Digital Health Market Size to Hit US$ 1.6 Trillion by 2030

According Nova one advisor, the global Digital Health market is valued at US$ 175.6 billion in 2021 and it is expected to grow at a CAGR of 27.9% during the forecast period (2022-2030) The demand in the Digital Health market is projected to reach a valuation of US$ 1.6 trillion by the end of 2030.

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Advancements in the internet connectivity, growing smartphone penetration, rising healthcare IT expenses, developing IT infrastructure, technology readiness, a growing shortage of healthcare providers, overburdened healthcare facilities, and rising medical expenses are driving the market growth.

Additionally, increasing demand for remote patient monitoring services, the growing prevalence of chronic diseases, and the increasing accessibility of virtual care services is propelling the market to move forward at a significant rate. The growing trend of digitalization in healthcare is being supported by growth in public-private partnerships, the emergence of startups, and favorable government initiatives.

The tele-healthcare segment dominated by technology in 2021 with a market revenue share of 37.6%, due to the rising adoption of telehealth platforms by physicians and providers. In addition, the growing inclination toward digital communication and information technologies for virtual home health services also supporting to the segment growth. The services segment dominated the market by component in 2021 owing to the growing demand for pre-installation and post-installation services covering staffing, training, implementation, resource allocation, and maintenance.

By region, North America dominated in 2021 with a market revenue share of 45.11%, owing to the presence of key market players, advancements in health IT infrastructure, growing technological literacy, lucrative funding options, favorable government support, and the emergence of startups. The growing demand for digital health solutions is boosting key players to devise innovative product development strategies to serve the demand and expand product portfolios.

The Covid-19 pandemic overburdened the existing healthcare systems and exposed the shortfalls of the same. Simultaneously it is boosting the adoption of digital health technologies to streamline organizational workflows, provide virtual care solutions to patients, reduce the dependency on in-person consultation, track population health & fitness levels through mHealth platforms & wearables.

The Covid-19 pandemic significantly drove the demand for digital health solutions in the healthcare industry and revealed multiple opportunities in the technology space. The surge in demand boosted key participants to constantly focus on innovative product development strategies to expand their business footprint. Due to the pandemic, the scope of digital health applications witnessed a surge in virtual care, mHealth platforms, healthcare IT systems, telehealth, and wearables.

Report Scope of the Digital Health Market

U.S. Digital Health Market Growth & Trends

The U.S. digital health market size is expected to reach USD 549.9 billion by 2030, registering a CAGR of 26.10% over the forecast period, according to a new report by Nova one advisor. The improvement in internet coverage facilities and innovation of smartphones is anticipated to drive the digitalization of healthcare organizations. The growing awareness regarding maintaining a healthy lifestyle is also driving the adoption of mHealth apps among consumers. The favorable technology-friendly consumer base looking forward to accessing healthcare and medical assistance through digital health solutions and the improved healthcare IT infrastructure in the U.S are expected to accelerate the market growth over the coming years.

The high adoption of digital health platforms by the service providers to actively engage their patients and improve quality of care by easily accessing patient information is supporting the market growth. The COVID-19 pandemic has also exposed the care gaps of the existing treatment process, which, in turn, is driving the adoption of virtual and digital healthcare solutions. The telehealthcare technology segment dominated the market in 2021 owing to the growing adoption of digital communication technologies, such as mHealth, telehealth, and telecare platforms. The increasing preference for remote patient monitoring services due to the emergence of the COVID-19 pandemic also accelerated the market growth in the U.S.

In addition, the shortage of medical professionals and increasing preference for remote patient engagement by the healthcare providers using telehealth platforms will support the segment growth. Moreover, the preference of the hospitals to connect with patients using telehealth platforms and improve provider-patient interactions to offer quality healthcare services accelerates the segment growth. The services component segment dominated the market in 2021owing to the high adoption of digital healthcare platforms coupled with the demand for installation, maintenance, and training & development services. However, the software segment is anticipated to record the fastest CAGR over the forecast period.

North America Digital Health Market Growth & Trends

The North America digital health market size is expected to reach USD 712.9 billion by 2030, registering a CAGR of 27.11% over the forecast period, according to a new report by Nova one advisor. The transition from volume-based healthcare to value-based care and the necessity of digital technology to improve treatment quality are among the major factors anticipated to drive the market growth over the forecast years. In addition, the increasing prevalence of chronic disorders, growing geriatric population, and shortage of healthcare professionals in North America are anticipated to boost the market growth over the forecast period. Moreover, increasing internet penetration and the growing digitalization of healthcare are expected to support the market growth. The telehealthcare segment accounted for the highest revenue share in 2021.

This is due to the high adoption of long-distance patient care services by medical professionals and improving healthcare IT infrastructure in the U.S. In addition, the increasing adoption of digital communication technologies, such as mobile and computer devices, for remote health care services is supporting the segment growth. Moreover, the growing number of COVID-19 cases increases the preference for remote patient monitoring, virtual consultation, and online patient engagement, which, in turn, is anticipated to drive the segment growth over the coming years. The services component segment dominated the market in 2021 owing to the growing preference for the improvement of digital healthcare platforms for better remote patient monitoring services. In addition, pre- and post-installation of digital platforms, maintenance, staffing, training, resource allocation services for better patient engagement from remote locations are also supporting the segment growth.

Some of the prominent players in the Digital Health market include:

• Agfa-Gevaert N.V.
• Cerner Corporation
• Allscripts Healthcare Solutions, Inc.
• McKesson Corporation
• Philips Healthcare
• GE Healthcare
• Siemens Healthineers
• Epic Systems Corporation
• Truven Health Analytics (an IBM Company)
• Alphabet, Inc.
• Qualcomm, Inc., among others

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:

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Global Digital Health Market: Segmentation

Digital Health Market, by Product Type

• Product Type
• Healthcare Information Systems
  • Clinical Solutions
    • EHR/EMR
    • Clinical Decision Support System (CDSS)
    • Computerized Physician Order Entry (CPOE)
    • mHealth
      • Connected Medical Devices
      • mHealth Applications
        • Fitness Apps
        • Medical Reference
        • Wellness
        • Medical Condition Management
        • Nutrition
        • Remote Consultation
        • Reminders and Alerts
        • Diagnostics
        • Others
      • mHealth Services
    • Telehealth
    • Population Health Management
    • Others
  • Non-clinical Solutions
• Wearable Devices
  • Diagnostic & Monitoring Devices
  • Digital Therapeutic Devices
    • Pain Management Devices
    • Rehabilitation Devices
    • Respiratory Therapy Devices
    • Insulin Pumps

Digital Health Market, by Component

• Hardware
• Software
• Services

Digital Health Market, by End-user

• B2C
  • Patients
  • Caregivers
• B2B
  • Providers
  • Payers
  • Employers
  • Pharmaceutical Companies
  • Others

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