High adoption of health technology and remote patient monitoring services are anticipated to be an opportunity for the global digital health market
Digital health is a concept that combines health and technology for achieving higher standards of health care services. The key benefits provided by digital health include progress in attaining health and well-being, track and manage healthcare delivery, gain quality access to health-related information, and increased life productivity. These reasons are ascribed to the prompt growth of digital health and wellness solutions.
As a result of the impressive advances, the global digital health market is projected to witness stronger economic gains with potential growth of approximately USD 489.60 billion until 2028 with an annual growth rate of 18.10% from 2021 to 2028. However, complicated health information causing concerns, cybersecurity issues, expensive digital health records are some key issues likely to impede the market growth.
Furthermore, affordable digital health solutions, advanced technologies incorporated with the highest security, increasing patient engagement, and connectivity are anticipated to be an opportunity for global digital health market expansion.
The current pace of progress of digital health and wellness solutions states that the global digital market is progressive and attractive due to tremendous growth opportunities. The key influencing factors such as medical efficiencies, improved access to healthcare services for people leaving in remote areas, reduced healthcare costs, access to quality and personalized healthcare, and connectivity to the worldwide healthcare community are driving the global digital market growth.
Also, digital health when coupled with digital and cutting-edge information and communications technology has become an enabling factor towards ensuring quality access to healthcare. Smartphones enabled with healthcare applications, besides other applications and devices such as Fit band are some examples of digital health. Mobile health apps and software helping medical professionals make clinical decisions can also be classed under digital health.
Adroit market research report on the global digital health market with 2018-2028 coverage offers an extensive analysis of digital health technology and the overall market. The report attempts to study the key market influencers such as drivers, restraints, opportunities, and challenges. Moreover, financial information of the market is discussed in the report. The key objectives to present a detailed analysis of the market is to promote global collaboration among market players and share knowledge of key events and characteristics of the market to help market players take well-informed decisions. Moreover, this report strengthens your market insights at global, regional, and national levels. The report gives a detailed view of the competitive landscape covering the financial details, product launches, key events, and other key information of the market players.
The players are pursuing innovative strategies like launching advanced digital healthcare products, services, or software at the best prices that are disrupting the established leaders that provide similar solutions at high prices.
They are providing products and services to improve customer engagement and connectivity. Digital health services are provided by the integration of human-tech, financial, and organizational offerings.
On the basis of different approaches, the market has been classified on the basis of technology namely mHealth and healthcare analytics. The mhealth segment experienced the highest revenue growth and is projected to record good growth even in the forecast years.
Smartphone usage, connectivity, access to free as well as premium mHealth apps, and rising adoption of technologies by providers as well as physicians are the key factors driving the global digital health market.
On the basis of different approaches, the market has been classified on the basis of components namely software, hardware, and services. The hardware and services segments gathered maximum market revenue. The rising demand for platforms such as EHRs and the adoption of healthcare devices are boosting the market growth of these segments.
North America will claim the highest revenue streams in the global digital health market the. High costs for healthcare, increasing prevalence of diseases leading to awareness of taking proactive steps to prevent further issues, the surge in demand for EMRs and EHRs are the key influencers of the growth of North America. Also, the APAC and MEA are witnessing a boom in the global digital market due to the rising use of smartphones, healthcare awareness, and others.
The key providers and innovators of digital health and wellness are CISCO, IBM, Vocera Communications, Computer Programs and Systems, MQure, Softserve, Qualcomm, Orange, HiMS, Samsung, Google, AirStrip Technologies, Vodafone, AT&T, QSI Management, Epic Systems, Mckesson, Telefónica, Apple, Allscripts, and Cerner.
Key Segments of the Global Digital Health Market
Technology Overview, 2018-2028 (USD Billion)
• Healthcare Analytics
Component Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa