Digital Health Market-Share, Size, Industry Trends and Forecast to 2028
The Global Demand for The Digital Health Market Was Valued at Over USD 154.8 Billion In 2021 And Is Expected to Reach Above USD 442.7 Billion In 2028, Growing at a CAGR Of Above 19.4% Between 2022 And 2028.
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Digital health is a developing field that uses information technology to improve patient care. It includes a wide range of applications, such as electronic health records, telemedicine, and mobile health apps. Digital health is an important part of the future of healthcare. It has the potential to improve patient outcomes, reduce costs, and increase access to care. Electronic health records (EHRs), electronic medical records (EMRs), mobile health (mHealth) apps, telehealth, telemedicine, and wearable devices, are included in digital health. Electronic health records EHRs are digital versions of a patient’s medical record. Telemedicine is the use of telecommunications technology to provide medical care at a distance. It can be used for consultations, diagnosis, and treatment. Telemedicine can be used to improve access to care, especially in rural areas. Mobile health apps are applications that can be downloaded onto a smartphone or tablet. They can be used for a variety of purposes, such as tracking fitness, managing chronic conditions, and providing educational information.
Digital Health Market Dynamics
Drivers
Technological advancements are the key to success in the digital health sector. Technologically sound digital health devices with high efficacy grab the higher market share and bring about growth in the overall digital health market. Looking forward to the booming demand for digital health devices, manufacturers are heavily investing in research and development regarding AI. Investments in research and development enable room for improvement in digital health devices, which is expected to boost the overall growth of the global market. Moreover, prominent players in the market are getting involved in partnerships and collaborations for the development of digital health devices, which is considered to be one of the most effective ways of creating devices with high efficacy.
Growing Popularity of Telehealth Services in Maintaining Health
Players in the digital health market have launched several attractive marketing campaigns for reaching target audiences, which has resulted in significant growth in the popularity of digital health products. Among these strategic marketing campaigns, word-of-mouth marketing and smart use of digitally advanced products, have been found to be the most successful. Despite of products being successfully sold in the global market; manufacturers have been indulged in further research and development processes to increase the efficacy of products significantly. The launch of highly effective and advanced products in the market has led to a rise in popularity of the digital health in the global market.
Restraints
Financial challenge is affecting the potential of digital health in the healthcare sector across the global market, as digital health is in its nascent stage of growth and various organizations and players in the market are still in the R&D phase over its implementation, where funding is the most needed thing for its proper development. In such a way, enabling AI in digital health depends on funding and technological advancements. Another factor hindering the growth of digital health is a lack of clarity over appropriate business models for development and deployment. These issues could be reflected in the early-stage indulgence of digital health which may hamper the digital health market growth.
Opportunities
In developing and underdeveloped countries, the government offer subsidies for the use of digital health solutions and services. The government has collaborated with healthcare facilities, healthcare professionals, clinics, and medical practitioners, which is expected to offer a striking opportunity for the manufacturers to grow in the market and gain a higher market share. Digital health is being very effectively used in government healthcare programs in remote locations and this has been increasing popularity of digital health across the globe. Apart from this, regular check-ups and monitoring is done under government schemes in many countries, which has further surged demand for digital health products and devices. This in all is expected to fuel the overall digital health market growth by providing an opportunity.
Digital Health Market Segmentation
By Components, the market is segmented into software, hardware and services. Both the hardware and software are of utmost importance to the digital health sector, but the most important is service. The service segment dominated the global industry in 2021 and accounted for the highest revenue share of more than 46.5% of the overall revenue. Service in regard to the usage of products and after-sales problems or issues is provided by many prominent players in the market. Hardware is expected to be the second leading segment in this market, and it accounted for XX% of the global revenue share in 2021. Conversely, software is predicted to register considerable growth in the future.
By Technology, the market is segmented into mHealth, digital health systems, tele-healthcare, and healthcare analytics. The mobile health (mHealth) segment dominated the global industry in 2021 and accounted for the highest revenue share of more than 42.79% of the overall revenue. This is primarily due to the growing mobile and internet access adoption, the availability of many mhealth applications, and the rising doctor & patient adoption of these technologies. Healthcare analytics is anticipated to be the fastest growing segment among all other segments owing to increasing advancements in the analytics platforms such as big data and other analytics software.
Based on end-user, the market is segmented into healthcare providers, payers, healthcare consumers, and others. Digital Health Market for healthcare providers has the leading market share and accounted for XX% of 2021 in terms of revenue. The healthcare consumer is a key segment of this market and is expected to experience exponential growth in the years to come. Increasing consciousness towards fitness and remote monitoring services are the factors expected to drive market growth.
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