North America’s Digital Health Market To Grow Incrementally $ 173 Billion By 2027 | AFN News

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North America’s digital health market to experience incremental growth of $ 173 billion by 2027

Posted on November 2, 2021

According to a recent study by the market research firm Graphic research, the size of the digital healthcare market in North America is poised to grow at a substantial CAGR during the forecast period. The size of the digital health market in North America is expected to grow at a promising rate in the coming years as investments by public and private organizations to improve existing health infrastructure increase. The adoption of healthcare IT solutions, known today as healthcare IT, is increasing at a noticeable rate. The demand for advanced and highly precise treatments is increasing among patients.

The percentage of people with chronic illnesses is increasing every year. This has become a source of concern for North American authorities, who have now launched several initiatives to raise awareness of the benefits of using digital health services. Companies specializing in the production of innovative digital health technologies are teaming up with other software vendors to develop solutions that will dramatically improve the performance of health processes. The other main objective of the development of these technologies is to facilitate patient access to basic health structures.

The above-mentioned drivers have played an important role in forecasting the valuation of the digital health market in North America at $ 261 billion by 2027. The COVID-19 pandemic has played a critical role in the rise in popularity of remote health services, where doctors and patients discuss medical treatments through videoconferencing meetings and other online media.

Since people were unable to go out for their regular medical appointments due to pandemic restrictions, the demand for remote patient monitoring devices has increased several times recently. They can be used by patients to check their daily readings and virtually interact with their doctors accordingly.

Advanced technologies such as artificial intelligence are heavily integrated into many digital health devices to provide highly accurate diagnosis of a patient’s condition. Technologies like these that have dramatically improved the diagnosis and treatment of many patients. Another reason AI is so popular in medicine and surgery is that the technology is increasing the rate of patient-to-doctor engagement.

It helps patients take part in some vital medical decisions and gives them the opportunity to voice their opinions if they disagree with anything. These details have created a sense of confidence in the patients and the demand among them for the use of technologically advanced treatments is increasing at a rapid rate. All of these aspects will have a positive impact on the deployment of the digital health market in North America.

Wearable devices are expected to increase the potential of the digital health market in North America. Some of the common examples of equipment are portable AI powered devices, portable oxygen monitors, insulin monitors, and dialysis machines. These devices help patients monitor their condition by updating them on their rate of progress and areas for improvement.

The size of the digital health market in North America from the software solutions segment will grow at a robust CAGR of 16.1% through 2027. Some of the most widely used software solutions in the digital health field are the mobile health applications (mHealth), electronic health records (EHR), telehealth and electronic medicine. Recordings (DME).

The United States enacted the Affordable Care Act (ACA) which has played a key role in the development of various digital health platforms in the country. The main objective of the law, as the name suggests, is not only to provide affordable health services, but also to improve the overall quality of the country’s health sector. The use of technologies such as computer modeling has helped North American authorities immensely, as they have been able to closely monitor total health care spending.

The share of the digital health industry in the United States is expected to increase at a CAGR of 16.3% through 2027. The number of people suffering from chronic diseases like diabetes and cancer is increasing every year at an alarming rate. . This has prompted hospitals to adopt digital health technologies to meet the health needs of patients more efficiently. The mHealth apps are increasingly in demand by customers nationwide, which will help them keep daily updates on their state of well-being. These updates will help healthcare professionals better understand the progress of their patients.

Companies engaged in providing digital health solutions across North America such as AdvancedMD Inc., Allscripts Healthcare Solutions Inc., Cisco Systems, McKesson Corporation and Cerner Corporation are entering into mergers and acquisitions with other companies to increase their knowledge base on various technologies and create and implement the most recent ones. The main objective of these organizations is to improve the processes of the healthcare system and to increase the rate of patient engagement.Source: https://www.graphicalresearch.com/industry-insights/1162/north-america-digital-health-market

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