Rapid Technological Advancements Fueling Digital Health Market Size
Wilmington, Delaware, United States, Transparency Market Research, Inc. , Sept. 13, 2024 (GLOBE NEWSWIRE) — As per the report published by Transparency Market Research, the global digital health market (mercado de salud digital) was worth US$ 382.5 Billion in 2022 and is expected to reach US$ 1.1 Tn by the year 2031 at a CAGR of 13.1 % between 2023 and 2031.
Digital health is a comprehensive concept that merges the latest technological advancements with healthcare practices to empower individuals to take control of their health and well-being. From wearable devices that monitor vital signs to ingestible sensors that provide real-time data on bodily functions, digital health represents the future of personalized healthcare.
Digital health represents a transformative shift in the healthcare industry, utilizing advanced technologies to improve health outcomes, enhance patient care, and streamline healthcare delivery.
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Digital Health Market Outline
Digital health encompasses a range of innovations including wearable devices, mobile health applications, artificial intelligence (AI), telemedicine, electronic health records (EHRs), and more. As the global healthcare landscape evolves, the digital health market is poised for significant growth, driven by the increasing demand for personalized care, rise of chronic diseases, and the push for more efficient healthcare systems.
The rapid technological advancements in both – developed and developing nations have led to surge in smartphone usage. With improved internet connectivity and a global shift towards digitalization, digital health services have become increasingly accessible.
Research states that in 2023, healthcare accounted for approximately 10% of the global GDP, a figure that is anticipated to grow annually as health remains a top priority for governments worldwide. Rising awareness and an emphasis on healthcare infrastructure have driven significant increases in spending in this sector.
Moreover, modern lifestyles marked by hectic schedules and increased pollution have contributed to various health challenges, particularly among millennials. The growing prevalence of chronic diseases, exacerbated by urban living, is prompting both – individuals and organizations to adopt proactive health measures. By 2031, global spending on diabetes alone is projected to rise by USD 1 trillion.
Digital health services are addressing these healthcare needs by offering solutions such as virtual consultations, digital prescriptions, and advanced healthcare analytics, thereby making healthcare more accessible and efficient. Mobile applications like Practo and CardMedic enable users to consult doctors virtually via chat or video calls, eliminating the need for in-person clinic visits.
Additionally, apps like MyFitnessPal and Lifesum support users in maintaining proper nutrition and staying fit, helping to promote overall wellness.
Digital Health Market Regional Insights?
- North America generated the largest market value during the projected period. The region is also expected to maintain its dominance during the forecast period.
The digital health market in North America is experiencing significant growth, driven by a combination of technological advancements, changing consumer behaviors, and a supportive regulatory environment. One of the primary factors is the widespread adoption of advanced technologies such as artificial intelligence (AI), machine learning, and big data analytics. These technologies are enhancing the capabilities of digital health solutions, enabling more accurate diagnoses, personalized treatment plans, and predictive analytics. The integration of these technologies into healthcare is not only improving patient outcomes but also driving the demand for digital health tools across the region.
Another key driver is the increasing prevalence of chronic diseases, such as diabetes, cardiovascular conditions, and obesity, which are particularly common in North America. The growing burden of these diseases has led to a greater emphasis on preventive care and chronic disease management. Digital health solutions, including remote monitoring devices, telemedicine, and mobile health applications, are being increasingly adopted to manage these conditions effectively. This shift towards proactive health management is contributing to the expansion of the digital health market.
Recent Key Developments
In August 2024, Pfizer launched a new digital platform, PfizerForAll, aimed at simplifying the process of accessing healthcare for millions of Americans. This platform provides an integrated experience for managing health and wellness, particularly for those affected by common illnesses and seeking adult vaccinations.
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Market Segmentation
Product
- Healthcare Information Systems
- Clinical Solutions
- EHR/EMR
- Clinical Decision Support System (CDSS)
- mHealth
- Connected Medical Devices
- mHealth Applications
- Fitness App
- Medical Reference
- Wellness
- Medical Condition Management
- Nutrition
- Remote Consultation
- Reminders and Alerts
- Diagnostics
- Others
- Telehealth
- Population Health Management
- Others
- Non-clinical Solutions
Wearable Devices
- Diagnostic and Monitoring Devices
- Digital Therapeutic Devices
- Pain Management Devices
- Rehabilitation Devices
- Respiratory Therapy Devices
- Insulin Pumps
Component
- Software
- Hardware
- Services
End-user
- B2C
- Patients
- Caregivers
- B2B
- Provides
- Payers
- Employers
- Pharmaceutical Companies
- Others
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