Digital Health Market worth over $639 Bn by 2026

Digital Health Market size is set to surpass USD 639 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

The market revenue growth is owing to increasing trends of social distancing and rising adoption of telecommunications for delivering healthcare, amid the COVID-19 pandemic. Various market players are launching novel services and product portfolio to cater to the growing demands of the people.

 

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Boom in venture capital investments for digital health start-ups

Increasing importance of digital health and technologies led to increase in venture capital investment to a great extent. For instance, in the first quarter of 2020, the venture capital investments for digital health start-ups accounted for USD 3.1 billion, about 1.5 times the investment compared to 2019 Q1. Increase in investment activities is attributed to growing adoption of various digital health services.
 

Growing demand for remote patient monitoring

Remote patient monitoring and video consultations are expected to witness substantial growth in the upcoming years. There is a significant burden on the healthcare system owing to large number of coronavirus patients pool requiring medical assistance. Some patients require emergency medical services, however, as large number of patients are either asymptomatic or show minimal symptoms, the health of such patients can be monitored remotely. This will significantly lower the burden on healthcare systems and efficiently manage the COVID-19 crisis.
 

Browse key industry insights spread across 308 pages with 588 market data tables & 28 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 (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Poland, China, India, Japan, Australia, Brazil, Mexico, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/digital-health-market
 

Health and fitness apps to witness large scale adoption due to the COVID-19 pandemic

The apps segment is expected to witness 38.9% CAGR during the forecast timeframe. Implementation of stringent regulations to minimize the infection spread has led to restricted movements of people. This has influenced large proportion of the population to adopt health and fitness apps.
 

Services segment will dominate the digital health market

The services segment accounted for USD 39.2 billion revenue in 2019. Large number of digital health companies are providing novel services to meet the growing demand of the people. For instance, in October 2019, American Well partnered with Cleveland Clinic to form a new joint venture ‘The Clinic’. Major objective of this new joint venture was to provide comprehensive digital health services to the patients through virtual visits.
 

Large number of COVID-19 cases in the North American region will upsurge the digital health adoption

North America digital health market dominated around 46.2% revenue share in 2019. Large number of COVID-19 cases is one of the major reasons for the market demand. North America accounted for more than 1.9 million cases of coronavirus positive patients as of 5^th June 2020. People are adopting various digital health services for diagnosis and treatment purposes. Moreover, various market players are launching novel services to help people avail medical services at home.