Insights on Global Digital Health Market Size & Share To Hit USD 780.05 Billion by 2030, Exhibit a CAGR of 16.1% | Digital Health Industry Trends, Value, Analysis & Forecast Report by Facts and Factors
NEW YORK, Feb. 2, 2023 /PRNewswire/ -- As per Facts and Factors study, The global digital health market size was worth around USD 195.1 billion in 2021 and is predicted to grow to around USD 780.05 billion by 2030 with a compound annual growth rate (CAGR) of roughly 16.1% between 2022 and 2030.
Digital Health Market: Overview
Digital health is a branch of a medical discipline that makes use of health-related technologies and digital care programs to improve the efficacy and efficiency of healthcare while aiding the personalization of medicines depending on the exact medical requirements of the patient. Digital health works along with communication and information systems to aid the understanding of medical problems faced by patients undergoing different types of medical treatment. It also acts as a crucial factor that affects social prescribing, the process in which the healthcare professional refers a patient to provide community support for mental health improvement.
Social prescribing can be made more effective by precise solutions when used alongside digital health systems. The efficiency of digital health depends on the ecosystem that it works in and includes aspects like computing software and platforms along with connectivity and sensors that can register healthcare-related concerns. Digital health has allowed medical professionals to approach treatment with a holistic view by having access to patients' healthcare-related data and it is anticipated to offer opportunities for growth in the medical field.
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Facts and Factors published the latest report titled "Digital Health Market Size, Share, Growth Analysis Report By Component (Services, Software, and Hardware), By Technology (Digital Health Systems, Healthcare analytics, Tele-Healthcare, and mHealth), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030" into their research database.
Digital Health Market: Growth Drivers
The global digital health market is projected to grow owing to the exceptional and advantageous benefits of shifting to digital health not only for patients but for medical professionals as well. Digital health has played a vital role in creating a balance between the health-related control shared between the medical staff and the patient alike where the latter has more access to their health as opposed to traditional medicinal care where most of the control is with the medical personnel.
The technologies used in digital health are created to empower users to make informed decisions related to their health and less dependency on other people. It also facilitates early diagnosis or prevention of a life-threatening disease while also helping in managing chronic conditions when they occur outside of a traditional health care unit. Studies have shown that digital health can aid in the reduction of medicinal inefficiencies, increases the quality of medical care, improves access to information for all stakeholders, and can effectively reduce the overall cost of medical treatment. Consumers or patients can use the systems to manage or track wellness and health-related activities.
Digital Health Market: Restraints
Digital health works on large files or data sheets that may range from simple sheets recording every death or birth to it may also include more complex metrics consisting of information like outbreaks, diseases, and chronic conditions. This accumulated data helps the medical community come to data-driven conclusions or decisions that best fit the personal medical requirements of the patient.
However, the nature of the data thus collected is extremely personal and the confidentiality of such information should be the top priority for all the involved stakeholders. The medical community is currently debating the rightful owner of health data if it should be the governments or the big companies providing digital health.
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Global Digital Health Market: Opportunities
The global digital health market is anticipated to benefit from the growing awareness of digital health amongst the population. It is a relatively new technology and although there is a significant section of people from the patient's side as well as the from the medical community who are aware of the technology and the devices, more people are expected to gain awareness about the benefits of digital health which could lead to higher growth opportunities. For instance, a recent survey by Healthexec concluded that 90% of American adults use at least 1 form of a digital health device.
Global Digital Health Market: Challenges
Digital health devices are known to propagate ageism, which involves systematic discrimination against senior citizens, who may not be well-adept at using new systems or devices. The problem does not just restrict to the older generation, but technology, in general, keeps changing every year with new products or versions launched making the previous technologies redundant. The gap related to technical knowledge will continue to exist unless digital health companies take proactive measures to curb the challenge.
Global Digital Health Market: Segmentation
Based on components, the global market segments are services, software, and hardware.
Based on technology, the global market is divided into digital health systems, healthcare analytics, telehealthcare, and mhealth.
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List of Key Players in Digital Health Market:
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The global digital health market is projected to register the highest growth in North America due to higher product awareness which is further propelled by the growing number of dominant players in the US, which is also the largest contributor to the regional market revenue. Product penetration in the US is higher because of early acceptance of products across age groups voluntarily or due to influence from the advanced and well-funded medical community. It is one of the first few regions to adopt smart systems like mobile phones, mobile apps, electronic-health services, and smart wearables to gain remote access to use health information and make decisions based on the data collected.
Other factors like the rise in sales of smart medical monitoring gears, increasing cost of healthcare resulting in people switching to more affordable options like digital health, and shortage of primary medical care personnel could drive the regional growth during the forecast period. Growth in the Middle East is projected to be the result of growing government initiatives to advance digital healthcare in regional economies.
Global Digital Health Market is segmented as follows:
Digital Health Market: By Component Outlook (2022-2030)
Digital Health Market: By Technology Outlook (2022-2030)
Digital Health Market: By Region Outlook (2022-2030)
Middle East & Africa
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