Digital Health Market to Reach USD 1033.18 Billion by 2030; Demand for Remote Patient Monitoring & Focus on Patient-Centric Healthcare Services Will Favour Growth: The Brainy Insights

The Brainy Insights
The Brainy Insights

Advances in robotics, AI, big data, and machine learning continue to bring about significant changes in digital healthcare. The Covid-19 epidemics and the conditions thereon have resulted in the rapid adoption of different digital health technologies. The increasing disposable income and smartphone penetration is the opportunity factor for market growth. North America emerged as the largest market for the global digital health market, with a 45.37% share of the market revenue in 2021.

Newark, Sept. 28, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global digital health market is expected to grow from USD 159.75 billion in 2021 to USD 1033.18 billion by 2030, at a CAGR of 23.05% during the forecast period 2022-2030.

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The high adoption of advanced technologies for women’s digital health is anticipated to expand the demand for the digital health industry during the projection period. Moreover, the rising innovations, rapid investment in the healthcare IT infrastructure, particularly in the developed and developing nations, and growing incidence of chronic diseases are also helping to propel market growth. However, a lack of awareness about women’s mental & physical health and data privacy & security issues are restraining market growth. Furthermore, the increasing proliferation of digital health technologies is also expected to provide opportunities for market growth.

Competitive Strategy

To enhance their market position in the global digital health market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

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Scope of the Report

Report Attributes

Details

Market Size in 2021

USD 159.75 billion

Revenue Forecast by 2030

USD 1033.18 billion

CAGR

23.05% from 2022 to 2030

North America Market Share

45.37% in 2021

Base Year

2021

Forecast Year

2022 to 2030

Key Players

Apple Inc, Cerner Corporation, Epic Systems Corporation, McKesson Corporation, Allscripts, QSI Management LLC, Telefonica S.A., Airstrip Technologies, HiMS, Google Inc, Vodafone Group, Qualcomm Technologies Inc, MQure, CISCO Systems Inc, Samsung Electronics Co. Ltd, Computer Programs and Systems Inc, IBM Corporation, Vocera Communications, Softserve













Market Growth & Trends

The growth of the digital health market is driven by the increasing demand for mobile health apps, the growing need for remote patient monitoring services, and the rising usage of smartphones & tablets. Moreover, the ever-increasing adoption of the internet of things, artificial intelligence, and big data analytics is the market growth trend. Artificial intelligence can act as a clinical decision-support device and can work along with human interference to provide better care with raised efficiency. In addition, the rapid advancements in healthcare IT infrastructure & the adoption of cloud-based storage systems by professionals propel market growth. Further, the vast governmental support and the execution of favorable policies to promote the adoption of digital health solutions are helping to boost market growth. Apart from this, an increasing trend in preventative healthcare, combined with increased investment for different mHealth firms, is also helping to drive market growth during the forecast period.

Key Findings

• In 2021, the software segment dominated the market with the largest market share of 39.14% and market revenue of 62.52 billion.

The component segment is divided into hardware, software, and services. In 2021, the software segment dominated the market with the largest market share of 39.14% and market revenue of 62.52 billion. This growth is attributed to the growing demand for digital health solutions.

• In 2021, the mhealth segment dominated the market with the largest market share of 34.16% and market revenue of 54.57 billion.
The technology segment is divided into telehealthcare, mhealth, digital health systems, and healthcare analytics. In 2021, the mhealth segment dominated the market with the largest market share of 34.16% and market revenue of 54.57 billion. This growth is attributed to the rising focus on improving personal health and fitness using smart devices and wearables.

• In 2021, the cloud-based segment dominated the market with the largest market share of 57.21% and market revenue of 51.39 billion.

The delivery mode segment is divided into cloud-based and on-premise. In 2021, the cloud-based segment dominated the market with the largest market share of 57.21% and market revenue of 51.39 billion. This growth is attributed to the better storage, scalability, and flexibility of data offered by cloud computing.

• In 2021, the healthcare providers segment dominated the market with the largest market share of 38.27% and market revenue of 61.13 Billion.

The end-user segment is divided into healthcare payers, healthcare providers, and pharmaceutical companies. In 2021, the healthcare providers segment dominated the market with the largest market share of 38.27% and market revenue of 61.13 billion. This growth is attributed to innovations in technologies in health care sectors.

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Regional Segment Analysis of the Digital Health Market:

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

The North America region occurred as the largest market for the global digital health industry, with a market share of 45.37% and a market value of around 72.47 billion in 2021. North America dominates the digital health market due to the swift adoption of smart mobiles and developments in coverage network systems. Moreover, the presence of major vital participants and venture capitalist investments in digital health is also helping to drive the region's market growth. Further, the Asia Pacific region is expected to show the fastest CAGR of 25.04% over the projection period. This growth is attributed to the increasing demand for healthcare analytics. In addition, growing smartphone adoption, favorable government initiatives to support advancements in healthcare IT, and the growing adoption of mHealth services propel market growth in this region.

Key players operating in the global digital health market are:

• Apple Inc
• Cerner Corporation
• Epic Systems Corporation
• McKesson Corporation
• Allscripts
• QSI Management, LLC
• Telefonica S.A.
• Airstrip Technologies
• HiMS
• Google, Inc
• Vodafone Group
• Qualcomm Technologies, Inc
• MQure
• CISCO Systems, Inc
• Samsung Electronics Co. Ltd
• Computer Programs and Systems, Inc
• IBM Corporation
• Vocera Communications
• Softserve

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global digital health market based on below mentioned segments:

Global Digital Health Market by Component:

• Hardware
• Software
• Services

Global Digital Health Market by Technology:

• Telehealthcare
• mHealth
• Digital Health Systems
• Healthcare Analytics

Global Digital Health Market by Delivery Mode:

• Cloud-Based
• On-Premise

Global Digital Health Market by End-User:

• Healthcare Payers
• Healthcare Providers
• Pharmaceutical Companies

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About the report:

The global digital health market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.

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