Digital Health Market
Digital Health Market by Technology (Telehealthcare, mHealth, Healthacare Analytics, Digital Health Systems), by Component (Hardware, Software, Services), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)
|Digital Health Market Forecast Year:||2022 - 2028|
|Digital Health Market Historical Year:||2016 - 2021|
|Digital Health Market 2021:||USD 145.57 Billion|
|Digital Health Projected Market 2028:||USD 430.52 Billion|
|Digital Health Market CAGR:||16.9%|
|Fastest Growing Region:||Asia Pacific|
|Largest Region:||North America|
Digital Health Market: By Technology, Component, and Region
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.
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.
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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.
Key participants operating in the Digital Health market are: Allscripts Healthcare Solutions Inc. (US), Cisco Systems (US), Koninklijke Philips N.V. (Netherlands), McKesson Corporation (US), and Cerner Corporation (US)
The Digital Health market is segmented as follows:
The Digital Health market scope can be tabulated as below:
Frequently Asked Questions
the global demand for Digital Health
in terms of revenue?
The global Digital Health valued at USD 145.57 Billion in 2020 and is expected to reach USD 430.52 Billion in 2028 growing at a CAGR of 16.9%
are the prominent players
in the market?
The prominent players in the market are Allscripts Healthcare Solutions Inc. (US), Cisco Systems (US), Koninklijke Philips N.V. (Netherlands), McKesson Corporation (US), and Cerner Corporation (US).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 16.9% between 2021 and 2028.
the driving factors
fueling the growth of the market.
The driving factors of the Digital Health include
- Rising Funding for Various mHealth Startups
region accounted for the
largest share in the market?
North America was the leading regional segment of the Digital Health in 2020.