New York, USA, Oct. 10, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global digital health market is anticipated to generate a revenue of $1,045.8 billion by 2027, rising at a healthy CAGR of 33.4% over the analysis timeframe from 2020 to 2027. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
Factors Impacting the CAGR Figures Pre and Post the COVID-19 Pandemic
According to the report, the market is predicted to grow at a CAGR of 4.3% during the forecast period, while it was anticipated to grow at a CAGR of 3.8% in the pre-pandemic scenario from 2020-2027. Digital health services are useful in preventing diseases, managing and monitoring chronic conditions, supporting patients, and minimizing healthcare expenditure which is expected to fortify the growth of the market during the analysis timeframe. Moreover, the rising demand for remote monitoring services to improve individuals’ lifestyles with fewer visits to physicians is predicted to bolster the growth of the digital health market throughout the estimated period.
Factors Impacting the Market Size Pre and Post the COVID-19 Pandemic
According to the report, the real-time market size has substantially increased compared to the pre-pandemic apprehensions. The real-time market size reached a revenue of $139.1 billion in 2020, while its estimations were $127.5 billion in the pre-pandemic scenario. The rapid growth in the penetration of smart mobiles among healthcare professionals to monitor and track the medical condition of patients at any time is expected to upsurge the growth of the market during the analysis period. Furthermore, the rising implementation of several policies by healthcare authorities to promote telemedicine and remote monitoring during the pandemic period is expected to propel the growth of the digital health market during the forecast timeframe.
Post-Pandemic Insight
The swift growth in technological advancements by incorporating innovative technologies such as IoT and AI is expected to increase the possibility of treating and monitoring patient conditions remotely post-pandemic period. In addition, the increasing adoption of big data in healthcare facilities to reduce medication errors, precise staffing, and enable preventing care is predicted to fuel the growth of the market during the forecast period. Moreover, the increasing initiatives taken by the government bodies to support the digitalization of healthcare facilities with innovative technologies are predicted to uplift the growth of the digital health market post-pandemic period.
Key Players of the Market
The major players of the digital health market include
- Koninklijke Philips N.V.
- Google Inc.
- BioTelemetry, Inc.
- AirStrip
- Honeywell International Inc.
- McKesson Corporation
- Cerner Corporation
- CISCO
- Telefónica S.A.
- Allscripts Healthcare
- LLC
These market players are concentrating on developing strategies such as new product launches, research, and development, following trending market ideas, building product portfolios, mergers & acquisitions, collaborations, and business expansions.
For instance, in July 2022, WHO, a specialized agency of the United Nations responsible for international public health announced its partnership with I-DAIR, an international collaborative striving to improve access to cutting-edge research on digital health and artificial intelligence for clinical researchers. With this partnership, both organizations aimed to advance the use of digital technologies for personal and public health globally.
In addition, the report also summarizes various other crucial aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Post COVID-19 Impact Insights on Digital Health Market. Ask an Analyst or Schedule a call
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A Glance at the Booming Industry of Digital Health during COVID-19 Outbreak
