Digital Health Market Size Will Achieve USD 1,041 Billion

NEWYORK, Aug. 19, 2022 (GLOBE NEWSWIRE) — NEWYORK, August 19, 2022 (GLOBE NEWSWIRE) – The Global Digital Health Market Size is valued at USD 181 Billion in 2021 and is estimated to achieve a market size of USD 1,041 Billion by 2030; growing at a CAGR of 21.6%.

The World Health Organization defines digital health as a broad umbrella term that incorporates eHealth as well as the application of new and sophisticated technologies such as artificial intelligence (AI), big data, genomics, and many more. The goal of digital health is to provide cost-effective and enhanced medical services by combining technology and healthcare. The latest trend in the digital health market is the increasing innovation in health tracking apps and wearables. Furthermore, the increased usage of telehealth, telemedicine, and personalized medicine is likely to generate significant digital health market revenue between 2022 and 2030.

The United States Food and Drug Administration (FDA) is heavily invested in the digital health industry in order to monitor innovation and the advancement of existing approved medical devices. Software as a Medical Device, AI/ML in Software as a Medical Device, telemedicine, medical device data systems and interoperability, and wireless medical devices are some of the topics on which the FDA focuses. The World Health Assembly adopted the WHO Global Strategy on Digital Health in 2020, which provides a path for connecting the latest breakthroughs in innovation and digital health and putting these capabilities to use to enhance health outcomes. This involvement of global organizations in the industry is fueling the digital health market demand.

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Report Coverage:

COVID-19 Impact on the Global Digital Health Market Value

The COVID-19 pandemic has caused major disruptions in healthcare, both directly from the infectious illness outbreak and indirectly via public health measures to prevent transmission. Because of this disruption, capacity, demand, and even related factors of healthcare have experienced significant dynamic variations. As a result, many countries have had to reconsider the traditional face-to-face physician-patient care model, with digital technology and alternative models of healthcare being quickly adopted to meet the pandemic’s varied difficulties. Wearables, healthcare tracking apps, in-home treatment, and internet consultation were all popular during the COVID-19 outbreak. As a result, medical professionals and patients placed a high value on digital treatment. Aside from that, the use of telemedicine and personalized medicine increased dramatically as a result of the coronavirus epidemic. This factor also supported the digital health market size.

Digital health can improve healthcare through boosting individual access to healthcare services, improving population health, and improving the experience of getting or providing care. COVID-19 has sparked fresh interest in digital health solutions among both patients and healthcare providers. Telehealth and artificial intelligence (AI) are among the fundamental technology domains, which are backed by additional technology domains like the internet of things (IoT), big data analytics, block chain, and next-generation networks (e.g., 5G).

Digital Health Market Dynamics

The increased prevalence of chronic diseases, as well as the rise of infectious diseases, are significantly driving the digital health market growth. According to the International Diabetes Federation (IDF), more than 537 million persons have diabetes in 2021. This figure is expected to exceed 640 million by 2030 and 780 million by 2045. Another element driving the global digital health market revenue is the digitization of medical devices. Some current digitalization developments in medical devices include remote patient monitoring, mobility, automation, efficiency, precision, and tailored medicines.

Increasing funding for mHealth companies from commercial and public government organizations would boost the digital health market share in the future years. The American Telemedicine Association (ATM), for example, teamed with a UK-based digital health startup to create a new resource for rating mHealth apps. Furthermore, considerable improvements in healthcare infrastructure across nations are enhancing the digital health business value.

However, cybersecurity concerns and large capital investments may act as a deterrent to the business. The growth of healthcare IoT and cloud computing in the medical device business raises concerns about potential cyberattacks. Furthermore, by incorporating AI and machine learning, cyberattacks can be minimized because they can be utilized to detect real-time threats. As a result of the importance of AI, machine learning, and big data, the market will have several growth opportunities in the next years.

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Digital Health Market Segmentation

The global market is divided into three segments: component, technology, and region.

The component segment is further categorized into hardware, software, and services. According to our digital health market forecast, the services sub-segment is likely to lead the market with maximum shares during the forecast timeframe from 2022 to 2030. The high growth in the segment is credited to the rising need for several services in digital health such as maintenance, installation, training, and staffing.

Based on technology, the market comprises telehealth (activity monitoring, LTC monitoring, video consultation, remote medication management, and others), health analytics, mhealth, bp monitor, pulse oximeter, glucose meter, sleep apnea monitors, neurological monitors, digital health systems, and others. According to our digital health industry analysis, the telehealth sub-segment will achieve a significant market share from 2022 to 2030.

Digital Health Market Regional Outlook

North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa comprise the worldwide digital health market. According to our digital health regional study, the North American area dominated the market in 2021 and is expected to continue to do so in the years ahead, from 2022 to 2030. The rising prevalence of chronic diseases in the United States and Canada is primarily driving the growth of the North American digital health market. According to the Centers for Disease Control and Prevention, more than 38 million people in the United States have diabetes. Factors boosting the North American market include early acceptance of technologies, the presence of advanced healthcare infrastructure, developments in internet connectivity, and lucrative funding choices.

In terms of growth, the Asia-Pacific area is expected to post a significant increase in the coming years. Growing smartphone penetration, favorable government initiatives, expanding digitization in countries such as China, India, and Japan, as well as the region’s developing trend of wearable technology, are all boosting the growth of the Asia-Pacific digital health market.

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Digital Health Market Players

Some prominent digital health companies covered in the industry are Agfa-Gevaert N.V., AirStrip Technologies LP, All scripts Healthcare Solutions Inc., Alcatel-Lucent Corporation, Apple Inc., Aruba Networks, Inc., AT&T Inc., Cerner Corporation, Cisco Systems, Inc., Epic Systems Corp., Philips Healthcare, Qualcomm, Inc., Siemens Healthcare, and Symantec Corporation.

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