurately diagnosing and treating patients. In medical imaging, computers and AI models are especially helpful since they enable radiologists and doctors to handle the massive amount of images to evaluate and identify high-value results, which accelerates the growth of the market.

Better customer perception of telehealth utilisation is encouraging healthcare practitioners to adopt digital health, and new regulations are making better reimbursement possible. These are a few of the key elements that are expected to propel market expansion during the projected times. The ageing population, the lack of medical personnel, and the rise in chronic illnesses including diabetes, cancer, and cardiovascular disorders (CVDs) are all factors that are predicted to accelerate the use of remote patient monitoring systems over time.

One prevalent challenge in health tech involves interoperability issues encountered by organizations. Electronic health records (EHRs) play a crucial role in storing vast patient medical data, including private information, appointment tracking, insurance claims, and financial details. Security and privacy maintenance are paramount in this technology, along with compliance with HIPAA regulations. However, upgrading outdated systems to ensure security and compliance often incurs substantial expenses, limiting adoption by budget-constrained healthcare systems, thereby impeding market growth. Additionally, establishing a robust telehealth infrastructure requires significant investment. Accessing and sharing information securely and promptly are vital for telehealth program success, necessitating substantial initial costs for technology and training. While developed countries have embraced such technologies to enhance healthcare supply, challenges persist concerning healthcare quality and costs, hindering market growth.

Impact of COVID-19 on North America HealthTech Market
A favourable environment for digital healthcare platforms has been created by government-mandated shutdowns and lockdowns during the COVID-19 epidemic. Furthermore, it is projected that the growing incidence of chronic illnesses and the development of information and communication technologies for remote patient monitoring will propel market expansion. During the pandemic, market expansion was further spurred by government initiatives to build online healthcare platforms. After the pandemic, manufacturers' improvements in cybersecurity protocols and telehealth, mHealth, telemedicine, and telecare platforms should drive market expansion.

North America HealthTech Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Allscripts, Airstrip Technologies, Apple, Inc, Cisco Systems Inc, Cerner Corp, Computer Programs and Systems, Inc, Epic Systems Corp, Google, Inc, IBM Corp, McKesson Corp, Qualcomm Technologies, Inc, QSI Management, LLC, Samsung Electronics Co Ltd, Softserve, Telefonica S.A., Vodafone Group, Others.

North America HealthTech Market Segmentation:

By Technology: Based on the Technology, North America HealthTech Market is segmented as; Digital Health Systems (HER, E-Prescribing Systems), Healthcare Analytics (mHealth, mHealth Apps, Services, Wearables), Tele-healthcare (Tele-care, Telehealth).

By Component: Based on the Component, North America HealthTech Market is segmented as; Hardware, Services, Software.

By Region: This research also includes data for Canada, U.S.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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