The global digital health market is anticipated to rise at an amazing CAGR of 27.7% from 2022 to 2032, valued at US$ 2585.98 Bn by that year. The market for digital health benefits is expected to grow quickly as a result of increased knowledge of their advantages, reaching an estimated US$ 224.24 Bn by the end of 2022.
During the projection period, the adoption of telemedicine and telehealth services would expand along with the deep penetration of electronic devices and gadgets and the advancement of technology.
The prospects for the digital health market are expected to improve as a result of the healthcare industry’s fast digitalization. Big Data and other cutting-edge technology tools are being used more frequently, which is positive for the target market. The medical community, as well as public and private organisations, are rapidly adopting telemedicine and telehealth services. The digital health market will most certainly benefit as a result of this.
Additionally, the rising incidence of chronic ailments including cancer, cardiovascular disease, diabetes, Alzheimer’s, and other illnesses that call for ongoing patient monitoring and long-term care add to the increase in demand for digital health services.
“Improving healthcare IT infrastructure coupled with access to virtual care will stimulate the global growth of the digital health market over the forecast period,” says an FMI analyst.
· The rising prevalence of medical conditions requiring long-term care and monitoring facilitates market growth of the digital health industry.
· Concerns regarding patients’ data security stymies market growth during the assessment period.
· By deployment type, the cloud-based segment will likely reach an estimated US$ 519,151.4 Mn by 2032.
· On the basis of solution, the software segment is predicted to hold about 45.6% of the digital health market revenue.
· North America is expected to dominate the global digital health market space with a 45.9% share of the total revenue.
· The digital health market in South Asia & Pacific is anticipated to reach US$ 275,462.9 Mn by 2032.
AT&T Inc., Apple Inc., AirStrip Technologies LP, Alcatel-Lucent Corporation, Cerner Corporation, Symantec Corporation, Aruba Networks, Inc., Cisco Systems, Inc., Qualcomm, Inc., Siemens Healthcare, and Philips Healthcare among others are some of the major players in the digital health market profiled in the full version of the report.
Leading market players are focusing on launching state-of-the-art and affordable solutions to retain a competitive edge. These firms also adopt tactics like strategic alliances, partnerships, collaborations, acquisitions, and joint ventures to increase their market share.
These insights are based on a report on Digital Health Market by Future Market Insights