Digital Health Market To Exhibit A Decent CAGR Of 21% By 2032 | Market.Us
Pune, Maharashtra, India, September 12 2022 (Wiredrelease) Prudour Pvt. Ltd –:The global Digital Health Market worth USD 171.32 Billion in 2021 is expected to grow at 21% CAGR from 2022-2032.
Digital health, a new field that uses technology for better health and well-being, is a rapidly growing area. Digital health aims to empower patients, their families and communities to manage their own health. Digital health encompasses a variety of applications, including fitness tracking apps and telehealth services. Digital health has the potential for transforming the way we view and deliver healthcare. Digital health has many benefits, including better access and engagement in self-care as well as improved outcomes.
Market growth is driven by increasing smartphone penetration, improved internet connectivity, advanced healthcare IT infrastructure, rising healthcare expenditure, rising prevalence and chronic diseases, increased demand for remote patient monitoring services, as well as increasing accessibility to virtual care.
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The growth of the global digital market for health is primarily driven by the demand for remote monitoring services, rise in funding from government and private organizations for mHealth startups; rise of chronic diseases; and advancements in technology in the healthcare industry. According to data from the Pew Research Center in April 2021 it was found that 97% and 85% respectively of smartphone owners in the U.S. were adults. The forecast period also sees a rise in the number of geriatrics, who are more susceptible to chronic diseases. This will fuel the growth of the digital health market.
Global governments have implemented stringent social distancing rules and lockdowns in response to the COVID-19 outbreak. The lockdowns have made it impossible for digital health technology providers, such as telehealth, to provide care services for patients. This is expected to increase product adoption, which will in turn help the market grow positively over the next years.
Global Digital Health Market drivers: Rising demand for mobile-health apps
Patients can use mobile apps to improve their treatment in a number of ways. This includes diagnosing and treating illnesses, as well as using wearables and ingestible sensing devices. Healthcare app development has become both an expectation and a luxury.
Market Restraints – Security concerns about patient data could slow down market demand
Security concerns about patient data could limit the industry’s value. Stringent data security is required for digital health solutions like electronic health records, prescriptions, and medical apps. Data security breaches can lead to huge data loss, including medical records.
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Recent industry developments
Philips announced in February 2021 that it had acquired BioTelemetry Inc., a top U.S. provider of remote cardiac monitoring and diagnostics. Phillips will be able to expand its customer base and business portfolio with this acquisition strategy.
AT&T announced in March 2020 a partnership with LifedMedID, Elo Self-Service Solutions and Elo Self-Service Solutions. This partnership was intended to simplify patient registrations and provide check-in-solution. This alliance expands AT&T’s digital healthcare solutions from edge to edge, strengthening its market presence.
Key Market Segments
Digital Health Systems
Маrkеt Кеу Рlауеrѕ:
Qualcomm Technologies Inc.
Cisco Systems Inc.
Samsung Electronics Co. Ltd.
Other Key Players
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