Digital Health Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2022 - 2032
The digital health market is likely to grow at a CAGR of 27.7% in the foreseeable years from 2022 to 2032. Growing healthcare expenditure, advancement in the healthcare IT infrastructure, improving internet connectivity, and increasing smartphone penetration are some pivotal factors that are likely to propel novel growth opportunities in the digital health market.
Increasing accessibility of virtual care, growing demand for the services with remote patient monitoring, and rising cases of chronic diseases are further estimated to propel growth opportunities in the market. Cancer, cardiovascular diseases, Alzheimer’s diseases, and diabetes are some healthcare issues that require patient monitoring services and long-term care. Furthermore, telehealth and telemedicine services are adopted at an increased rate by the healthcare fraternity and also receive recognition from private players and government bodies. These factors are further likely to propel expansion opportunities in the digital health market.
The scope of smartphones has been broadening from the devices used for entertainment and communication to the devices used to monitor health & fitness. Along with this, the market players have been developing various innovative mobile applications in order to track routine activities, for instance, well-being, nutrition, exercise, and fitness. Thus, owing to these features, the device ensures comfort for the user and deliver quality healthcare services.
Mobile applications enable users to gain the information to track & order their respective medical prescriptions, store their healthcare information, track consultations, schedule appointments, and gain information related to medical inquiries. Various companies around the world are concentrating to improve the experience of mobile health while providing different subscription plans. These players also take initiatives to enhance the features related to data security that is predicted to bolster revenue generation opportunities in the digital health market in the near future.
The players serving in the digital health market are generally incorporating different strategies for the generation of novel growth impetuses in the upcoming years. Acquisitions & mergers, collaborations, novel product launches, agreements, partnerships, portfolio expansion, and various others are some strategies that are incorporated by industry players.
The key players serving in the digital health market include:
The digital health market has been analyzed across prominent geographical locations that include, North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. North America, out of these geographical locations has been anticipated to hold a dominating position in the market along with its significant contribution to revenue. Readiness to adopt different advanced technological solutions, technological literacy, and increased healthcare IT expenditure in order to advance infrastructure are some pivotal factors that are predicted to bolster growth opportunities in the market. Furthermore, advancements in internet connectivity, numerous funding options to stimulate smartphone penetration, the emergence of startups, and favorable government initiatives are also expected to bolster expansion opportunities in the digital health market. Increasing cases of chronic disorders, a growing geriatric population, changing lifestyles, and globalization are also propelling growth impetuses in the market.
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