Global Digital Health Market Report 2022: Market to Reach $456.9 Billion by 2026 - Shortage of Medical Professionals as Mobile Medical Apps Come to the Rescue
DUBLIN, May 10, 2022 /PRNewswire/ -- The "Digital Health - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Digital Health Market to Reach $456.9 Billion by 2026
The global market for Digital Health estimated at US$152.5 Billion in the year 2020, is projected to reach a revised size of US$456.9 Billion by 2026, growing at a CAGR of 18.8% over the analysis period.
Innovations in technology to reduce human errors improve patient prognosis and overall quality patient care, leading to digital health growth. The growing adoption of telemedicine, increasing aging population and rising occurrence of chronic diseases have fueled the demand for digital health technology globally. The Covid-19 pandemic and the conditions thereon have resulted in the rapid adoption of various digital health technologies. In addition to the older technologies, newer technologies such as healthcare apps have been gaining rapid adoption.
mHealth Segment holds the largest share, owing to the factors including increasing adoption of mHealth technologies among medical professionals, increasing preventive healthcare trends, and increased funding for mHealth start-ups. The demand is further fueled because of the increasing demand for efficient workflow and healthcare centers.
Digital Health systems are anticipated to witness strong growth due to increasing government initiatives to endorse digital health and growth in the demand for electronic health record systems.
The Digital Health market in the U.S. is estimated at US$80.2 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$47.1 Billion by the year 2026 trailing a CAGR of 22.8% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15.2% and 17.2% respectively over the analysis period.
Within Europe, Germany is forecast to grow at approximately 16.2% CAGR. The US dominates the market growth led by high healthcare spending, government initiatives, including funding in EMR, adoption of high technologies and the adoption of healthcare information technology. Further, the usage of telemedicine andmHealth applications is on rise across the nation.
Other factors driving market growth include implementing HITECH and HIPAA Acts, encouraging the usage of electronic health data, and rise in incidence of chronic diseases, and growth in the aged population. Europe is another major market for digital health led by increasing pressure to cut increasing healthcare costs, improved healthcare solutions, and innovative technologies.
Increased usage of mHealth, continuous improvement in healthcare infrastructure, countries such as India and China turning into medical tourism hubs, government initiatives for raising awareness about digital health, growing incidence of chronic disease, and increase in aging population propel growth in the Asia-Pacific region.
Healthcare analytics is an important application of technology that manages a large amount of data related to patients and hospitals. In the global Healthcare Analytics segment, USA, Canada, Japan, China and Europe will drive the 18.4% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$13.3 Billion in the year 2020 will reach a projected size of US$43.6 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.9 Billion by the year 2026.
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS (Total 115 Featured)
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
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