IMARC Group’s latest report, titled “Digital Health Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global digital health market reached a value of US$ 289 Billion in 2021. Digital health utilizes the latest technologies to remotely monitor patients’ health and fitness. It involves the use of computing platforms, connectivity, software, and sensors for health care and related use. Digital health services include clinical decision support, health IT systems, fitness trackers, telehealth systems, and mHealth applications. Their utilization helps improve the quality of life and assists patients in making informed decisions about their well-being. In recent years, digital health solutions have gained prominence as they offer seamless facilities and easy management of payment procedures, clinical data, claims, and healthcare activities.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Digital Health Market Trends:
The global digital health market is primarily driven by the rising prevalence of chronic health disorders, including obesity, cardiovascular diseases (CVDs), and diabetes. The growing cases of Alzheimer’s disease, cancer, and other long-term care (LTC) conditions have also increased the need for digital health solutions that enable doctors to monitor patients remotely despite geographical constraints. Besides this, the growing trend of preventive healthcare has resulted in extensive investments in mHealth startups and applications across the globe. With the coronavirus disease (COVID-19) pandemic, there has been an increased need for digital health services due to stringent lockdowns and social distancing norms implemented by governments of different nations. Furthermore, the growing penetration of smartphones, increasing adoption of cloud-based systems and improving IT infrastructure are some of the other factors positively influencing the market growth. Looking forward, the market is expected to grow at a CAGR of 20.14% during the forecast period (2022-2027).
- Based on the type, the market has been segmented into telehealth, medical wearables, EMR/HER systems, medical apps, healthcare analytics and others.
- On the basis of the component, the market has been classified into software, hardware, and services.
- Region-wise, the market has been divided into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being iHealth Lab Inc., AllScripts Healthcare Solutions Inc., AirStrip Technologies, Qualcomm Technologies, Cerner Corporation, McKesson Corporation, Kininklijke Philips N.V., LifeWatch AG, Biotelemetry Inc., eClinicalWorks, LLC, Omron Healthcare Inc., Athenahealth Inc. and AT&T Inc.
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