Digital Health Market Estimated US$ 224.24 bn in 2022
Digital Health Market is Estimated to be Worth US$ 224.24 Bn in 2022 and is Likely to Grow at a CAGR of 27.7% During the Forecast Period of 2022-32 to reach US$ 2585.9 Bn – Future Market Insights, Inc.
The global digital health market is expected to reach a valuation of US$ 2585.98 Bn by 2032, with sales growing at an astounding CAGR of 27.7% from 2022 to 2032. Owing to the rising awareness of digital health benefits, the market for the same is likely to expand at a rapid rate and reach an estimated US$ 224.24 Bn by the end of 2022.
The deep penetration of electronic gadgets and devices and advancing technology coupled with the rising acceptance of telemedicine and telehealth services will fuel the growth of the digital health market during the forecast period.
With the rapid digitalization of the healthcare sector, the prospects for the digital health market are also set to rise. Increasing usage of advanced technological tools like Big Data and others bodes well for the target market. Telemedicine and telehealth services are also on the rise and are increasingly adopted by both the medical community and public and private entities. This will likely have a positive impact on the digital health market.
Moreover, the increasing prevalence of chronic diseases like cancer, cardiovascular diseases, diabetes, Alzheimer’s, and other medical conditions that require long-term care and constant patient monitoring contribute to the rising demand for digital health services. In addition, electronic gadgets and smart devices such as smartphones are increasingly used as health and fitness trackers which further aids the growth of the digital health market during the forecast period.
“Improving healthcare IT infrastructure coupled with access to virtual care will stimulate the global growth of the digital health market over the forecast period,” says an FMI analyst.
- The rising prevalence of medical conditions requiring long-term care and monitoring facilitates market growth of the digital health industry.
- Concerns regarding patients’ data security stymies market growth during the assessment period.
- By deployment type, the cloud-based segment will likely reach an estimated US$ 519,151.4 Mn by 2032.
- On the basis of solution, the software segment is predicted to hold about 45.6% of the digital health market revenue.
- North America is expected to dominate the global digital health market space with a 45.9% share of the total revenue.
- The digital health market in South Asia & Pacific is anticipated to reach US$ 275,462.9 Mn by 2032.
AT&T Inc., Apple Inc., AirStrip Technologies LP, Alcatel-Lucent Corporation, Cerner Corporation, Symantec Corporation, Aruba Networks, Inc., Cisco Systems, Inc., Qualcomm, Inc., Siemens Healthcare, and Philips Healthcare among others are some of the major players in the digital health market profiled in the full version of the report.
Leading market players are focusing on launching state-of-the-art and affordable solutions to retain a competitive edge. These firms also adopt tactics like strategic alliances, partnerships, collaborations, acquisitions, and joint ventures to increase their market share.
These insights are based on a report on Digital Health Market by Future Market Insights