The global digital health market is expected to grow at a compound annual growth rate (CAGR) of 30% during the forecast period of 2022 and 2030. The market is anticipated to increase significantly as a result of rising smartphone use and the widespread use of health and wellness-related smartphone applications. According to reports, there has been a rapid increase in investments in healthcare IT infrastructure, particularly in developed and emerging nations. For instance, the Asian Infrastructure Investment Bank (AIIB) made its first investment in health infrastructure in April 2020 to help the region recover from the $ 5 billion COVID-19 crisis. Market expansion is being driven by the rising trend of cost-based care and personalized medicine. Additionally, the rise of niche start-ups and digital healthcare businesses has sparked growth and won the respect of public institutions and private investors.
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Pre-covid the market was growing at a CAGR of 19%. However, post-Covid 19 the market is expected to grow at a CAGR of 30% during the forecast period 2022 to 2030. Clinical decision support, telehealth, mHealth, fitness applications & platforms, healthcare IT systems, and wearables & activity trackers are among the areas where digital health solutions are seeing a sharp increase in acceptance, which is propelling the market’s expansion. Additionally, the current Covid-19 pandemic has benefited the business by surfacing a number of prospects. To avoid in-person consultations, for example, healthcare professionals and patients quickly embraced telehealth technologies. Venture capital funding in the field of digital health, which includes both corporate venture capital and private equity, had already reached $14.8 billion in 2020, up from $8.9 billion in 2019, a rise of 66 percent overall.
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97% of Americans owned cell phones in 2021, according to a Pew Research Center survey. Market participants are creating cutting-edge mobile applications to monitor daily activities including fitness, exercise, nutrition, and well-being, providing consumers with high-quality healthcare and comfort. Additionally, mobile apps give consumers the ability to find out about medical questions, make appointments, track consultations, store their medical information, and track and obtain prescriptions for medications. For instance, players have introduced mobile applications like AssistRx, Practo, and Wareed in various regions of the world. Technology leaders such as Apple, IBM, and Google are concentrating on boosting data security features and improving the mobile health experience by providing a variety of subscription options, which is anticipated to support the expansion of the digital health market.
The delivery and consumption of services within the healthcare ecosystem are undergoing a paradigm shift. This is brought on by the pressing demand for a decentralized, inclusive, high-quality, and cost-effective healthcare delivery approach. The enterprising side of society is hard at work creating solutions and models to help us get there, even while these demands help to create high goals for our society and government. One such option is the digital health model. Digital health will significantly enhance the continuum of care by offering solutions that assist people from conception to the end of their lives, from well to sick, from birth to death. The transition from curative to preventative healthcare delivery, increased accessibility, decreased prices, increased quality, and increased resource efficiency are just a few of the objectives that digital health will help to achieve.
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Due to the digital transformation of the healthcare industry and favorable government backing for the incorporation of cutting-edge technology, telehealthcare held the top market position and accounted for a revenue share of more than 40% in 2021. Due to the widespread use of smartphones and the internet, as well as the abundance of health-related apps on the market, this area has experienced significant development. Additionally, the market for mHealth is growing due to the rising frequency of chronic diseases and improvements in wearable technology. The biggest growth is anticipated in telehealthcare, with a CAGR of 25 % during the forecast period of 2022 and 2030.
Due to the rising need for various services including installation, staffing, training, maintenance, and other similar activities, the services category led the market in 2021 and accounted for 65% of market revenue. Players in the market are either offering these services separately or in packages. The rise of the services sector is being fuelled by the rising need for cutting-edge software platforms and solutions, such electronic medical records, as well as the rising demand for the upgrades and training needed to operate these software solutions. In addition, the software sector, which contributed almost 20% to market value in 2021, is anticipated to rise rapidly in the years to come. Software segment is projected to grow at a CAGR of 20% from 2022 to 2030. The market has experienced tremendous growth, mostly as a result of rising demand for healthcare software, fitness apps, and different healthcare analytics platforms.
Healthcare Providers, Payers, Healthcare Consumers, and Others are included in the Global Digital Health Market’s End User segmentation. The highest market share belonged to healthcare providers, who are anticipated to expand during the projection period.
On the basis of geography the global digital health market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America based on geographical analysis. The highest market share was contributed by North America, which is anticipated to expand at a CAGR of 15.5% during the forecast period. Since telehealth services provide remote patient monitoring (RPM), store and forward transmission of medical information, and mobile health collaboration, North America is expected to hold the largest market share during the forecasted period due to a number of driving factors, including the rising demand for telehealth services in the North American digital health market, rise in the adoption of internet and compatible devices across the region, and rising demand from the rural healthcare industry. In 2020, Europe will contribute about 27% of global revenue. However, the region with the largest increase during the anticipated period is Asia Pacific, which can be attributed to rising expenditures on healthcare infrastructure and software to raise public awareness. By 2030, it is anticipated that the Asia Pacific digital health market would account to over US$420 billion in terms of revenue.
The market participants were compelled to adopt creative product development strategies and concentrate on their collaboration and partnership strategies in order to increase their market share and product portfolios as a result of the growing trend of the digitization of healthcare systems. In order to meet the rising demand and broaden their commercial horizons, market participants were compelled to alter their product innovation strategies, investment strategies, mergers and acquisitions plans, and partnership plans. Innovative digital health solutions are provided by leading industry participants Cerner Corporation, Allscripts, Apple Inc., Qualcomm Technologies Inc., Samsung Electronics Co. Ltd, McKesson Corporation, IBM Corporation, Epic Systems Corporation, Airstrip Technologies, and AT&T. Key players are developing novel product development strategies and devising collaboration and partnership plans to broaden their product portfolios and serve several regional markets as a result of the increasing demand. Market expansion is being driven by the creation of startups and increasing recognition from government officials and venture capitalists.
Key Market Trends
- The global digital health market is expected to grow at a compound annual growth rate (CAGR) of 30% during the forecast period of 2022 and 2030.
- Pre-covid the market was growing at a CAGR of 19%. However, post Covid 19 the market is expected to grow at a CAGR of 30% during the forecast period 2022 to 2030.
- Telehealthcare held the top market position and accounted for a revenue share of more than 40% in 2021.
- The biggest growth is anticipated in telehealthcare, with a CAGR of 25 % during the forecast period of 2022 and 2030.
- Software sector, which contributed almost 20% to market value in 2021, is anticipated to rise rapidly in the years to come. The software segment is projected to grow at a CAGR of 20% from 2022 to 2030.
- The highest market share was contributed by North America, which is anticipated to expand at a CAGR of 15.5% during the forecast period.
- In 2020, Europe will contribute for about 27% of global revenue.
- Innovative digital health solutions are provided by leading industry participants Cerner Corporation, Allscripts, Apple Inc., Qualcomm Technologies Inc., Samsung Electronics Co. Ltd, McKesson Corporation, IBM Corporation, Epic Systems Corporation, Airstrip Technologies, and AT&T.
- Key players are developing novel product development strategies and devising collaboration and partnership plans to broaden their product portfolios and serve several regional markets as a result of the increasing demand.
Digital Health Market is segmented into:
|Segmentation||By Technology (2020-2030; US$ Mn)|
|By Component (2020-2030; US$ Mn)|
|By End User (2020-2030; US$ Mn)|
|Region Segment (2020-2030; US$ Mn)|
|Covid-19 Impact (2020-2021; US$ Mn)|
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