The Future of Digital Health in Worldwide to 2030
The future of digital health in worldwide to 2030 Report published by Precedence Research’s readers with a detailed analysis of consumer, operator, and technology-level trends in the global healthcare IT sector, analysis of market size, outlets, and transactions in worldwide and key players in the digital health market.
The global digital health market size is expected to hit around USD 1354.68 billion by 2030 from USD 332.53 billion in 2022, growing at a CAGR of 19.2% from 2022 to 2030.
The market is increasing as a consequence of factors like rising smartphone adoption, better internet connectivity, rising demand for remote patient monitoring services, improved healthcare IT infrastructure, rising healthcare costs, rising prevalence of chronic diseases, and rising accessibility of virtual care. IT companies are using a range of implementation strategies to increase the adoption of eHealth solutions that increase productivity in healthcare institutions, such as telemedicine, laboratory management systems, and clinical decision support systems. Businesses that educate healthcare professionals and payers about the need for follow-up following clinical treatments are seeing success with implementation.
Digital Health Market Growth
It is anticipated that quick investments in healthcare IT infrastructure, particularly in developing and developed countries, will favor market expansion. For instance, the Asian Infrastructure Investment Bank (AIIB) awarded its first investment in health infrastructure in April 2020 to recover from the USD 5 Billion COVID-19 disaster. This is anticipated to offer assistance to both governmental and commercial organizations that are struggling with the pandemic situation. In this case, telemedicine and other digital health technologies offer great opportunities for medical providers to treat patients while adhering to lockdown procedures. The acceptance of the product is then anticipated to increase as a result, which will favorably boost the market growth in the years to come.
In 2021, North America dominated and generated 45.9% of global market revenue. Technology literacy, preparedness to accept cutting-edge technical solutions, supportive government initiatives, the rise of startups, lucrative investment choices, rising smartphone adoption, and improvements in internet access are all credited with the growth. Due to improvements in IT infrastructure and the introduction of entrepreneurship initiatives, which are significantly influencing the market’s growth, Asia Pacific is predicted to have the fastest growth in the future years.
Digital Health Market Report Scope
|Market Size in 2030||USD 1354.68 Billion|
|Growth Rate||CAGR of 19.2% From 2022 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
- Component Insight: The increased need for a variety of services, including installation, staffing, training, maintenance, and other similar activities, led to the services segment dominating the market in 2021 and accounting for 45.6% of market revenue. Market participants offer these services either singly or as part of packages.
- Technology Insight: The telehealthcare category dominated the market in 2021 with a revenue share of 37.6%. Over the upcoming years, the market is anticipated to expand profitably. This growth rate is caused by factors such as improving internet connectivity, increasing smartphone penetration, advanced technology readiness, a growing shortage of healthcare professionals, rising medical costs, the accessibility of many telehealth applications, and the increasing use of these technologies by patients and physicians.
Digital Health Market Dynamics
The need for mobile health apps, the demand for remote patient monitoring services, and the increased use of smartphones and tablets are all factors that are propelling the global market for digital health. The fast adoption of cutting-edge technology in the healthcare sector, including wearable tech, mobile health apps, ingestible sensors, and artificial intelligence, has contributed to the industry’s revolutionary development and accelerated market expansion.
Security issues like cyberattacks and the associated financial burden of maintaining digital health-related services are the key factors limiting market growth to some extent.
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The COVID-19 pandemic has driven continuous innovations in digital health, transforming healthcare through, among other things, patient portals, telemedicine, remote patient monitoring tools, online symptom checkers, and patient-facing solutions. As a result, these innovative advancements in the realm of digital health are expected to open up attractive business opportunities.
- Phillips hopes that through pursuing acquisitions, they will be able to expand their line of business and broaden the scope of their client.
- The partnership intended to improve the patient check-in and registration processes. With the aim of improving patient outcomes, this strategic agreement expands AT&T’s edge-to-edge digital healthcare capabilities.
- The American Telemedicine Association (ATM) and a digital health company with headquarters in the UK have jointly developed a brand-new technique for assessing mHealth apps.
- The Heart Guide was introduced in January 2019 by Omron Healthcare, Inc., a branch of Omron Corporation, as the first wearable blood pressure monitor with a digital health service.
Digital Health Market Key Players:
- BioTelemetry Inc
- Allscripts Healthcare Solutions Inc
- iHealth Lab Inc
- AT & T
- Honeywell International Inc
- Athenahealth Inc.
- Cisco Systems
- McKesson Corporation
- Koninklijke Philips N.V.
- AdvancedMD Inc.
- Cerner Corporation
- Video Consultation
- LTC Monitoring
- Remote Medication Management
- Activity Monitoring
- Fitness Apps
- Medical Apps
- Glucose Meter
- BP Monitor
- Pulse Oximeter
- Neurological Monitors
- Sleep Apnea Monitor
- Digital Health Systems
- E-prescribing Systems
- Electronic Health Records
- Health Analytics
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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