Global Digital Health Market to Grow 30% Annually Through 2030

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Jul 29, 2022, 11:00 ET

DUBLIN, July 29, 2022 /PRNewswire/ -- The "Digital Health Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.

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. Growing smartphone adoption, better Internet connectivity, improved healthcare IT infrastructure, rising healthcare spending, an increase in the prevalence of chronic diseases, rising demand for remote patient monitoring services, and easier access to virtual healthcare will all contribute to market growth.

Increased Market Penetration of Cellphones and Accessibility to Digital Health Apps Serve as Key Market Boosters
Smartphones are now more than just communication and entertainment tools; they are now fitness and health trackers. 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.

Data Privacy is a Key Concern
Strict data security is necessary for the implementation of digital health solutions including electronic health records, e-prescriptions, and medical apps. A breach in data security can cause significant loss of sensitive information, including medical records, which frequently contain social security numbers, insurance IDs, addresses, and personal health information.

Emerging Economies Promise Significant Market Potential
Businesses are creating chatbot services to provide first consultations or respond to simple medical questions. Positive government measures, an increase in technical partnerships among market participants, and the limitations brought on by the Covid-19 pandemic all encourage the developing trend of digitalization in healthcare. In long-term care services and institutions, telecare and other digital health solutions for remote patient monitoring are commonly used.

The new digital health model will be essential in helping emerging nations overcome many of the problems that currently hamper the delivery of healthcare, such as improving access, cost, quality, and safety. The provision of healthcare services has been severely hampered in many developing nations, especially in rural areas, by a severe lack of infrastructure and resources.

Technology Market: Tele-Health Leads in Terms of Revenues
The tele-healthcare category dominated the market in 2021, accounting for a revenue share of 38% and a CAGR of 25% during the forecast period of 2022-2030. This growth rate is due to factors such as improving internet connectivity, rising smartphone usage, increased technological readiness, a growing shortage of healthcare professionals, rising medical costs, widespread availability of telehealth applications, and rising patient and physician adoption of these technologies.

Component Market: Services Dominates in Terms of Revenues, Software to Grow at Fastest Pace
Based on segmentation by component, services will contribute 65% of market revenue in 2021. This is primarily due to the large increase in software upgrades as well as the quick improvements in different software and hardware. These services include installation, upgrade, and training & integration.

Additionally, many businesses are concentrating on services-based tasks including training and integration, installation, and upgrade, which have accelerated market expansion during the study period. The need for services in the next few years will be driven by rising investments in digital healthcare infrastructure, particularly in developing nations.

Additionally, as more businesses focus heavily on procuring post-installation services like staffing, optimization, training, and many other services, the demand for platforms like Electronic Health Records (EHR) is expanding, which further fuels the demand for services.

North America Remains a Global Leader
With a revenue share of over 37 % in 2021, North America dominated the digital health market. The region's increase is primarily attributable to the region's expanding chronic disease prevalence and senior population. According to the World Population Ageing study from the United Nations, which was published in 2015, the proportion of people over 60 is predicted to be around 28% by the year 2050. In 2021, Europe will contribute about 27% of global revenue. However, the region with the largest increase during the anticipated period is the 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 for over US$420 billion in terms of revenue.

Innovation to Remain as the Game Changer
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.

Key Topics Covered:

1. Preface

2. Executive Summary

3. Digital Health Market: Business Outlook & Market Dynamics

4. Digital Health Market: By Technology, 2020-2030, USD (Million)

5. Digital Health Market: By Component, 2020-2030, USD (Million)

6. Digital Health Market: By End User, 2020-2030, USD (Million)

7. North America Digital Health Market, 2020-2030, USD (Million)

8. UK and European Union Digital Health Market, 2020-2030, USD (Million)

9. Asia Digital Health Market, 2020-2030, USD (Million)

10. Latin America Digital Health Market, 2020-2030, USD (Million)

11. Middle East and Africa Digital Health Market, 2020-2030, USD (Million)

12. Company Profiles

Companies Mentioned