Custom Market Insights
The Digital Health Market was at US$ 181.6 Billion in 2021 and is growing to approx US$ 810.12 Billion by 2030, with a CAGR growth of 17.5% between 2022 – 2030.
— Custom Market Insights
SANDY, UTAH, UNITED STATES, January 11, 2023 /EINPresswire.com/ — According to the study, The Global Digital Health Market was estimated at USD 181.6 Billion in 2021 and is anticipated to reach around USD 810.12 Billion by 2030, growing at a CAGR of roughly 17.5% between 2022 and 2030.
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Digital Health Market: Overview
Digital health refers to the application of information and communication technology in the healthcare field for the remote management of chronic conditions. Mobile health (mHealth), wearable technologies, telehealth and telemedicine, health information technology (IT), and customized medicine are all part of the digital health sector.
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 key factors driving the market are the rising need for accurate and timely information and the increasing desire to reduce medical costs. The adoption of digital health market software solutions will also be influenced by consumer shifts toward value-based care, increased demand for effective management of organizational workflows in healthcare organizations, and various private and public initiatives to build healthcare IT infrastructure.
Digital Health Market: Growth Drivers
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. Also, patients and healthcare providers are clients in the industry and are both significant forces behind innovation. The same technological advancements that have been taking place for years in consumer industries are now being applied to the healthcare industry in response to customer demands for better, quicker, more intuitive, and more effective healthcare products.
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. They still rely on their cell phones to manage calendars, plan work and business activities, stay updated and connected on social media, schedule doctor appointments, and schedule healthcare check-ups. The creation of healthcare apps is now both a need and a luxury. Due to technological improvements and interference, the healthcare sector has undergone significant changes.
Earlier, a conservatively managed healthcare company’s product development and launch cycles have often lasted eight years or longer. Things have changed since then. The reaffirmed emphasis on digital solutions has sped up the development of healthcare technology linked to treatments. New digital trends are emerging, such as the adoption of connected health devices, 3D printing, etc., due to the greater inclusion of new tech tools such as IoT, machine learning, and AI that unavoidably come with increased and quick digital health solutions. The involvement of IT in healthcare is proving to be an edge, and benefits are seeing lucrative growth. Hence, digital healthcare is rapidly increasing across the globe.
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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 (2022-2030).
B) In terms of revenue, the Digital Health market size 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) 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.
D) 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.
E) 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.
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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.
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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 is segmented as follows:
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
By Geography
North America
The USA
Canada
Mexico
Europe
The UK
Germany
France
Italy
Russia
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Malaysia
Philippines
Rest of Asia-pacific
Latin America
Brazil
Rest of Latin America
Middle East and Africa
GCC
North Africa
South Africa
Rest of Middle East & Africa
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