The global digital health market is predicted to reach $783,848.2 million by 2030, growing at a CAGR of 19.90% between 2022 and 2030. The market growth is primarily driven by the rise in the demand for remote patient monitoring services, along with the advent of mHealth applications.
The increasing requirement for remote patient monitoring services, growing support from the government for digital health solutions, increasing number of tablet and smartphone users, growing demand for advanced healthcare information systems, and innovations in mHealth are the major growth drivers for the market.
Moreover, the COVID-19 pandemic has had a positive impact on the digital health market. All the affected countries across the world took a variety of measures, including lockdowns and social distancing, to control the transmission of the infection. As a result of such measures, various healthcare services still continue to be delivered digitally, to prevent human contact. Outpatient hospital care and primary care for long held the promise that they can largely be carried out digitally, but the emergence of the pandemic has significantly scaled up the process of digital transformation. This has rapidly led to the maturation of the digital health industry.
The mHealth category is expected to advance with the highest growth rate during the forecast period.This is because mHealth technologies help healthcare organizations reduce medical costs and provide effective remote patient monitoring, so patients do not need to visit healthcare facilities for regular check-ups. Moreover, mHealth technologies assist in disease and wellness management, which has increased their rate of adoption.
The transition from curative to preventative healthcare delivery, as well as improvements in quality, affordability, and resource efficiency, will all be made possible with the help of digital health. The provision of healthcare services has been enormously hampered in numerous developing countries, particularly in villages, due to a lack of resources and infrastructure. The new digital health model will be essential in helping emerging nations overcome many problems that hamper the delivery of healthcare, including improving access, quality, cost and safety. The majority of developing nations have abandoned paper-based healthcare systems and are in favor of more conventional digital healthcare models, which they have already adopted or are in the process of doing so. The gap between developed and developing economies, as well as players across the entire healthcare value chain, is being reduced by such technological advancements.
The surging popularity of advanced healthcare information systems is another major factor responsible for the boom in the market. Digital technologies, such as telehealth, mHealth, and EHR, assist in providing treatment, diagnosis, rehabilitation, and care. These services improve the communication between healthcare providers and patients, thereby reducing the chances of medication errors, thus leading to improved patient outcomes. Furthermore, the usage of digital health systems massively improves the overall quality of healthcare, by enhancing the clinical decision-making process, computerizing various patient safety practices, and reducing the burden on healthcare practitioners.
Asia-Pacific will have considerable growth in the coming years, attributed to the increasing chronic illness incidence and aging population in the region. Additionally, it is projected that the rising life expectancy would encourage IT expenditure in the healthcare industry, which will help the market for digital health solutions in the region progress. It is also expanding as a result of the explosive growth in smartphone usage, rising government support, especially in the form of grants and investments, and quickly developing medical infrastructure.
Some major players operating in the digital health market are Cerner Corporation, AT&T Inc., Apple Inc., Cisco Systems Inc., Telefonica S.A., Qualcomm Technologies Inc., Epic Systems Corporation, Allscripts Healthcare Solutions Inc., Mckesson Corporation, and Athenahealth Inc.