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The global digital health market size is poised to reach USD 1.5 trillion by 2030, registering a CAGR of 27.7% from 2022 to 2030. The increasing smartphone penetration is broadening the scope of these devices from entertainment and communication to crucial application areas including health monitoring. Moreover, the players in the global market are introducing innovative mobile applications for tracking daily activities including nutrition, fitness, workout routine, and well-being, thereby delivering convenient healthcare services to users.
Factors including mounting smartphone penetration, technological advancements in internet connectivity, an increase in healthcare IT expenses, developments in IT infrastructure, rising readiness for technology, overburdened healthcare facilities, a shortage of healthcare providers, and increasing medical expenses are significantly fueling the digital health market demand.
In 2021, the telehealthcare technology segment accounted for the largest market share of over 37.6%. The growth rate can be attributable to the increasing demand for virtual health consultation in light of the COVID-19 pandemic, paired with the integration of IoT technology and evolving internet connectivity.
Based on component, the services segment led the growth of the market, accounting for a revenue share of over 45.6%. The increasing demand for services, including installation, training, staffing, and maintenance among others is driving the growth of the market. The players in the market offer these services as standalone services or in packages. The surge in demand for advanced solutions and platforms including electronic medical records and the rising need for upgrades and training to run these advanced software solutions is supplementing the growth of the segment.
North America dominated the global market in 2021, accounting for a market share of over 45.9%. This growth is attributable to the increasing smartphone penetration, advancement in internet connectivity, increase in healthcare IT expenditure to upgrade infrastructure, readiness to adopt innovative technologies, favorable government initiatives, technological literacy, the emergence of tech startups, and lucrative options for funding.
The increasing demand for advanced solutions is intriguing the key players and government bodies to emphasize innovative strategies for product development and adopt partnership and collaboration strategies for expanding their product portfolios and serving several regional markets. For instance, in September 2022, WHO/Europe signed a transatlantic collaboration agreement on digital health, with Healthcare Information and Management Systems Society (HIMSS). This collaboration is aimed at paving the way for an innovative and coherent approach toward digital transformation of Europe’s health systems. Further, several countries in Europe and elsewhere will be able to reap the benefits of unbiased access to quality health services.
Research Support Specialist, USA