Digital Health Market Anticipated to Reach Valuation of USD 430.52 Billion by 2028

Vantage Market Research

Feb 24, 2022

In terms of revenue, the Global Digital Health Market is expected to reach USD 430.52 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 16.9% from 2022 to 2028. The healthcare IT market is booming in recent days. Many private and public institutions have already adopted advanced IT methodologies by fully digitizing their entire enterprise. These technologies provide various options as well as granted many people for utilizing more time on tasks which they seem valuable. Therefore, all these factors are accelerating the growth of Digital Health Market in the coming years.

Key Findings:

  • The eHealth product & service segment accounted for maximum growth in Digital Health Market during the forecast period. Rising demand for telehealth & telemedicine, the growing prevalence of chronic diseases, and the rising number of internet users are some major factors that propel the segmental growth of the market.
  • The software sub-segment in the component segment is mentioned maximum market growth during the forecast period. This surge is accounted owing to the increasing demand for healthcare cost reduction, growing demand for obtaining organized data & workflow in the healthcare sector, and development of advanced healthcare infrastructure.
  • North America holds largest share of Digital Health Market in 2021. Availability of large market players, increasing adoption of smartphone users, increasing occurrences of chronic diseases and advancements in healthcare information technology are some of the major parameters that fuelling the growth of Digital Health Market in this region.

Some of key players in Digital Health Market include - Allscripts Healthcare Solutions Inc. (US), Cisco Systems (US), Koninklijke Philips N.V. (Netherlands), McKesson Corporation (US), and Cerner Corporation (US).

Nowadays, the healthy lifestyle trend is growing rapidly in various developing and under-developing countries, which also increases the digitization of the healthcare industry. In addition, the huge development in smart and IoT devices such as wearable devices, tablets, and smartphones also increases the demand for online health-related consultations. This is one of the major factors that influence the growth of Digital Health Market in upcoming years. Furthermore, various physicians started signing agreements with online health-related app service providers to give online consultations to many consumers. Moreover, many consumers are interested in joining online fitness classes such as yoga, aerobics, and others that increase the market leader’s focus to introduce various new digital apps in the market. These are some other parameters that are expected to bolster the growth of Digital Health Market in present years.

Asia Pacific accounted for the fastest growth of Digital Health Market during the projected period. This surge is mainly attributed to the increasing population in this region. Various Asian countries such as Japan, China, and India, are majorly investing in the development of smart applications to provide quality services to the consumers, which in turn, increases the Digital Health market demand in this region. In addition, the high usage of wearable devices, smartphones, and tablets to monitor the physical activities of consumers in this region is fuelling the growth of Digital Health Market during the projected time period.