According to Custom Market Insights (CMI), The Global Digital Health Market size was estimated at USD 181.6 billion in 2021 and is expected to hit around USD 810.12 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 17.5% from 2022 to 2030.
Digital health refers to the application of information and communication technology in the healthcare field for the remote management of chronic conditions. Mobile health (mHealth), wearable technologies, telehealth and telemedicine, health information technology (IT), and customized medicine are all part of the digital health sector.
The healthcare sector has undergone a digital change, including software, hardware, and services. The expanding elderly population, childhood illnesses and deaths, high costs, difficulties connected to poverty, and racial discrimination related to access to health care have made the need for medical reform particularly pressing. Additionally, pandemics and epidemics have given digital health a high degree of relevance. However, this field is still developing and is expected to increase significantly throughout the projected period.
The key factors driving the market are the rising need for accurate and timely information and the increasing desire to reduce medical costs. The adoption of digital health market software solutions will also be influenced by consumer shifts toward value-based care, increased demand for effective management of organizational workflows in healthcare organizations, and various private and public initiatives to build healthcare IT infrastructure.
Browse the full “Digital Health Market Size, Trends and Insights By Product & Service (mHealth, eHealth), By Component (Software, Hardware, Services), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/global-digital-health-market/
Due to the constant demand for innovation, healthcare innovation is expected to grow. Consumer desire for more convenience, personalization and quality over the past ten years has driven innovation in almost every business. Consumers are starting to want the same things from their healthcare experiences as they do from their experiences in retail, travel, entertainment, or hospitality. Also, patients and healthcare providers are clients in the industry and are both significant forces behind innovation. The same technological advancements that have been taking place for years in consumer industries are now being applied to the healthcare industry in response to customer demands for better, quicker, more intuitive, and more effective healthcare products.
Mobile applications have the potential to significantly enhance patient care in several ways, including disease diagnosis and the use of wearables and ingestible sensors. Now that people live in the digital age, they depend more on intelligent gadgets. They still rely on their cell phones to manage calendars, plan work and business activities, stay updated and connected on social media, schedule doctor appointments, and schedule healthcare check-ups. The creation of healthcare apps is now both a need and a luxury. Due to technological improvements and interference, the healthcare sector has undergone significant changes.
Earlier, a conservatively managed healthcare company’s product development and launch cycles have often lasted eight years or longer. Things have changed since then. The reaffirmed emphasis on digital solutions has sped up the development of healthcare technology linked to treatments. New digital trends are emerging, such as the adoption of connected health devices, 3D printing, etc., due to the greater inclusion of new tech tools such as IoT, machine learning, and AI that unavoidably come with increased and quick digital health solutions. The involvement of IT in healthcare is proving to be an edge, and benefits are seeing lucrative growth. Hence, digital healthcare is rapidly increasing across the globe.
The value of the enterprise may be diminished by worries about the security of patient data. Strict data protection is required when using digital health solutions, including e-prescriptions, electronic health records, and medical applications. A breach in data security can cause significant losses of vital and private information, such as social security numbers, insurance IDs, addresses, and medical information found in medical records, which can severely affect the operations’ reputation and results. In addition, cyber security problems sometimes include haphazard individual efforts to obtain illegal access to information technology systems targeted at consumers, third-party service providers, hospitals, and doctors.
Moving healthcare delivery from curative to preventative will help achieve several objectives, including enhancing resource efficiency, cutting expenses, raising accessibility, and enhancing quality. In addition, the new digital health model will be crucial in helping emerging countries overcome many obstacles to healthcare delivery, such as increasing access, cost, quality, and safety.
A severe lack of resources and infrastructure hinders healthcare services in many developing nations, particularly in rural regions. For example, most people in Africa—62 percent—live in rural areas with little access to medical care. In South Africa, an ongoing power problem makes it challenging for hospitals to run continuously, particularly in their critical care units. India has a patchwork public healthcare system with underfunded hospitals and clinics and inadequate health-related programs, with an average of 0.7 hospital beds per 1,000 of its population. These problems are an opportunity for the digital healthcare market.
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The requirement for physical separation has focused the attention of patients and healthcare professionals on digital health, and the decrease in opposition to telemedicine has given people the chance to understand its benefits. The COVID-19 pandemic has made clear the necessity for rigorous review and the development of ethical issues alongside the developing area of digital healthcare, in addition to the requirement for data exchange.
Obtaining informed patient permission will be a significant obstacle in ensuring transparency regarding the data acquired and the people that have access to it. The main barriers preventing the growth of digital health are the absence of evidence-based digital health standards, privacy concerns, data governance, and ethical issues.
Based on product & service, the eHealth category is expected to grow at the most significant CAGR over the anticipated period due to the rise in chronic illness prevalence, a spike in demand for telehealth & telemedicine, and a rise in internet users.
Based on components, the software segment is the leading segment and is expected to contribute to the digital health market significantly. Because of improvements in healthcare information technology, an increase in demand for healthcare cost reduction, and growth in the need for structured data and workflow in the healthcare industry, the market for software components is rising.
The popularity of the newest mobile healthcare applications has significantly improved with technological improvements. Due to the low cost of various software applications, the software industry is also anticipated to increase positively. Additionally, growing public interest in their health and fitness and advanced knowledge of different digital health technologies to keep track of everyday activities would boost market demand.
North America held a dominant position and is predicted to be dominating during the forecast period in the digital health market. The region’s increase is primarily attributable to the region’s expanding chronic illness prevalence and senior population. The population is estimated to have reached 28% by the end of 2050, according to the United Nations World Population Ageing study issued in 2015. Additionally, the market is expanding quickly due to the rising popularity of mHealth apps and the high use of wireless & mobile health services.
- Apple Inc.
- Telefónica S.A.
- CISCO Systems Inc.
- Cerner Corporation
- QSI Managemen LLC
- Vodafone Group
- AirStrip Technologies
- IBM Corporation
- Mckesson Corporation
- Epic Systems Corporation
- Google Inc.
- Samsung Electronics Co. Ltd.
- Computer Programs and Systems Inc.
- Vocera Communications
- Qualcomm Technologies Inc.
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