Digital Health Market to Raise at Rapid Pace With 27.7% CAGR Till 2030

Posted on 2022-05-17 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, May 17, 2022 — /EPR Network/ —

Digital Health Industry Overview

The global digital health market size was valued at USD 175.6 billion in 2021 is projected to grow at a compound annual growth rate (CAGR) of 27.7% from 2022 to 2030.

Increasing smartphone penetration, improving internet connectivity, advancing healthcare IT infrastructure, growing healthcare expenditure, rising prevalence of chronic diseases, increasing demand for remote patient monitoring services, and increasing accessibility of virtual care are driving market growth.

Gather more insights about the market drivers, restrains and growth of the Global Digital Health Market

Smartphones have broadened their scope from devices of communication & entertainment to devices monitoring health & fitness. As per a Pew Research Center in 2021, 97.0% of U.S. citizens own smartphones. Market players are developing innovative mobile applications to track daily activities such as fitness, exercise, nutrition, and well-being, thereby delivering quality healthcare and comfort to users.

Furthermore, mobile applications allow users to gain information about medical inquiries, schedule appointments, track consultations, store their healthcare information, and track & order their medical prescriptions. For example, across different parts of the world, players have launched mobile applications such as AssistRx, Practo, and Wareed. Technology giants Apple, IBM, and Google are focusing on improving the mobile health experience by offering numerous subscription plans and enhancing data security features, which is expected to contribute to the digital health market growth

The rapidly rising incidence rate of chronic diseases such as Alzheimer’s, diabetes, cardiovascular diseases, and cancer requiring long-term care and patient monitoring services is driving the telehealth and teleconsultation services market. Telemedicine and telehealth services are being rapidly adopted by the healthcare fraternity and receiving recognition from both government bodies and private players.

Moreover, telemedicine has been legalized and regulated in several countries such as the U.S., Canada, India, UAE, Russia, Germany, and many other Asian and European countries. Tele-care services bridge the gap between healthcare providers & patients and enhance accessibility and drive patient engagement. Telehealth services eliminate the need for in-person consultation and thereby, reduce the hassles of scheduling appointments and commuting to the healthcare facility, eventually reducing the care expenses and unnecessary costs.

In addition, companies are developing chatbot services for initial consultations or answering basic medical inquiries. The growing trend of digitalization in healthcare is being supported through favorable government initiatives, a rising number of technological collaborations amongst market players, and the shortcomings brought upon by the Covid-19 pandemic. Digital health solutions covering remote patient monitoring solutions and telecare are widely being adopted in long-term care services and facilities. As per NHS England data estimates in 2018, 64% of outpatient appointments, 70% of inpatient bed days, and all general practitioner appointments are for patients requiring long-term care.

Furthermore, approximately 26 million England citizens suffer from some kind of long-term ailment as per 2018 estimates of the Pharmaceutical Services Negotiating Committee. Moreover, to expand care accessibility to remote locations, countries are rapidly adopting digital health. In addition, healthcare systems are adopting advanced software solutions such as electronic medical records (EMRs) to eliminate growing patient-related patient information data siloes.

The ongoing Covid-19 pandemic unearthed the shortfalls of the existing overburdened healthcare systems and exposed the potential of digital health solutions, thereby boosting the adoption of these solutions wherein it has witnessed a dramatic growth trajectory. Several healthcare functions such as mHealth, telecare, patient management, advanced diagnostics, digital integration of health systems, and advancing cybersecurity protocols contributed to the surge in market growth The growing trend of digitalization of healthcare systems drove market participants to devise innovative product development strategies and focus on their collaboration & partnership strategies to expand their business footprint and product portfolios.

The application scope of digital health solutions is witnessing a dramatic surge in adoption in clinical decision support, telehealth, mHealth, fitness applications & platforms, healthcare IT systems, and wearables & activity trackers which is driving the market growth. Furthermore, the ongoing Covid-19 pandemic has positively impacted the market by identifying multiple opportunities. For instance, healthcare professionals and patients readily began adopting telehealth solutions to avoid in-person consultations.

The significant growth rate witnessed by the market drove market players to revise their product innovation strategies, investment strategies, mergers & acquisitions, and partnerships to cater to the growing demand and expand their business geographies. The growing trend of personalized medication and value-based care coupled is driving the market growth. Moreover, the emergence of digital health solutions specialized startups and ventures are boosting the growth and are receiving recognition from government authorities and private investors.

Browse through Grand View Research’s Healthcare IT Industry Research Reports.

Telemedicine Market – The telemedicine market size was valued at USD 70.4 billion in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 19.5% from 2022 to 2030.
mHealth Market – The global mHealth market size was valued at USD 50.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 11.0% from 2022 to 2030.

Digital Health Market Segmentation

Grand View Research, Inc. has segmented the digital health market report based on technology, component, and region.

Technology Outlook (Revenue, USD Million, 2016 – 2030)
- Tele-healthcare
  - Tele-care
    - Activity Monitoring
    - Remote Medication Management
  - Telehealth
    - LTC Monitoring
    - Video Consultation
  - mHealth
    - Wearables
      - BP Monitors
      - Glucose Meters
      - Pulse Oximeters
      - Sleep Apnea Monitors
      - Neurological Monitors
      - Activity Trackers/ Actigraphs
    - mHealth Apps
      - Medical Apps
      - Fitness Apps
      - Services
        
        mHealth Service, By Type
        
        Monitoring Services
        
        Independent Aging Solutions
        
        Chronic Disease Management & Post-Acute Care Services
        
        Diagnosis Services
        
        Healthcare Systems Strengthening Services
        
        Others
        
        mHealth Services, By Participants
        
        Mobile Operators
        
        Device Vendors
        
        Content Players
        
        Healthcare Providers
        
        Healthcare Analytics
        
        Digital Health Systems
        
        EHR
        
        E-Prescribing Systems
        
        Component Outlook (Revenue, USD Million, 2016 – 2030)
        
        Software
        
        Hardware
        
        Services
        
        Regional Outlook (Revenue, USD Million, 2016 – 2030)
        
        North America
        
        Europe
        
        Asia Pacific
        
        Latin America
        
        MEA

Market Share Insights

March 2019: TriNetX, data analysis company in clinical trials raised an estimated US$ 40 Mn with an aim to expand the company’s operations across Asia Pacific region.
October 2018: The collaboration of Hifinite and Indie Health announced the prosed plan to launch a hiCare 3.0 telehealth and remote monitoring platform at Connected Healthcare Conference.

Key Companies profiled:

Some prominent players in the Digital Health market include

Cerner Corporation
Allscripts
Apple, Inc.
Telefónica S.A.
Mckesson Corporation
Epic Systems Corporation
QSI Management, LLC
AT&T
Vodafone Group
AirStrip Technologies
Google, Inc. and many others

Order a free sample PDF of the Digital Health Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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