Digital Health Market to Hit New profit-making Growth By 2030

Description

The global digital health market was valued at USD 145 billion in 2020 to USD 767 billion by 2027, at a CAGR of 17.9% from 2021 to 2027. Digital health is defined as the technology in the healthcare sector, which enables the universal health care access, enhances the healthcare quality, and improves the physical & emotional well-being of consumers. The scope of digital health includes mobile health, health information technology, wearable devices, personalized medicine, telehealth, and telemedicine. It uses computing platforms, software, connectivity, and sensors for healthcare and related uses. It offers an accurate diagnosis of disease and treats disease to deliver quality health care for the individual.

The global digital health market is majorly driven by an alarming increase in the prevalence of chronic diseases, such as cancer, diabetes, cardiovascular disease, and hypertension, rise in government initiative for digital health, surge in demand for mHealth, advancement in the technology of healthcare, and rise in adoption of smartphones. For instance, according to the World Health Organization (WHO), in 2020, approximately 10 million deaths were reported due to various types of cancer. As per the same source, in 2019, 1.5 million deaths were reported due to diabetics. Moreover, in August 2020, the Government of India launched the National Digital Health Mission, which aims to revolutionize the health sector of India. This initiative is expected to increase the adoption of digital health in e-healthcare systems. Furthermore, in May 2020, MyMedicNow, a healthcare technology company, launched a new mobile healthcare app to overcome the gap between physicians and patients. This app allows the patient to search for a medical condition and find related healthcare providers quickly and efficiently. Thus, an increase in demand for mobile healthcare apps and a rise in the prevalence of diabetics and cancer are expected to propel the market's growth.

Request Sample Copy of this Report: https://www.marketstatsville.com/request-sample/digital-health-market 

On the contrary, concerns related to ensuring regulatory compliance regarding digital health devices and services are anticipated to hinder the market growth during the forecast period. The rise in the adoption of mHealth, eHealth, and healthcare information technology (IT) leads to the enhancement of the digital health sector. This encourages many key players to enter emerging markets, thus offering a lucrative growth opportunity in the digital health market. The global digital health market is segmented into product & service, component, end user, and region. By product & service, the market is categorized into mHealth and eHealth. The mHealth segment is further classified into mHealth devices and mHealth services. The mHealth devices segment is further divided into a blood glucose meter, and BP monitors, pulse oximetry, neurological monitors, cardiac monitors, apnea & sleep monitors, wearable fitness sensor device & heart rate meters, and others. Further, the mHealth services segment is classified into prevention services, diagnostic services, monitoring services, treatment services, and wellness & healthcare system strengthening solutions. The eHealth segment is classified into electronic health records (EHR), vendor-neutral archive (VNA) and picture archiving & communications system (PACS), laboratory information systems (LIS), telehealth, prescribing solutions, medical apps, clinical decision support systems (CDSS), pharmacy information systems, and others.

Global Digital Health Market Dynamics

Drivers: Increase in prevalence of chronic disease

Availability of digital health technologies for wireless monitoring and treatment of patients suffering from different chronic diseases, such as asthma, cancer, blood pressure, heart rate, diabetes, respiratory diseases, and chronic obstructive pulmonary diseases, is one of the major factors that boost the market growth. Globally, chronic diseases, such as cardiovascular disease, are the leading causes of mortality and morbidity. According to the World Health Organization (WHO), in 2021, various types of chronic diseases, such as cardiovascular diseases, cancer, respiratory diseases, and diabetes, are responsible for approximately 17.9 million, 9.3 million, 4.1 million, and 1.5 million deaths, respectively. As per the same source, 41 million people die each year due to chronic disease, which is equivalent to 71% of all deaths globally. It has been observed that 77% of the deaths from chronic diseases occur in low and middle-income countries.

Moreover, the surge in sedentary lifestyles, such as tobacco use, unhealthy diet, physical inactivity, and harmful alcohol use, increase the risk of chronic disease. According to World Health Organization (WHO), in 2021, it was reported that tobacco intake, physical inactivity, and excess sodium/salt intake are responsible for approximately 7.2 million, 1.6 million, and 4.1 million deaths, respectively, each year. Therefore, this rise in prevalence of chronic disease and increase in lifestyle disorder are the major factors, which surge the demand for digital health services.

Restraints: Concerns related to ensuring regulatory compliance

Digital health applications are offered by various key players in the market. However, before launching any applications in healthcare, the key players need to check the compliance of the new solution with a set of pre-described mandatory rules in the region. Moreover, in some cases, the applications should pass a certification procedure, which allows them to handle a particular data such as patient-generated health data. Furthermore, the certification process is also vital as it allows the application to offer certain functions such as connecting to smart wearable or medical devices. Therefore, digital health applications are subjected to intense certification and testing processes, which can lead to delayed approvals. Furthermore, the applications can also face app store rejection, which is a costly affair. Thus, these factors restrict the growth of the digital health market.

Opportunities: Increase in adoption of digital health devices and technologies

Intertwined with concepts of telehealth & telemedicine, health information and technology, and precision medicine, digital health offer features to actively and remotely monitor physiological parameters. For instance, in March 2021, Amazon Care launched a telehealth offering in 80 states in the U.S., allowing individuals and families access to high-quality medical care and advice. As per the data published in the New England Journal of Medicine (NEJM) Catalyst, in 2021, it was reported that the non-profit health plans launched telehealth to increase the accessibility and affordability of patients.

Direct Purchase Report: https://www.marketstatsville.com/buy-now/digital-health-market?opt=2950 

For instance, in February 2021, engineers from the University of California, San Diego have developed a skin patch that can be worn on the neck to track blood pressure and heart rate while monitoring the user's glucose, lactate, alcohol, and caffeine levels. The device is said to be the first digital device that tracks, cardiovascular signals, and multiple biochemical levels in the body simultaneously. In addition, Verizon launched BlueJHeans Telehealth to enhance the healthcare system. BlueJheans is a video conference application in which the patient uses their pre-visit to complete questionnaires in advance. Thus, growth in the adoption of digital health is expected to provide an opportunity for the digital health market growth.

Scope of the Report

The study categorizes the digital health market based on products and services, components, end-users, and regions.

By Product and Service

• mHealth
  • mHealth Devices
    • Blood Glucose Meter
    • BP Monitors
    • Pulse Oximetry
    • Neurological Monitors
    • Cardiac Monitors
    • Apnea & Sleep Monitors
    • Wearable Fitness Sensor Devices & Heart Rate Meters
    • Others
  • mHealth Services
    • Prevention Services
    • Diagnostic Services
    • Monitoring Services
    • Treatment Services
    • Wellness & Healthcare System Strengthening Solutions
• eHealth
  • Electronic Health Records (EHR)
  • Vendor Neutral Archive (VNA) and Picture Archiving & Communications Systems (PACS)
  • Laboratory Information Systems (LIS)
  • Telehealth
  • Prescribing Solutions
  • Medical Apps
  • Clinical Decision Support Systems (CDSS)
  • Pharmacy Information Systems
  • Other

By Component

• Software
• Hardware
• Services

By End User

• Healthcare Providers
• Payers
• Healthcare Consumers
• Others

By Region

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

Access full Report Description, TOC, Table of Figure, Chart, etc: https://www.marketstatsville.com/table-of-content/digital-health-market 

mHealth, by Product and Service, is estimated to be the fastest-growing segment during the forecast period

The global digital health market has been segmented into mHealth and eHealth based on the product and service. In 2020 mHealth accounted for the fastest-growing segment with a CAGR of 22.5% in the global digital health market during the forecast period and having a revenue share of 31.70%.

An increase in demand for mHealth, surge in the adoption of internet, and favorable government initiatives are the key factors for the market's growth. The mHealth segment occupied the largest share of the market in 2020 and is expected to maintain the lead during the forecast period, owing to factors such as a rise in demand for chronic disease management, post-acute care management, and an increase in geriatric population. For instance, in 2020, the American Telemedicine Association (AAA) launched a new resource to guide quality-based mHealth apps.

Asia Pacific accounts for the highest CAGR during the forecast period in the digital health market.

Based on region, the global digital health market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific has a growth rate of 21.1% and has a revenue share of 20.5% globally during the forecast period. The Asia-Pacific digital health market is analyzed across Japan, China, India, Australia, and the rest of Asia Pacific. These countries offer lucrative opportunities for players operating in the digital health market. AsiaPacific was the second-largest contributor in the market in 2020 and is expected to register the fastest CAGR during the forecast period due to rise in laboratories for research, an increase in the number of population, advancement in technology for digital health, and an increase in government initiatives.

The digital health market in Asia-Pacific is witnessing significant growth, owing to a surge in the number of population, increase in the prevalence of chronic disease, and rise in awareness related to the use of digital health devices and services, which are the major factors responsible for the growth of the market. The countries in Asia-Pacific have huge populations, with China being the first having 1,397,715 population and India being the second most populated countries having 1,366,417.75 population in 2019. Therefore, the region has the potential to offer a huge patient base of chronic diseases, such as diabetes, cancer, and hypertension, which is expected to boost the growth of the Asia-Pacific digital health market. According to the World Bank Group, the prevalence of diabetes in India in 2019 was 10.4%. Moreover, the rise in the geriatric population, who are more vulnerable to chronic disease, fuels the market growth during the forecast period. According to Beijing, in 2019, it was reported that over 180 million geriatric population in China is living with chronic disease. As per the data published in Evolution of Radiology, in 2019, approximately 76% of healthcare professionals in India are using digital health records.

Request For Report Description: https://www.marketstatsville.com/digital-health-market 

Key Market Players

The global digital health market is fragmented into a few major players and other local, small, and mid-sized manufacturers/providers, which majorly focus on the development of healthcare information technology. Allscripts Healthcare Solution, Inc., Cerner Corporation, Cisco Systems, eCLINICALWORKS, General Electric company, Koninklijke Philips N.V., Honeywell International Inc., Mckesson Corporation, Siemens Healthcare AG, and Qualcomm technologies, Inc. have garnered the maximum market share in 2020. These market players are adopting growth strategies to strengthen their position in the market. Product launches and partnerships are the key growth strategies adopted by different key players in the market.

Article source: https://article-realm.com/article/Finance/25933-Digital-Health-Market-to-Hit-New-profit-making-Growth-By-2030.html