The digital health market is likely to grow at a CAGR of 27.7% in the foreseeable years from 2022 to 2032.
The digital health market is likely to grow at a CAGR of 27.7% in the foreseeable years from 2022 to 2032. Growing healthcare expenditure, advancement in the healthcare IT infrastructure, improving internet connectivity, and increasing smartphone penetration are some pivotal factors that are likely to propel novel growth opportunities in the digital health market.
Increasing accessibility of virtual care, growing demand for the services with remote patient monitoring, and rising cases of chronic diseases are further estimated to propel growth opportunities in the market. Cancer, cardiovascular diseases, Alzheimer’s diseases, and diabetes are some healthcare issues that require patient monitoring services and long-term care. Furthermore, telehealth and telemedicine services are adopted at an increased rate by the healthcare fraternity and also receive recognition from private players and government bodies. These factors are further likely to propel expansion opportunities in the digital health market.
Digital Health Market: Key Trends
The scope of smartphones has been broadening from the devices used for entertainment and communication to the devices used to monitor health & fitness. Along with this, the market players have been developing various innovative mobile applications in order to track routine activities, for instance, well-being, nutrition, exercise, and fitness. Thus, owing to these features, the device ensures comfort for the user and deliver quality healthcare services.
Mobile applications enable users to gain the information to track & order their respective medical prescriptions, store their healthcare information, track consultations, schedule appointments, and gain information related to medical inquiries. Various companies around the world are concentrating to improve the experience of mobile health while providing different subscription plans. These players also take initiatives to enhance the features related to data security that is predicted to bolster revenue generation opportunities in the digital health market in the near future.
Digital Health Market: Competitive Dynamics and Key Developments
The players serving in the digital health market are generally incorporating different strategies for the generation of novel growth impetuses in the upcoming years. Acquisitions & mergers, collaborations, novel product launches, agreements, partnerships, portfolio expansion, and various others are some strategies that are incorporated by industry players.
The key players serving in the digital health market include:
- AirStrip Technologies
- Mckesson Corporation
- QSI Management, LLC
- Cerner Corporation
- Google, Inc.
- Allscripts
- Epic Systems Corporation
- Vodafone Group
- Apple, Inc.
- Telefónica S.A.
- AT&T
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Digital Health Market: Regional Assessment
The digital health market has been analyzed across prominent geographical locations that include, North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. North America, out of these geographical locations has been anticipated to hold a dominating position in the market along with its significant contribution to revenue. Readiness to adopt different advanced technological solutions, technological literacy, and increased healthcare IT expenditure in order to advance infrastructure are some pivotal factors that are predicted to bolster growth opportunities in the market. Furthermore, advancements in internet connectivity, numerous funding options to stimulate smartphone penetration, the emergence of startups, and favorable government initiatives are also expected to bolster expansion opportunities in the digital health market. Increasing cases of chronic disorders, a growing geriatric population, changing lifestyles, and globalization are also propelling growth impetuses in the market.
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Frequently Asked Questions:
- What are the diverse growth parameters influencing the digital health market?
Growing healthcare expenditure and advancement in the healthcare IT infrastructure are estimated to boost growth avenues in the digital health market.
- Which regions will contribute largely to the growth of the digital health market?
North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa
- What are the recent innovations and technological advancements in the digital health market?
Broadening scope of smartphones from communication and entertainment device to health and fitness monitoring device is likely to bolster growth avenues in the digital health market.
- What are the emerging trends across the digital health market?
Improvement in internet connectivity and rising smartphone penetration are likely to attract trends in the digital health market.
- How has COVID-19 affected the digital health market?
The pandemic has put positive impact on the digital health market growth due to rapid adoption of the telehealth solutions in order to avoid in-person consultations.
- What will be the post-pandemic scenario of the digital health market?
Rapid expenditure on healthcare services in the post-pandemic era estimated to create novel growth avenues in the market.
- What are the major threats that will dent the growth prospects of the digital health market?
Threat to security related to individual data is predicted to limit growth opportunities in the digital health market.
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