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Digital Health Market size to exceed $780bn by 2030

  • Published Date: September 28, 2022

Digital Health Market size is anticipated to reach USD 780 billion by 2030, according to a new research report by Global Market Insights Inc.
 

The report indicates that an increase in the usage of smart devices will be a prominent factor augmenting the industry expansion. It is estimated that over 6 billion people own a mobile device worldwide, of which, approximately two-thirds are smartphones. In addition, nearly one-third of the adult population in the U.S. is using a tablet and other smart devices. These factors are expected to lead to enormous growth in the installation of suitable mobile applications to address healthcare needs and consequently drive digital health industry progress.
 

High initial installation costs may restrict the industry forecasts

Healthcare institutions including hospitals and physicians have been witnessing financial constraints over the years, mainly due to the growing cases of data security breaches, which has driven them towards the adoption of digital health solutions. However, the installation of technologically advanced systems can incur high initial capital costs of planning. This capital expenditure and the robust maintenance needs of advanced digital healthcare solutions may create a hindrance to market development to a certain extent.
 

Browse key industry insights spread across 300 pages with 466 market data tables & 19 figures & charts from the report, “Digital Health Market Analysis 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)], Component [Hardware, Software, Services], Industry Analysis Report, Regional Outlook Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/digital-health-market
 

Digital health systems to emerge as a prominent technology segment

digital health systems segment is poised to depict a CAGR of more than 13% through 2022-2030. The rising popularity of digital systems such as electronic health records (EHRs) and e-prescription systems is attributed to the provision of incentives for the adoption of EHR platforms. The escalating investment to enhance the interoperability of digital platforms will further strengthen the technology implementation.
 

Growing consumption of smart devices to stimulate market expansion

Digital health market from hardware segment held over 32.5% share of the digital health industry in 2021. This is credited to the mounting usage of smartphones, tablets, medical wearables, and other devices for digital health therapy. In addition, the strong focus on the development of innovative wearable devices will further augment the market statistics. Devices such as wearables are example of emerging hardware development efforts in the sector. Other components in the market include key software products and services.
 

Rapid technological advancement in LATAM to enhance market size

Latin America digital health market was more than USD 7 billion in 2021, which was attributed to the rise in government initiatives to improve digital healthcare and rapid tech innovation. In countries such as Brazil, cost-saving initiatives, including preventive medicine programs and the promotion of pre-hospital care programs has increased. It will help reduce the footfall non-critical patients seeking care in emergency rooms. Care networks with labs, hospitals, and outpatient units are also being formed. These factors are expected to ultimately reinforce the regional market outlook.
 

Healthcare service development initiatives to foster market trends

Some of the key companies profiled in the market include Athenahealth, Inc., Koninklijke Philips N.V., AT&T, Cerner Corporation, Cisco Systems, Allscripts Healthcare Solutions Inc, McKesson Corporation, eClinicalWorks, and others.
 

Authors: Sumant Ugalmugle, Rupali Swain

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