Digital Health: Increasing Demands for Remote Monitoring

Digital health is defined as the use of information and communication technologies in the healthcare sector for the management of chronic disease from remote areas. The digital health market includes mobile health (mHealth), wearable devices, telehealth & telemedicine, health information technology (IT), and personalized medicine. It offers various services, which enable consumers for early diagnosis of life-threatening disease and for the management of chronic disease.

The global digital health market gathered revenue around USD 175.6 billion in 2021 and market is set to grow USD 1.6 trillion by the end of 2030 and is estimated to expand at a modest CAGR of 27.9% during the prediction period 2022 to 2030.

Growth of the global digital health market is majorly driven by an increase in demand for remote monitoring services; rise in funding from private & government organizations for mHealth startup; rise in prevalence of chronic disease; and increase in technology in the healthcare sector. For instance, American Telemedicine Association (ATM) entered into a partnership with the UK-based digital health and launched a new resource for evaluating mHealth app. As per the data published in the Pew Research Center, in April 2021, it was reported that 97% of cellphones and 85% of smartphones are owned by adults in the U.S. In addition, rise in geriatric population who are more vulnerable to chronic diseases fuels the digital health market growth during the forecast period. According to Beijing, in 2019, it was reported that over 180 million geriatric population in China was living with chronic diseases. In addition, in January 2019, Omron Healthcare, Inc., a subsidiary of Omron Corporation launched the Heart Guide, the first wearable blood pressure monitor with digital health service. Thus, the presence of key players in healthcare information technologies and rise in geriatric population propel the growth of the market.

However, concerns related to ensuring regulatory compliance are expected to restrict the digital health market growth during the forecast period.