Mobile Health Technology
Report ID: SQSG35G2001 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 64 | Figures: 67
Digital Health Market size was valued at USD 178 billion in 2021 and is poised to grow from USD 211 billion in 2022 to USD 881 billion by 2030, growing at a CAGR of 18.6% in the forecast period (2023-2030).
The swift rise in tech-equipped progression in developed and developing countries has increased the use of smartphones. Rising internet connectivity and inclination towards digitalisation have paved the way for Digital health services. In the year 2019 around 10% of global GDP was dedicated to healthcare and the figure is expected to witness year-on-year growth. Health is one of the major concerns of government across all nations and with increasing awareness, the expenditure on healthcare infrastructure has witnessed surging figures. The rise in hectic living, and pollution, have given rise to various diseases and raised health concerns among Millenials. The advent rise in chronic diseases owing to urban living style is inclining individuals as well as organisations to take adequate measures. It is estimated that by 2045 the global expenditure on diabetes will rise by USD 1 trillion.
Digital health services aid the health needs of individuals. Facilities such as digital interaction with doctors, digital prescription, and healthcare analytics are making healthcare accessible and advanced. Mobile applications such as Practo, and CardMedic, aid doctor consultation virtually without the need to visit the clinic via chat, or video call. Mobile applications such MyfitnessPal, and Lifesum assist users in maintaining proper nutrition and staying healthy and fit.
US Digital Health Market is poised to grow at a sustainable CAGR for the next forecast year.
Largest Segment
Mobile Health Technology
Fastest Growth
Health Information Technology
Growth Rate
ong>US Digital Health Market is poised to grow at a sustainable CAGR for the next forecast year. CAGR
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Global digital health market is segmented based on technology type, component and region. Based on the technology type the market is further segmented into Tele-Healthcare, Healthcare Analytics, mHealth, and Digital Health Systems. Based on component the market is further segmented into Software, Services, and Hardware. Based on the region it is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Digital health market to flourish with growing adoption of smart technologies
Based on the technology type, the Tele-Healthcare segment dominated the market in 2021 with a revenue share of more than 35%. Lucrative growth is expected owing to smartphone usage readiness and advanced technology adoption. Healthcare providers are limited and the use of advanced technology pave way for a wide range of accessibility. There has been a huge acceptance of telehealth applications, a 15.4 % increase was observed in visits to telehealth services in the year 2020. Rising health concerns and inclination towards ease of accessibility among millennials are leading to high market demand. Integration of IoT with data to provide personalised consultation through easy-to-handle mobile applications is expected to boost the market.
The component segment is witnessing rising demand for installation and maintenance services of digital health software services
Service segment dominated the digital health market in 2021 with a revenue share of more than 45% and it is expected to dominate the market in the given forecast period (2022-2028). There has been a huge demand for services such as maintenance, installation, training etc. The growing demand for advanced software facilities and healthcare IT has enticed healthcare providers to install and utilise smart systems for purposes.
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North America dominated the digital health market in 2021 and is expected to maintain its dominance throughout the forecast period. The growth in the region attributes to technological advancement. The rising expenditure on healthcare and IT healthcare infrastructure by the government and the adoption of emerging lucrative health advancing technologies is contributing to market growth. Along with this the rise in the use of smartphones and digitally equipped devices are providing ease of accessibility to individuals. Growing health awareness and increase in chronic disorders pertaining to hectic lifeways in inclining people healthcare vigilance and utilise the digital health services aided with healthcare analytics, health tracker, online doctor consultation, and diet trackers.
On the other hand, Asia Pacific is predicted to register the fastest growth in the coming years due to improvements in IT infrastructure and the introduction of entrepreneurial initiatives, both of which have a big impact on the market's growth. The Asia Pacific market is expanding as a result of increasing smartphone adoption, rising wearables and activity tracker use, and rising demand for healthcare analytics.
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Digital Health Market Driver
The rise in government initiatives to equip healthcare infrastructure with advanced technologies is increasing the digital health market demand in upcoming years. In 2020 the health expenditure recorded in the US amounted to USD 4.1 trillion. As per the estimations of global digital health, spending is estimated to rise by over USD 500 billion by 2025 owing to the evolution of Information technology and artificial intelligence.
Digital Health Market Restraint
The rising use of smartphones and data-driven applications poses an unpredicted threat to data security. Around 79 billion US individual healthcare data was posed for infringement in the year 2021. Health-related data owes utmost cruciality. The rising cases of phishing and cyber-attacks have raised a concern about using mobile-based applications or relying on them freely. However, organisational initiatives along with government initiatives with the integration of several cyber security technologies are deploying ways to protect data effectively.
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The global digital health market players are using innovative strategies along with collaborations, mergers, and acquisitions deploying ways for enhancing the Healthcare Infrastructure and equipping it with future-ready digital advancements. Cloud computational technology and Artificial Intelligence are among the top used technologies among market players to generate high market share and have a competitive edge.
Digital Health Market Top Players Company Profiles
Digital Health Market Recent Development
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According to our analysis, with remote services, IoT devices, and expedited R&D procedures now in full swing, providers and patients are beginning to recognize the value of digital health services. Funding and investment activity demonstrates that others recognize the importance of digital health trends as well. Total funding for digital health efforts reached an all-time high of US$26.5 billion in 2020, fueled by the COVID-19 pandemic. Telemedicine alone received US$4.3 billion in funding. In addition, six digital health startups raised more than US$6 billion in IPOs in 2020.
There is still a lot of room for development. However, the healthcare business is taking innovation seriously, with the goal of building a better future.
Report Metric | Details |
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Growth Rate | ong>US Digital Health Market is poised to grow at a sustainable CAGR for the next forecast year. |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered | s Company Profiles
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Digital Health Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Digital Health Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Digital Health Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Digital Health Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Basic Plan $5,000 Team Plan $10,000 SUBSCRIBE NOWGlobal digital health market was valued at US$ 174.65 billion in 2021, and the market size is estimated to reach US$ 988.58 billion by 2028, at a CAGR of 28.10% over the forecast period (2022–2028).
The global digital health market players are using innovative strategies along with collaborations, mergers, and acquisitions deploying ways for enhancing the Healthcare Infrastructure and equipping it with future-ready digital advancements. Cloud computational technology and Artificial Intelligence are among the top used technologies among market players to generate high market share and have a competitive edge. 'Allscripts (US)', 'Cerner Corporation (US)', 'Mckesson Corporation (US)', 'Epic Systems Corporation (US)', 'QSI Management, LLC (US)', 'AT&T (US)', 'AirStrip Technologies (US)', 'Softserve (US)', 'Google, Inc. (US)', 'Samsung Electronics Co. Ltd (South Korea)', 'Hims (US)', 'NextGen Healthcare, Inc. (US)'
Governmental initiatives and expenditures for Tech-enhanced healthcare to drive global digital health market
Increasing demand for improving workflow efficiency in clinics, hospitals, and other healthcare facilities is driving up demand for mHealth services, assisting market growth. Furthermore, ongoing technological breakthroughs for producing advanced digital solutions, as well as an increasing number of favorable initiatives by the government and commercial sectors, are adding to overall market growth. For instance, researchers at the University of Illinois created a camera to boost smartphone diagnostic functions. The mHealth technology type sector had the biggest revenue share in 2020.
North America dominated the digital health market in 2021 and is expected to maintain its dominance throughout the forecast period. The growth in the region attributes to technological advancement. The rising expenditure on healthcare and IT healthcare infrastructure by the government and the adoption of emerging lucrative health advancing technologies is contributing to market growth. Along with this the rise in the use of smartphones and digitally equipped devices are providing ease of accessibility to individuals. Growing health awareness and increase in chronic disorders pertaining to hectic lifeways in inclining people healthcare vigilance and utilise the digital health services aided with healthcare analytics, health tracker, online doctor consultation, and diet trackers.
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