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Digital Health Market to be Worth $1.5 Trillion by 2030: Million Insights
FELTON, Calif., Nov. 14, 2022 /PRNewswire/ -- The global digital health market size was valued at USD 175.6 billion in 2021 and is expected to reach USD 1.5 trillion by 2030, expanding at a CAGR of 27.7% from 2022 to 2030. Factors including an uptrend in smartphone penetration, technological innovations in internet coverage, rising healthcare IT expenses, advancements in IT infrastructure, increasing readiness for the latest technology, a shortage of skilled healthcare providers, overburdened healthcare facilities, and surging medical expenses are predominantly fueling the market demand for digital health solutions.
Key Industry Insights & Findings from the report:
- The market size of the global digital health market is poised to reach USD 1.5 trillion by 2030. The growth is attributable to advancing internet connectivity, a rise in the incidences of chronic diseases, increasing awareness about virtual care, and expanding access to healthcare services.
- Based on technology, the tele-healthcare segment dominated the global market in 2021, with a revenue share of 37.6%. The growing preference for remote patient monitoring services, coupled with the shortage of skilled healthcare professionals is driving the segmental growth.
- Based on component, the services segment contributed to the largest market share of 45.6% in 2021. The accelerating demand for pre-installation and post-installation services is fueling the growth of the segment.
- Based on region, North America dominated the market in 2021, with a revenue share of over 45.9%, owing to the increasing advancements in healthcare infrastructure and growing technological literacy.
Read 150 page full market research report for more Insights, "Digital Health Market Size, Share & Trends Analysis Report By Technology, By Component, By Region And Segment Forecasts From 2022 To 2030", published by Million Insights.
Digital Health Market Growth & Trends
The mounting smartphone penetration is augmenting the scope of these devices from mere communication to vital application areas such as health monitoring. Furthermore, the players in the market are developing advanced mobile applications to track a user's daily activities including workout routine, fitness, nutrition, and well-being, thereby providing convenient access to healthcare services.
The growth in the demand for advanced healthcare solutions is influencing the key players and government bodies to emphasize innovative strategies for product development and adopt strategies including partnership and collaboration to serve numerous regional markets. For instance, in September 2022, WHO/Europe signed a collaboration agreement on digital health, with Healthcare Information and Management Systems Society (HIMSS). This strategy is aimed at creating an innovative and harmonized approach to digitally transform Europe's health systems.
Digital Health Market Segmentation
Million Insights has segmented the digital health market report based on technology, component, and region:
Digital Health Market - Technology Outlook (Revenue, USD Million, 2016 - 2030)
- Tele-healthcare
- Tele-care
- Activity Monitoring
- Remote Medication Management
- Telehealth
- LTC Monitoring
Video Consultation
- mHealth
- Wearables
- BP Monitors
- Glucose Meters
- Pulse Oximeters
- Sleep Apnea Monitors
- Neurological Monitors
- Activity Trackers/ Actigraphs
- mHealth Apps
- Services
- mHealth Service, By Type
- Monitoring Services
- Independent Aging Solutions
- Chronic Disease Management & Post-Acute Care Services
- Diagnosis Services
- Healthcare Systems Strengthening Services
- Others
- mHealth Services, By Participants
- Mobile Operators
- Device Vendors
- Content Players
- Healthcare Providers
- Healthcare Analytics
- Digital Health Systems
Digital Health Market - Component Outlook (Revenue, USD Million, 2016 - 2030)
Digital Health Market - Regional Outlook (Revenue, USD Million, 2016 - 2030)
- North America
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Japan
- Australia
- Singapore
- South Korea
- Latin America
- MEA
- South Africa
- Saudi Arabia
- UAE
List of Key Players of Digital Health Market
- Cerner Corporation
- Allscripts
- Apple, Inc.
- Telefónica S.A.
- Mckesson Corporation
- Epic Systems Corporation
- NextGen Healthcare, Inc. (QSI Management, LLC)
- AT&T
- Vodafone Group
- AirStrip Technologies
- Alphabet, Inc. (Google LLC)
- Samsung Electronics Co., Ltd.
- HiMS
- Orange
- Qualcomm Technologies, Inc.
- Softserve
- MQure
- Computer Programs and Systems, Inc.
- Vocera Communications
- IBM Corporation
- CISCO Systems, Inc.
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About Million Insights:
Million Insights, is a market research and consulting company, provides syndicated as well as customized research reports and consulting services. We have a comprehensive marketplace, that will enable you to compare data points, before you make a purchase. Enabling informed buying, is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.
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