SAN FRANCISCO, Feb. 22, 2022 /PRNewswire/ -- The global digital health market size is expected to reach USD 295.4 billion by 2028 and is projected to expand at a CAGR of 15.1% over the forecast period, according to a new report by Grand View Research, Inc. Rising smartphone penetration & integration of advanced technologies, such as the internet of things (IoT) & artificial intelligence (AI), and increasing implementation of mHealth technologies for self-management of chronic diseases, such as diabetes, are some of the major factors driving the market.
Key Insights & Findings from the report:
The mHealth technology segment dominated the global market in 2020 owing to the increasing penetration of smartphones and rising number of strategic alliances among mobile operators & mHealth startups.
The services component segment accounted for the highest revenue share of the global market in 2020.
North America was the leading regional market in 2020 owing to rise in the geriatric population and awareness regarding health & fitness among consumers.
High internet and smartphones penetration along with growing usage of medical/health-related apps is one of the key factors responsible for the market growth in North America.
However, APAC is expected to register the fastest CAGR from 2021 to 2028 due to the rising usage of tablets, smartphones, and other mobile platforms.
The rising geriatric population in countries, such as India and China, and the growing burden of chronic conditions are further boosting the demand for mHealth technologies in the region.
Read 150-page market research report, "Digital Health Market Size, Share & Trends Analysis Report By Technology (Healthcare Analytics, mHealth), By Component (Software, Services), By Region, And Segment Forecasts, 2021 - 2028", published by Grand View Research.
Digital Health Market Growth & Trends
Increasing demand for enhancing workflow efficiency in clinics, hospitals, and other healthcare centers is further boosting the demand for mHealth services thereby, aiding the market growth.
Moreover, ongoing technological advancements for developing advanced digital solutions coupled with a growing number of favorable initiatives by the government & private sectors are contributing to the overall market growth. For instance, as per the data published in 2017, researchers at the University of Illinois have developed a camera to improve the diagnostic features of smartphones. In 2020, the mHealth technology type segment accounted for the highest revenue share. A rise in the number of health apps has significantly contributed to the segment growth in recent years. As per the data published by the My Health Apps blog in May 2018, a total of 325,000 health, fitness, and medical apps were available in 2017.
Mobile operators are constantly leveraging mHealth technologies and solutions by supporting services, such as diagnosis, monitoring, and patient management. In addition, they are increasingly adopting strategies in the form of partnerships and agreements to enhance their product offerings, which, in turn, is contributing to the segment growth. For instance, in 2019, OneLife, a mobile medical software company, partnered with AT&T for the development of a health-tracking watch to monitor a patient's heart rate, location, sleep, and movements. In 2020, the services component segment accounted for the highest revenue share.
System integration, training & education, maintenance & support, and consulting are among the few service offerings that are covered in this segment. Growing demand for continuous M2P data flows, to boost the efficiency of the medical systems, improve informed decision-making in real-time, and enhance security, is driving the segment growth. On the other hand, software is anticipated to register the fastest growth during the forecast period. The key factors that can be attributed to this growth are rising investments by the market participants to develop innovative connected solutions for the healthcare industry, technological advancements, and rising adoption of digital technologies & connected systems in the health centers.
Digital Health Market Segmentation
Grand View Research, Inc. has segmented the global digital health market on the basis of technology, component, and region
Digital Health Technology Outlook (Revenue, USD Million, 2016 - 2028)
Digital Health Systems
Digital Health Component Outlook (Revenue, USD Million, 2016 - 2028)
Digital Health Regional Outlook (Revenue, USD Million, 2016 - 2028)
Middle East & Africa
List of Key Players of Digital Health Market
Epic Systems Corporation
QSI Management, LLC
Samsung Electronics Co., Ltd.
Qualcomm Technologies, Inc.
Computer Programs and Systems, Inc.
CISCO Systems, Inc.
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Browse through Grand View Research's Healthcare IT Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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