Digital Health Market To Reach USD 783,848.2 Million by 2030

The digital health market will make USD 183,517.9 million in 2022, and it will reach USD 783,848.2 million by 2030, pushing at a rate of 19.90% in the years to come, as per a market research company, P&S Intelligence.

Telemedicine had a momentous market share in the recent past. Telehealth services are highly demanded because of the increasing requirement for dependable fitness and health monitoring, management of population immediately, and secure healthcare info storage. The development of these services is assisted by the upgradation of hardware and software employed in telehealth. 

Therefore, increasing trend of software upgrades that comprise numerous healthcare applications is accountable for the growth of the industry in the years to come.

The expansion of variability of platforms for diagnosis, monitoring, and disease prevention will also be the key factor accountable for the development of the industry in the years to come.

Also, augmented expenditures in digital infra, chiefly in emerging countries, fuel market requirement for feasible telehealth systems. New techniques are also obtainable by the businesses to deliver services to their clienteles, which, in turn, fuels the growth of the industry in the years to come.

Furthermore, as per EU, mobile phones or smartphones were the most- used devices for surfing the internet in the year 2021.

With the quick progressions in communication knowhows, the requirement for mHealth applications, such as applications for health and fitness, is increasing abruptly all over the world.

IoT is the most-prominent technologies in healthcare. It has changed to the point where it is altering the healthcare industry by facilitating numerous activities, including professionally tracking the staff, patients, and inventory; enhancing drug prescription; safeguarding obtainability of perilous medical equipment; and addressing chronic ailments.

To deliver a continuous, custom-made digital experience, big data plays an important role in supplementing a service provider in enhancing resources and time, for delivering better healthcare services.

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Digital Health Market is Predicted Substantial Growth at a CAGR of 21.1% During Forecast Period

Smartphones, tablets, and other internet platforms are the epitomes of innovation in the world. Over the last five years (2013–2017), there has been an exponential increase in the use of smartphones and tablets. The innovations have greatly helped sectors such as education, transportation, business, and healthcare reach the masses. Digitization of healthcare has considerably improved the doctor–patient interaction, thereby leading to the growth of the digital health sector.

Offering an insight into the scenario, P&S Intelligence has predicted substantial growth in the global digital health market at a CAGR of 21.1% during 2018–2023. Digital health refers to the integration of information technology into healthcare services. Individuals, hospitals, and clinics are the end-users of digital healthcare solutions. Among these, individuals are expected to constitute the largest end-user base globally, progressing at a CAGR of 21.9% during the forecast period.

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Smartphones and other technologies have made a major contribution to the growth of the digital health market. According to a European Union press release, among all devices, smartphones were the preferred platform to access the internet in 2016, accounting for over 79% of all internet users. With advancements in technology, the adoption of the latest mobile applications in healthcare has increased considerably. Apart from smartphones, the progress of the digital health market can be credited to the use of tablets and other internet platforms, such as desktops and laptops.

Telemedicine, mHealth, electronic health records (EHRs), and healthcare analytics are the various divisions of the technology segment of the domain. Of these, mhealth had the largest share, of 31.5%, in the market during the historical period, and it is expected to register 33.5% CAGR during the forecast period. Government initiatives toward the implementation of mhealth and rising awareness about its advanced applications have driven the digital health market growth to a great extent.

Some of the other key players in the digital health industry are Qualcomm Incorporated, Cerner Corporation, eClinicalWorks LLC, Epic Systems Corporation, McKesson Corporation, athenahealth Inc., General Electric Company, Koninklijke Philips N.V., Cisco Systems Inc., and AT&T Inc.

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