Digital Health Market to Witness Robust Growth of 19.90% CAGR during 2022-2030

As per a study conducted by P&S Intelligence, the global digital health market is predicted to reach $783,848.2 million by 2030, growing at a CAGR of 19.90% between 2022 and 2030. The market is growing due to the rising requirement for remote patient monitoring services, growing number of smartphone and tablet users, increasing support from governments regarding digital health solutions, advancements in applications of mobile health technologies, and surging need for advanced healthcare information systems.

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In terms of end user, the market is categorized into individuals, clinics, and hospitals, out of which, hospitals held the major share of the market in the past. Hospitals are further expected to create the highest demand for digital health services in the years to come. This is because of the increasing adoption of several digital health solutions in various hospitals for offering patients with effective care.

On the basis of technology, the digital health market is divided into electronic health record, mHealth, healthcare analytics, and telemedicine. Out of these, the mHealth division is projected to grow at the fastest pace in the years to come. These technologies aid healthcare organizations to decrease medical costs and offer remote patient monitoring, so the need for visiting hospitals frequently is eliminated. Furthermore, mHealth assists in wellness and disease management, thereby leading to its increasing demand.

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North America held the major share of the digital health market during 2014-2019 and is further expected to emerge as the largest market in the years to come as well. The surging adoption of digital health solutions, enhancements in the healthcare infrastructure, initiatives that are being taken by several government associations for implementing this technology in healthcare settings, and rise in the healthcare spending are driving the regional domain.

The COVID-19 has actually had a positive effect on the digital health market. Countries all over the world are taking several measures, such as ensuring social distancing and implementing lockdowns, for controlling the transmission of the infection. Due to this, several healthcare services are being delivered digitally for preventing the need for human contact. The pandemic has sped up the process of digital transformation, which is predicted to drive the market in the years to come.

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