Market Snapshot

Digital Health Market: By Technology, Component, and Region

Market Synopsis:

Global Digital Health market is valued at USD 145.57 Billion in 2021 and is projected to attain a value of USD 430.52 Billion by 2028 at a CAGR of 16.9% during the forecast period, 2022–2028. Obesity is on the rise, as is the prevalence of chronic diseases such as diabetes and Cardiovascular Disorders (CVDs). There is also a growing demand for remote patient monitoring services, as well as an increase in patient engagement and connectivity due to the widespread adoption of digital health technology. According to research published in NCBI in 2018, 95% percent of the adult population in the United States owned a phone, with 64% percent owning a smartphone. According to the GSM Association's report, Mobile Economy 2018, the number of people using mobile services reached 5 billion in 2017, with the number of unique mobile customers expected to reach 5.9 billion by 2025.

The recent outbreak of COVID-19 has prompted Digital Health solution vendors to respond fast in order to meet the growing need for high-quality virus protection services. COVID-19 has engulfed the whole healthcare ecosystem, from pharmaceutical corporations to medicine producers to COVID-19 vaccine developers to health insurance and hospitals, thanks to its rapid expansion. During this time, applications like telemedicine, remote patient monitoring, and interactive medicine, as well as inpatient monitoring, are projected to gain popularity.

Rising Funding for Various mHealth Startups

Furthermore, the industry is being propelled forward by a growing trend of preventative healthcare, as well as increased investment for various mHealth businesses. The market is also growing because to an increase in the number of people with long-term care needs, such as Alzheimer's disease, cancer, diabetes, and cardiovascular disease (CVD). Chronic or long-term diseases are a significant financial burden on hospitals and clinics, which is predicted to increase demand for tele-healthcare services such as remote monitoring and physician consultation for LTC patients. Due to the concern of COVID-19, the adoption of health and fitness will accelerate, resulting in more in-stock wearables for real-time health monitoring and increased demand for Digital Health technology development.

Government Initiatives for Promoting Digital Health

Several countries' governments have launched initiatives to promote digital health. These initiatives range from large investments in infrastructure and digital health promotion to organizing conferences, inviting investors and top market players, restructuring the healthcare system, and enacting regulations mandating the use of HER (electronic health records) using advanced technology.

Outdated Infrastructure Hindering the Digital Growth of the Medical Industry

In the healthcare industry, outdated infrastructure is a well-known problem. It has been demonstrated that numerous organisations in the healthcare industry are still burdened by legacy healthcare IT infrastructure. When it comes to deploying new technology, these firms need the right people to do the job. With the widespread adoption of IoT, a substantial threat of data security and privacy has emerged, further increasing the healthcare industry's vulnerability to assaults.

Market Segmentation:

Global Digital Health market is segmented on the basis of Component into Telehealthcare, mHealthHealth analytics and Digital health systems. By Component into Hardware, Software and Service. Based on region, the Digital Health market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

North America to Continue Dominating the Digital Health Market

Increased use of mHealth apps, combined with the rapid adoption of wireless and mobile health services, is propelling the industry forward. In addition, increased EHR adoption in hospital-owned ambulatory care and expanding awareness of new and advanced medical device applications are some of the reasons driving digital health market growth in North America. Furthermore, the HITECH Act and the HIPAA Act are supporting the usage of electronic health data in the United States, which is boosting business growth.