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Digital Health Market size to surpass $981.5 Bn by 2032

  • Published Date: March 17, 2023

Digital Health Market size is expected to exceed USD 981.5 billion by 2032, as per a new research report announced by Global Market Insights Inc.

Remote patient monitoring services are driving the growth of the digital health market due to their capacity to monitor various chronic illnesses from remote areas. Additionally, the Covid-19 pandemic has highlighted shortcomings in local, regional, and global health systems, while also emphasizing the importance of strengthening health system resilience. Physician adoption of healthcare technology tools has increased as they become more confident in the benefits that advanced digital health tools may provide for patient care if essential prerequisites are satisfied.  The market is poised to witness increased demand for independent and healthy lifestyles from the growing senior population base, which is projected to stimulate business progress .

The improvement of healthcare and IT infrastructure in Asian countries is generating significant product progression. Moreover, the market expansion to be influenced by the growing awareness of the benefits of telemedicine and as a viable solution to the unequal allocation of healthcare resources, especially for closing the gap between rural and urban areas in terms of the quality and capacity of medical services.

Burgeoning smartphone usage to propel mHealth segment

Digital health market from the mHealth segment is likely to grow over 18% CAGR by 2032. The segment is further classified into wearables and apps. mHealth applications foster engagement by facilitating successful patient-centered treatment, tailored experiences, and knowledge sharing between physicians and patients. The segment expansion is attributed to rising smartphone usage and the development of advanced health-related applications enabling improved patient care.

Browse key industry insights spread across 275 pages with 466 market data tables & 22 figures & charts from the report,Digital Health Market Size By Technology [Tele-healthcare {Telecare (Activity Monitoring, Remote Medication Management), Telehealth (LTC Monitoring, Video Consultation)}, mHealth {Wearables (BP Monitors, Glucose Meter, Pulse Oximeter, Sleep Apnea Monitors, Neurological Monitors), Apps (Medical, Fitness)}, Health Analytics, Digital Health System (EHR, e-prescribing System)], By Component [Hardware, Software, Services], Industry Analysis Report, Regional Outlook Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:

 Rapid adoption of innovative wearable digital health devices to boost hardware segment

Digital health technology is constantly advancing with the integration of cutting-edge technology and improvements in hardware. The rising popularity of remote monitoring technology, as well as the surging availability of smartwatches and other digital health monitoring devices capable of providing real-time vital sign readings and collecting massive amounts of biodata throughout the day, is the primary factor driving segment development. Furthermore, the growing demand for accessible and cheap digital solutions that provide customers with insights into their health to contribute to segment revenue.

Increasing number of digital health businesses to augment Asia Pacific industry share

Asia Pacific digital health market is poised grow over USD 191 billion by 2032 fueled by the presence of developing markets including China, Japan, and India. Healthcare priorities are transitioning towards modernized patient care through process simplification and task automation. Furthermore, the growing frequency of cardiovascular and coronary heart disease, coupled with the increasing smart phones usage in the region, are likely to impel regional market.

Strategic partnerships to define the industry outlook

AT & T, Cisco Systems, Allscripts Healthcare Solutions Inc, eClinicalWorks, Koninklijke Philips N.V., McKesson Corporation, AdvancedMD Inc., iHealth Lab, Inc., are among the top companies engaged in the digital health market.

Authors: Rupali Swain, Subodh Kharad

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