The report “Digital Health Market by Component (Software, Hardware, Services), Technology (Telehealthcare, Telehealth, Video Consultation, LTC Monitoring, Telecare, Remote Medication Management, Activity Monitoring, mHealth, Apps, Wearables, Digital Health Systems, E-prescribing Systems, Electronic Health Records, Health Analytics) and Region (North America, Europe, APAC, RoW) – Global Forecast to 2028″ The digital health market is projected to grow from USD 194.1 billion in 2021 and is projected to reach USD 485.3 billion by 2028; it is expected to grow at a CAGR of 16.5% from 2021 to 2028. The primary drivers of the market growth for digital health are an increase in the need for remote monitoring services, an increase in the prevalence of chronic diseases, and an improvement in technology. Through the projected period, the market expansion is anticipated to be fuelled by factors including expanding favorable government initiatives, expanding remote patient monitoring service demand, and improving IT infrastructure.
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The software category in the digital health market is expected to be the fastest-growing segment during the forecast period
The software segment is projected to grow the fastest during the forecast period. The growth can be attributed to how quickly patients, healthcare institutions, clinicians, and insurance payers have adopted software solutions. The rise of the software market is aided by rising healthcare costs and the move toward greater digitization in the industry. The rise of the software market is driven by the rising consumer demand for personalized treatment and the shift to value-based care. Healthcare facilities in emerging economies quickly use these cutting-edge software programs and platforms to improve their organizational workflows and operational, clinical, and financial results.
mHealth technology of digital health market to record highest CAGR from 2022 to 2027
The mHealth category is expected to account for the highest CAGR of the digital health market from 2022 to 2027. The rising incidence of cardiovascular disorders and related mobile health devices propels market expansion. mHealth is anticipated to expand. Through the forecast period, factors such as a rise in smartphone adoption, an increase in demand for remote monitoring devices, and the incidence of hypertension are anticipated to propel market expansion for the sector. IT businesses are implementing various techniques to boost the adoption of mHealth solutions that boost productivity in healthcare institutions. Additionally, a mHealth application helps save patient data gathered on a remote cloud. Healthcare professionals can use this recorded data to examine parameters associated with a medical condition.
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Asia Pacific is anticipated to grow at a significant rate in digital health market share from 2022 to 2027
The Asia Pacific is the fastest-growing region in the digital health market. It is anticipated that rising government initiatives by the region's nations to implement digitalization in healthcare services will fuel market revenue growth. The amount spent on health care in India rose from Rs 2.73 trillion in 2019-20 to Rs 4.72 trillion in 2021-20, a 73% increase. The Government of India created the National Digital Health Mission to develop and enhance the management of digital healthcare data and infrastructure. Digital health solutions are being adopted due to rising demand for wearable technology, such as fitness trackers and health monitors. This is fueling market revenue growth in the region's nations.
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Key Market Players
In the digital health market include BioTelemetry Inc, eClinicalWorks, AT & T, Honeywell International Inc, Athenahealth Inc., Cisco Systems, Allscripts Healthcare Solutions Inc, iHealth Lab Inc, McKesson Corporation, Koninklijke Philips N.V., AdvancedMD Inc. and Cerner Corporation.
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