Dublin, Sept. 04, 2024 (GLOBE NEWSWIRE) -- The "Digital Health - Market Insights, Competitive Landscape, and Market Forecast - 2030" report has been added to ResearchAndMarkets.com's offering.
The digital health market was valued at USD 178.37 billion and is estimated to grow at a CAGR of 18.25% during the forecast period from 2024 to 2030 to reach USD 486.55 billion by 2030. The increase in AI-powered algorithms which help in analyzing large datasets to identify patterns and insights that aid in early disease detection and intervention is boosting the market of digital health. Additionally, the increasing medical conditions necessitating regular check-ups probably escalate the market of digital health as regular therapy sessions, psychiatric consultations, children requiring frequent health check-ups for vaccinations, growth monitoring, and skin conditions often need ongoing evaluation and treatment adjustments which increases the demand for digital health.
Furthermore, the increase in mobile health applications promoting proactive healthcare management, reducing emergency room visits, and lowering healthcare costs associated with chronic disease management further propels the market. Additionally, government initiatives including the launch of national telehealth programs, subsidizing digital health solutions for underserved populations, and promoting interoperability standards for health information exchange collectively boost the digital health market, during the forecast period from 2024 to 2030.
Digital Health Market Dynamics:
According to the recent data provided by the National Coordinator for Health Information Technology (ONC), in 2021, approximately 78% of office-based physicians and 96% of non-federal acute care hospitals had implemented certified electronic health records (EHR).
Additionally, as per the latest OECD 2021 report, many Organization for Economic Co-operation and Development (OECD) countries are implementing electronic medical records (EMRs) in hospitals or physicians' offices for their patients. As per the report in 2023, on average 93% of primary care practices use EMRs across 24 OECD countries. Also, in 15 OECD countries, all primary care practices use EMRs, while in Japan only 42% use them. Thus, the widespread adoption of electronic medical records (EMRs) across countries can boost the market for digital health by increasing familiarity and comfort with digital healthcare technologies among healthcare providers and patients alike during the forecast period.
Furthermore, the widespread increase in medical conditions that require regular monitoring and health checkups also plays a pivotal role in escalating the market of digital health. According to recent data provided by GLOBOCAN, in 2022 estimated new number of cancer cases was 20 million, and the projection is estimated to increase to 32.6 million by 2045.
Additionally, as per the recent data provided by the World Health Organization (2023), depression affects an estimated 3.8% of people worldwide, including 5% of adults (4% of men and 6% of women) and 5.7% of those aged 60 and above. Globally, about 280 million people live with depression. The incidence of depression is approximately 50% higher in women compared to men. Moreover, more than 10% of women during pregnancy and postpartum face depression.
Therefore, the growing prevalence of chronic conditions and mental disorders significantly boosts the digital health market by driving demand for continuous, accessible, and efficient healthcare services. Chronic conditions like cancer, diabetes, and chronic pain often require regular monitoring and management, which digital health facilitates through remote consultations and telemonitoring. Similarly, mental health disorders such as depression, anxiety, and bipolar disorder benefit from digital health's ability to provide consistent access to therapy and psychiatric consultations, reducing barriers to timely care. This increased reliance on digital health for managing chronic conditions and mental disorders is accelerating the adoption and expansion of digital health services, making it a vital component of modern healthcare systems.
According to studies conducted by key global market leaders, in 2022, the Google Play Store offered approximately 54,546 healthcare and medical apps. The number of m-Health apps available to Android users on the platform steadily increased from the beginning of 2020 to the end of 2021, peaking at over 65,300 apps in the last quarter of 2021.
Additionally, according to the various studies done by global key market players states that in 2022, there were 54,546 healthcare and medical apps available on the Google Play Store. Between the beginning of 2020 and the end of 2021, the number of mHealth apps available to Android users via the Google Play Store kept growing, reaching over 65.30 million during the last quarter of 2021. This growth reflects a rising trend towards mobile health (mHealth) solutions, catering to diverse healthcare needs directly through smartphones and tablets. This accessibility not only enhances patient engagement and self-management but also fosters innovation among developers and healthcare providers seeking to deliver more personalized and accessible care thereby boosting the market of digital health.
Additionally, the increase in launches on various platforms associated with digital health is further boosting the market across the globe. For instance, in March 2022, OncoHealth launched IrisT, a new consumer platform that brought digital Digital Health services to people with cancer. IrisT by OncoHealth combines human-centered design, mobile technology, data, empathy, and specially trained oncology experts to deliver personalized, oncology-specific, 247 Digital Health support to patients and their families facing cancer.
Additionally, the increase in launches on various platforms associated with Digital Health is further boosting the market across the globe. For instance, in April 2022, Vital Start Health, a University of Pennsylvania startup and Microsoft for Startups member launched COURAGETM, a next-generation, multi-lingual platform offering comprehensive coaching and psychotherapy for maternal well-being throughout pre-pregnancy, pregnancy, and postpartum stages.
However, privacy concerns such as data integrity and lack of awareness among the population living in remote areas may hinder the future market of digital health.
Key Takeaways From the Digital Health Market Report Study:
- Market size analysis for current digital health size (2023), and market forecast for 6 years (2024 to 2030)
- Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years
- Key companies dominating the digital health market.
- Various opportunities available for the other competitors in the digital health market space.
- What are the top-performing segments in 2023? How these segments will perform in 2030?
- Which are the top-performing regions and countries in the current digital health market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for digital health market growth in the coming future?
Key Topics Covered:
1. Digital Health Market Report Introduction
2. Digital Health Market Executive Summary
3. Competitive Landscape
4. Regulatory Analysis
5. Digital Health Market Key Factors Analysis
5.1. Digital Health Market Drivers
5.1.1. The increasing demand for Digital Health particularly for medical conditions necessitating regular check-ups
5.1.2. Rising demand for AI in the healthcare industry
5.1.3. Rise in the government initiatives to promote digital health to provide increased access among the patient population
5.1.4. Growing demand for remote patient monitoring and mobile health applications across the globe.
5.2. Digital Health Market Restraints and Challenges
5.2.1. Limitations such as privacy concerns
5.2.2. Lack of awareness amongst the population living in remote areas
5.3. Digital Health Market Opportunities
5.3.1. Technological advancements in services such as 5G, big data and artificial intelligence, and cybersecurity
6. Digital Health Market Porter's Five Forces Analysis
7. Digital Health Market Assessment
7.1. By Component
7.1.1. Hardware
7.1.2. Software
7.1.3. Services
7.2. By Technology
7.2.1. Telehealthcare
7.2.1.1. Telecare
7.2.1.1.1. Active Monitoring
7.2.1.1.2. Remote Medication Management
7.2.1.2. Telehealth
7.2.1.2.1. Long Term Care Monitoring
7.2.1.2.2. Video Consultation
7.2.2. M-Health
7.2.2.1. Wearables
7.2.2.1.1. BP Monitors
7.2.2.1.2. Glucose Monitors
7.2.2.1.3. Pulse Oximeter
7.2.2.2. Apps
7.2.2.2.1. Medical Apps
7.2.2.2.2. Fitness Apps
7.2.3. Healthcare Analytics
7.2.4. Digital Health System
7.2.4.1. Electronic Health Records (HER)
7.2.4.2. E-Prescribing System
7.3. By Geography
8. Digital Health Market Company and Product Profiles
- Siemens Healthcare Private Limited
- Cisco Systems, Inc.
- Oracle Cerner
- Altera Digital Health Inc.
- Telefonica
- Epic
- AT&T
- AmerisourceBergen
- Candela Corporation
- GE Healthcare
- Samsung Health
- McKesson
- AliveCor, Inc.
- Acurable
- Amwell
- OMRON Healthcare, Inc.
- Apple Inc.
- SoftServe
- AirStrip Technologies, Inc
- Epic Systems
For more information about this report visit https://www.researchandmarkets.com/r/9ahov0
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