Future Market Insights Global and Consulting Pvt. Ltd.
The digital health market, valued at USD 8,131.3 million in 2024, is projected to grow at a CAGR of 7.4% from 2024 to 2034, reaching USD 2585.98 billion by 2032. This substantial growth is driven by several factors: the increasing use of big data in healthcare, the widespread adoption of smartphones as fitness and health trackers, the rising implementation of electronic health records (EHR) and electronic medical records (EMR) systems, the growing prevalence of chronic diseases such as cancer, diabetes, cardiovascular disease, and Alzheimer’s requiring long-term care and monitoring, and the expanding acceptance and recognition of telemedicine and telehealth services by both the medical community and various public and private entities.
NEWARK, Del, Aug. 06, 2024 (GLOBE NEWSWIRE) —
The global Digital Health Market value in 2024 is estimated to be around USD 8,131.3 million. The adoption of digital health solutions like telehealth is poised to increase at a rate of 7.4% over the next ten years. By the end of this forecast period in 2034, the net worth of the global digital health industry is anticipated to reach up to USD 16,603.7 million.
The need for digital healthcare solutions has increased with the advent of telemedicine, which enables remote monitoring and consultations. Rising emphasis on ongoing patient monitoring with technologies for real-time monitoring of patients’ vital signs, chronic illnesses, and recuperation status is expected to strengthen the overall market.
Wearable integration has also enabled constant monitoring of potential patients which is also supporting wellness programs and preventative care businesses. Using data analytics to create individualized treatment programs is an advanced form of digital health that is expected to boost market expansion in the coming days.
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Key Takeaways from the Digital Health Market Study Report
The overall market is predicted to witness an absolute growth opportunity of US$ 8,500 million over the next ten years.
The United States is currently the leading market for the adoption of digital health technologies and is likely to advance at 6.8% per year from 2024 to 2034.
Demand for digital health services in Germany is predicted to grow at a rate of 6.6% per year through the projected years.
India is poised to witness the most lucrative CAGR of 22.5% in the adoption of digital healthcare facilities during the projected years.
Thailand is also emerging as a lucrative market for digital health services and is forecasted to be at a rate of 16.4% per year between 2024 and 2034.
What Restrains The Digital Health Market?
Patient data security issues could reduce the value of the digital health market. Strict data security is necessary for the implementation of digital health solutions like electronic health records, e-prescriptions, and medical apps. A breach in data security can cause significant losses of sensitive information, including medical records, which frequently contain social security numbers, insurance IDs, addresses, and personal health information.
This can have a negative impact on the operations’ reputation and outcomes and in turn affect the digital health market’s future trends. Uncoordinated individual attempts to gain unauthorized access to information technology systems targeted at doctors, hospitals, clients, and third-party service providers are examples of common cyber security threats.
What Are The Trends In The Digital Health Market?
Smartphones are now more than just communication and entertainment tools; they are also fitness and health trackers. Digital health market participants are creating cutting-edge mobile applications to monitor daily activities like fitness, exercise, nutrition, and well-being, providing users with high-quality healthcare and comfort.
Additionally, mobile apps give users the ability to find out about medical questions, make appointments, track consultations, store their medical information, and track and order prescriptions for medications.
Technology behemoths Apple, IBM, and Google are concentrating on enhancing data security features and improving the mobile health experience by providing a variety of subscription plans, which are anticipated to support the digital health market growth and also the digital health market key trends and opportunities.
The digital health market for telehealth and teleconsultation services is being driven by the quickly increasing incidence rate of chronic diseases requiring long-term care and patient monitoring services. Telemedicine and telehealth services are being quickly embraced by the medical community and are being acknowledged by both public and private digital health market players.
Competitive Landscape for the Digital Health Market Participants
The overall market is witnessing a steep increase in completion these days due to the adoption of digital health services by the continuous entry of established industries in the healthcare sector. However, dedicated digital health service providers hold on to their market position by providing customized medical treatments and maximizing treatment outcomes by taking into account personal patient information.
“A steep rise in smartphone usage has increased the popularity of mobile health applications in both developed and developing countries. Digital healthcare solutions are also helping such patients with features for lifestyle management, medication adherence tools, and remote monitoring.” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
Recent Developments by the Digital Health Industry Players
In June 2023, the pharmaceutical giant Bayer introduced a precision health unit to increase its investment in consumer-facing digital health products. According to a press statement, the company aims to give top priority to creating digital solutions that help consumers make better decisions about their own health by utilizing unique delivery methods and personal data.
In August 2023, Lupin Digital Health announced the opening of the first-ever digital heart failure clinic launched by Lupin Digital Health. Lupin Digital is a division of Lupin Pharmaceuticals that focuses on cardiac digital therapies and inaugurated its Lyfe Digital Heart Failure Clinic in India. The goal of these e-clinics is to assist cardiologists and caregivers in efficiently managing patients with heart failure from the convenience of their own homes.
Key Players Profiled in the Digital Health Market Report
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Key Segments Covered by Digital Health Market Survey Report
By Solution Type:
By Deployment:
By End User Verticals:
By Region:
Author by
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
Have a Look at the Related Report from the Digital Health Market:
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The global Women Digital Health Solutions Market is estimated at US$ 2.3 Billion in 2022 and is projected to reach a valuation of US$ 20.1 Billion by 2032
The global artificial intelligence in healthcare market was valued at around US$ 7.0 Billion at the end of 2021. The market is projected to register a 38.5% CAGR and top a valuation of US$ 181.8 Billion by 2032.
The Healthcare Digital Experience Platform Market was around US$ 1.1 Billion in 2023 and is expected to grow with a CAGR of 15% from 2023 to 2033.
The global healthcare interoperability solutions market is forecasted to expand at 14.5% CAGR to reach a market valuation of US$ 16.2 billion by the end of 2033
the global healthcare regulatory affairs outsourcing market was estimated to be valued at US$ 2,203.40 million. During the forecast period, the market is likely to garner a moderate CAGR of 6.70%. By 2034
The global healthcare IT outsourcing market is expected to reach a valuation of US$ 52.877 billion in 2023.
The USA electronic health records market is expected to enjoy a valuation of US$ 9.1 Billion in the year 2023, and further expand at a CAGR of 5.3% to reach a valuation of ~US$ 15.3 Billion by the year 2033.
The market valuation of health and wellness products is estimated to be around US$ 7,235 million in 2024.
The global healthcare companion robots market will most likely garner a market value of US$ 2.24 Billion in 2023 and is expected to accumulate a market value of US$ 11.73 Billion by registering a CAGR of 18% in the forecast period 2023 to 2033.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, U.S., and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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Publish date : 2024-08-06 02:30:00
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