Global Digital Health Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast: Custom Market Insights

The Global Digital Health Market size was estimated at USD 181.6 billion in 2021 and is expected to reach USD 218.7 billion in 2022 and is expected to hit around USD 810.12 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 17.5% from 2022 to 2030.

The treatment of chronic diseases from remote locations is known as digital health, which refers to using information and communication technology in the healthcare industry. The market for digital health encompasses telehealth and telemedicine, wearable technology, mobile health (mHealth), health information technology (IT), and customized medicine.

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The Digital Health Market: Overview

The healthcare sector has undergone a digital change, including software, hardware, and services. The expanding elderly population, childhood illnesses, and deaths, high costs, difficulties connected to poverty, and racial discrimination related to access to health care have made the need for medical reform particularly pressing.

Additionally, pandemics and epidemics have given digital health a high degree of relevance. However, this field is still developing and is expected to increase significantly throughout the projected period.

The Digital Health Market: Growth Factors

Smartphones are becoming more than just communication and entertainment tools; they are now fitness and health trackers. Market participants are creating cutting-edge mobile applications to monitor everyday activities, including fitness, exercise, nutrition, and well-being, providing consumers with high-quality healthcare and comfort.

Mobile apps also allow consumers to find out about medical questions, make appointments, monitor consultations, save medical information, and track and obtain prescription medications. In addition, technology behemoths Apple, IBM, and Google are concentrating on boosting data security features and improving the mobile health experience by providing a variety of subscription options, which is anticipated to support the expansion of the digital health industry.

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The Digital Health Market: Key Insights

A) As per the analysis shared by our research analyst, the Digital Health Market is estimated to grow annually at a CAGR of around 17.5% over the forecast period (2027-2030).
B) In terms of revenue, the Digital Health Market was valued at around USD 181.6 Billion in 2021 and is projected to reach USD 810.12 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) Due to the constant demand for innovation, healthcare innovation is expected to grow. Consumer desire for more convenience, personalization, and quality over the past ten years has driven innovation in almost every business. Consumers are starting to want the same things from their healthcare experiences as they do from their experiences in retail, travel, entertainment, or hospitality.
D) Mobile applications have the potential to significantly enhance patient care in several ways, including disease diagnosis and the use of wearables and ingestible sensors. Now that people live in the digital age, they depend more on intelligent gadgets.
E) The value of the enterprise may be diminished by worries about the security of patient data. Strict data protection is required when using digital health solutions, including e-prescriptions, electronic health records, and medical applications.
F) Moving healthcare delivery from curative to preventative will help achieve several objectives, including enhancing resource efficiency, cutting expenses, raising accessibility, and enhancing quality. In addition, the new digital health model will be crucial in helping emerging countries overcome many obstacles to healthcare delivery, such as increasing access, cost, quality, and safety.
G) The requirement for physical separation has focused the attention of patients and healthcare professionals on digital health, and the decrease in opposition to telemedicine has given people the chance to understand its benefits. The COVID-19 pandemic has made clear the necessity for rigorous review and the development of ethical issues alongside the developing area of digital healthcare, in addition to the requirement for data exchange.

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The Digital Health Market: Regional Landscape

North America held a dominant position and is predicted to be dominating during the forecast period in the digital health market. The region's increase is primarily attributable to the region's expanding chronic illness prevalence and senior population. The population is estimated to have reached 28% by the end of 2050, according to the United Nations World Population Ageing study issued in 2015. Additionally, the market is expanding quickly due to the rising popularity of mHealth apps and the high use of wireless & mobile health services.

Increasing EHR use in hospital-owned ambulatory care and expanding public awareness of cutting-edge medical device applications are further factors impacting the development of the digital health market in North America. In addition, the HITECH Act and HIPAA Act are also being implemented, encouraging electronic health data usage in the United States and fostering industrial growth.

The Digital Health Market: Key Players

Apple Inc.
Telefónica S.A.
CISCO Systems Inc.
Cerner Corporation
QSI Managemen LLC
Allscripts
AT&T
Vodafone Group
AirStrip Technologies
IBM Corporation
Mckesson Corporation
Epic Systems Corporation
Google Inc.
Samsung Electronics Co. Ltd.
HiMS
Softserve
MQure
Computer Programs and Systems Inc.
Vocera Communications
Orange
Qualcomm Technologies Inc

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The Digital Health Market: Segments

By Technology

• Telehealthcare

Telecare
Activity Monitoring
Remote Medication Management
Telehealth
LTC Monitoring
Video Consultation

• mHealth

Wearables
BP Monitor
Glucose Meter
Pulse Oximeter
Sleep Apnea Monitors
Neurological Monitors
Others

• Apps

Medical apps
Fitness apps

• Healthcare Analytics
• Digital health systems

Electronic health record (EHR)
E-prescribing systems

By Component

Hardware
Software
Services

The Digital Health Market: Regions

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

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This release was published on openPR.