The Digital Health Market was at US$ 181.6 Billion in 2021 and is growing to approx US$ 1.5 Trillion by 2030, with a CAGR growth of 29.2% between 2027 and 2030.

SANDY, UTAH, UNITED STATES, October 19, 2022 /EINPresswire.com/ -- According to the study, The Global Digital Health Market was estimated at USD 181.6 Billion in 2021 and is anticipated to reach around USD 1.5 Trillion by 2030, growing at a CAGR of roughly 29.2% between 2027 and 2030.

Digital Health Market Market: Overview

Digital health refers to the application of information and communication technology in the healthcare field for the remote management of chronic conditions. Mobile health (mHealth), wearable technologies, telehealth and telemedicine, health information technology (IT), and customized medicine are all part of the digital health sector.

The healthcare sector has undergone a digital change, including software, hardware, and services. The expanding elderly population, childhood illnesses and deaths, high costs, difficulties connected to poverty, and racial discrimination related to access to health care have made the need for medical reform particularly pressing. Additionally, pandemics and epidemics have given digital health a high degree of relevance. However, this field is still developing and is expected to increase significantly throughout the projected period.

The key factors driving the market are the rising need for accurate and timely information and the increasing desire to reduce medical costs. The adoption of digital health market software solutions will also be influenced by consumer shifts toward value-based care, increased demand for effective management of organizational workflows in healthcare organizations, and various private and public initiatives to build healthcare IT infrastructure.

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Key Insights:

A) As per the analysis shared by our research analyst, the Digital Health Market is estimated to grow annually at a CAGR of around 29.2% over the forecast period (2027-2030).
B) In terms of revenue, the Digital Health Market was valued at around USD 181.6 Billion in 2021 and is projected to reach USD 1.5 Trillion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) Due to the constant demand for innovation, healthcare innovation is expected to grow. Consumer desire for more convenience, personalization and quality over the past ten years has driven innovation in almost every business. Consumers are starting to want the same things from their healthcare experiences as they do from their experiences in retail, travel, entertainment, or hospitality.
D) Mobile applications have the potential to significantly enhance patient care in several ways, including disease diagnosis and the use of wearables and ingestible sensors. Now that people live in the digital age, they depend more on intelligent gadgets.
E) The value of the enterprise may be diminished by worries about the security of patient data. Strict data protection is required when using digital health solutions, including e-prescriptions, electronic health records, and medical applications.
F) Moving healthcare delivery from curative to preventative will help achieve several objectives, including enhancing resource efficiency, cutting expenses, raising accessibility, and enhancing quality. In addition, the new digital health model will be crucial in helping emerging countries overcome many obstacles to healthcare delivery, such as increasing access, cost, quality, and safety.
G) The requirement for physical separation has focused the attention of patients and healthcare professionals on digital health, and the decrease in opposition to telemedicine has given people the chance to understand its benefits. The COVID-19 pandemic has made clear the necessity for rigorous review and the development of ethical issues alongside the developing area of digital healthcare, in addition to the requirement for data exchange.

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Regional Landscape

North America held a dominant position and is predicted to be dominating during the forecast period in the digital health market. The region’s increase is primarily attributable to the region’s expanding chronic illness prevalence and senior population. The population is estimated to have reached 28% by the end of 2050, according to the United Nations World Population Ageing study issued in 2015. Additionally, the market is expanding quickly due to the rising popularity of mHealth apps and the high use of wireless & mobile health services.

Increasing EHR use in hospital-owned ambulatory care and expanding public awareness of cutting-edge medical device applications are further factors impacting the development of the digital health market in North America. In addition, the HITECH Act and HIPAA Act are also being implemented, encouraging electronic health data usage in the United States and fostering industrial growth.

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Key Players

Apple Inc.
Telefónica S.A.
CISCO Systems Inc.
Cerner Corporation
QSI Managemen LLC
Allscripts
AT&T
Vodafone Group
AirStrip Technologies
IBM Corporation
Mckesson Corporation
Epic Systems Corporation
Google Inc.
Samsung Electronics Co. Ltd.
HiMS
Softserve
MQure
Computer Programs and Systems Inc.
Vocera Communications
Orange
Qualcomm Technologies Inc.

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The Digital Health Market is segmented as follows:

By Product & Service

mHealth
eHealth

By Component

Software
Hardware
Services

By Geography

North America

The USA
Canada
Mexico
Europe
The UK
Germany
France
Italy
Russia
Rest of Europe

Asia Pacific

China
India
Japan
South Korea
Malaysia
Philippines
Rest of Asia-pacific

Latin America

Brazil
Rest of Latin America
Middle East and Africa
GCC
North Africa
South Africa
Rest of Middle East & Africa

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