Increase in prevalence of chronic disease and rise in demand for mHealth and wearable devices drive the growth of the global digital health market.
Portland, OR, July 29, 2021 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Digital Health Market by Product & Service (mHealth and eHealth), Component (Software, Hardware, and Services), and End User (Healthcare Providers, Payers, Healthcare Consumers, and Others): Global Opportunity Analysis and Industry Forecast, 2021––2030.” According to the report, the global digital health industry was estimated at $145.88 billion in 2020, and is anticipated to hit $767.71 billion by 2030, registering a CAGR of 17.9% from 2020 to 2030.
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Drivers, restraints, and opportunities-
Increase in prevalence of chronic disease, favorable government initiatives for digital health, advancements in technology in digital healthcare, and rise in demand for mHealth and wearable devices drive the growth of the global digital health market. On the other hand, concerns related to ensuring regulatory compliance impede the growth to some extent. Nevertheless, increase in adoption of digital health devices and technologies are projected to pave the way for lucrative opportunities in the industry.
The outbreak of covid-19 gave way to increase in the development of healthcare information technology, which in turn has boosted the global digital health market.
This trend is expected to persist post pandemic as well, since there’s been a substantial rise in demand for remote monitoring facilities.
The eHealth segment to dominate by 2030-
Based on product & service, the eHealth segment accounted for more than two-thirds of the total digital health market share in 2020, and is anticipated to rule the roost by 2030, owing to increase in prevalence of chronic diseases, surge in demand for telehealth & telemedicine, and increase in number of internet users. The mHealth segment, on the other hand, would cite the fastest CAGR of 22.50% throughout the forecast period, due to surge in demand for remote monitoring services, rise in prevalence of hypertension, and increase in number of smartphone users.
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The healthcare providers segment to maintain the dominant share-
Based on end user, the healthcare providers segment held more than two-fifths of the total digital health market revenue in 2020, and is expected to lead the trail by 2030. The same segment would also manifest the fastest CAGR of 18.90% from 2020 to 2030. This is attributed to increase in prevalence of chronic diseases, surge in demand for mHealth app, and use of innovative technologies in the healthcare sector.
North America garnered the major share in 2020-
Based on region, North America held the major share in 2020, generating more than two-fifths of the global digital health market, due to large presence of key players, adoption of smartphone users, and advancements in healthcare information technology in the region. At the same time, the market across Asia-Pacific would grow at the fastest CAGR of 21.10% by 2030. This is due to rise in geriatric population and increase in demand for remote monitoring services in this province.
Key players in the industry-
General Electric company
Koninklijke Philips N.V.
Siemans Healthcare AG
Qualcomm technologies, Inc.
Allscripts Healthcare Solution, Inc.
Honeywell International Inc.
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