Digital Health Market Growing with Massive CAGR says P&S Intelligence

NEW YORK, March 16, 2021 /PRNewswire/ -- The increasing prevalence of chronic diseases, coupled with the inadequacy of the healthcare facilities in rural and far-flung areas, is propelling the demand for remotely diagnosing and monitoring patients. As a result, the global digital health market value, which was $101.4 billion in 2019, is projected to reach $884.1 billion by 2030, at a 21.8% CAGR during 2020–2030, according to P&S Intelligence.

The concept of digital health encompasses connected devices, mobile health (mHealth) applications, electronic health records (EHRs), and various other applications of the audio–video and telecommunications technologies that can help doctors and patients communicate without physically being with each other. In this regard, the growing geriatric population is also acting as a strong digital health market driver, as the elderly often cannot physically and financially afford to visit a medical center.

Key Findings of Global Digital Health Market Report

• COVID-19 providing boost to digital health solution demand
• Increasing smartphone penetration strongest driver for market
• Hospitals largest end users in market
• Cloud-based digital health solutions a global trend
• Adoption of digital health technologies to remain highest in North America
• Solution vendors entering into collaborations and partnerships

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The impact of the COVID-19 pandemic on the digital health market is rather positive, because the lockdowns and movement restrictions have forced the majority of the people into their homes. Moreover, most of the hospital departments and clinics are closed, as the focus of the healthcare fraternity is firmly on controlling the cases of the coronavirus infection. Therefore, a large number of primary care physicians and diagnostic laboratories have shifted to online consultations, which is driving the demand for various enabling technologies and devices.

The individuals category will witness the highest CAGR under the end user segment of the digital health market in the coming years. People around the world are adopting healthcare IT solutions as they offer updated information on a number of health-related subjects. Additionally, digital health solutions gather, store, and analyze patient data, to offer consultation, and generate alerts regarding medication schedules, doctor visits, and any underachievement in the overall health target of the user.

Browse detailed report with COVID-19 impact analysis on Digital Health Market Research Report: By Technology (Mobile Health, Electronic Health Record, Telemedicine, Healthcare Analytics), End User (Hospitals, Clinics, Individuals) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/digital-health-market

Asia-Pacific (APAC) is expected to be the fastest-growing digital health market throughout the decade. The demand for such solutions in the region is primarily being propelled by the rising burden of chronic diseases and increasing population of the elderly. Other key reasons for the regional market growth are the increasing HIT investments, rising adoption of smartphones, and improving healthcare infrastructure.

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Cerner Corporation, Epic Systems Corporation, eClinicalWorks LLC, Qualcomm Incorporated, McKesson Corporation, athenahealth Inc., General Electric Company, AT&T Inc., Koninklijke Philips N.V., Allscripts Healthcare Solutions Inc., and Cisco Systems Inc. are the most-significant global digital health market players.

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mHealth Market - https://www.psmarketresearch.com/market-analysis/mobile-healthcare-market

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SOURCE P&S Intelligence