The digital health market, valued at $8,131.3 million in 2024, is estimated to grow at a CAGR of 7.4% from 2024 to 2034, reaching $2585.98 billion in 2032. In healthcare, the adoption of smartphones as health and wellness trackers, the increasing use of electronic health records (EHR) and electronic medical records (EMR) systems ), the prevalence of chronic diseases such as cancer, diabetes, heart disease and Alzheimer’s. which requires long-term care and attention, and the increasing acceptance and appreciation of telemedicine and telehealth services by the medical community and various public and private organizations.
NEWARK, Del., Aug. 06, 2024 (GLOBE NEWSWIRE) —
The value of the Global Digital Health Market in 2024 is estimated to be close USD 8,131.3 million. The adoption of digital health solutions such as telehealth is about to increase at a rate of 7.4% in the next ten years. By the end of this forecast period in 2034, the value of the digital health industry is expected to reach USD 16,603.7 million.
The need for digital health solutions has increased with the advent of telemedicine, which enables remote monitoring and communication. The increasing emphasis on patient monitoring through technologies to monitor patients’ vital signs, chronic diseases and recovery status is expected to boost the overall market.
Wearable connectivity has also made it easier to monitor potential patients, which supports health programs and prevention businesses. Using data analytics to create personalized treatment programs is an advanced form of digital health that is expected to drive market expansion in the coming days.
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Key Takeaways from the Digital Market Research Report
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The market as a whole is expected to witness a full growth potential of 8,500 million dollars in the next ten years.
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The United States is currently the leading market for adoption of digital health technologies and is likely to continue to 6.8% per year from 2024 to 2034.
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The demand for digital health services in Germany is expected to grow at a rate of 6.6% per annum over the projected years.
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India is about to witness the most lucrative CAGR of 22.5% in the adoption of digital health services during the planned years.
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Thailand is also emerging as a lucrative market for digital health services and is expected to be at a rate of 16.4% per year between 2024 and 2034.
What’s Restraining the Digital Health Market?
Patient data security issues can limit the value of the digital health market. Strict data protection is necessary for implementing digital health solutions such as electronic health records, e-prescriptions, and medical devices. A data security breach can result in significant loss of information, including medical records, which often contain social security numbers, insurance IDs, addresses and personal health information. beauty.
This could have a negative impact on reputation and operating results, and could affect future trends in the digital health market. Attempts by unscrupulous individuals to gain unauthorized access to information technology systems aimed at physicians, hospitals, consumers and third-party service providers are examples of common cyber security threats. the color
What Are the Market Trends for Digital Health?
Smartphones are now more than just communication and entertainment devices; they are also the assistants of the body and health. Participants in the digital health market are creating innovative mobile applications to monitor daily activities such as exercise, fitness, nutrition and health, to provide users with health care and high-quality comfort.
In addition, mobile apps give users the ability to find out about medical questions, make appointments, follow up on consultations, save their medical information, and review and order prescriptions.
Tech behemoths Apple, IBM, and Google are focusing on improving data security features and improving the mobile health experience by offering different subscription plans, which are expected to support growth. of the digital health market and key trends and opportunities in the digital health market.
The digital health market for mobile and telecom services is driven by the rapidly increasing rate of chronic diseases requiring long-term care and hospice services. Telemedicine and telehealth services are rapidly being adopted by the medical community and are being appreciated by both public and private market players in the healthcare market.
Competitive Landscape for Digital Health Market Participants
The overall market is witnessing a strong increase in completion these days due to the adoption of digital health services with the continued penetration of industries based in the healthcare sector. However, dedicated digital health service providers hold onto their market position by providing personalized treatments and maximizing treatment outcomes by paying attention to patient data.
“Slope the rise of smartphone use has increased the popularity of mobile health applications in both developed and developing countries. Digital health solutions also help such patients with lifestyle management features, medication tracking tools and remote monitoring.” elections Sabyasachi Ghosh Executive Vice President at Future Market Insights (FMI).
Recent Developments by Digital Health Industry Players
In June 2023, pharmaceutical giant Bayer launched a precision health unit to increase its investment in consumer-facing digital health products. According to a press release, the company aims to prioritize the creation of digital solutions that help consumers make better decisions about their health by using personalized delivery methods and personal data.
In August 2023, Lupine Digital Health announced the opening of the first digital cardiology clinic published by Lupine Digital Health. Lupine Digital is a division of Lupine Pharmaceuticals which focuses on digital heart failure treatments and established its Lyfe Digital Heart Failure Clinic in India. The goal of these e-clinics is to help cardiologists and caregivers manage patients with heart disease from the comfort of their homes.
Key Players Reported in Digital Health Market Report
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Key Features Covered in Digital Health Market Research Report
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Sabyasachi Ghosh (Assistant Vice President at Future Market Insights, Inc.) has over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His sense of curiosity and exploration helped him establish his career as a researcher.
Identifying the core problems customers face and designing powerful, insight-based solutions to empower them with decision-making skills comes naturally to him. His main expertise is in areas such as Market Entry and Expansion Strategy, Capability Studies, Competitive Intelligence, and Strategic Change.
Holding a degree in Microbiology, Sabyasachi has authored numerous articles and been quoted in journals, including the Journal of mHealth, ITN Online, and Spinal Surgery News.
See Related Report from Digital Health Market:
The telehealth and telemedicine market is estimated to capture a value of $106.0 billion by 2023 and rise to $912.0 billion by 2033.
The global market for Women Digital Health Solutions is estimated at $2.3 Billion in 2022 and is expected to reach a value of $20.1 Billion by 2032.
The global artificial intelligence in healthcare market was estimated to be around $7.0 Billion by the end of 2021. The market is estimated to register a 38.5% CAGR and raise a value of $181.8 Billion in 2032.
The Healthcare Digital Experience Platform Market was valued at $1.1 Billion in 2023 and is expected to grow at a CAGR of 15% from 2023 to 2033.
The global healthcare solutions market is expected to grow at 14.5% CAGR to reach a market value of $16.2 billion by the end of 2033.
The global health information management market is estimated to be worth $2,203.40 million. During the forecast period, the market is likely to achieve a moderate CAGR of 6.70%. In 2034
The global healthcare IT market is expected to reach a value of $52.877 billion by 2023.
The electronic health records market in the USA is expected to enjoy a value of $9.1 Billion by the year 2023, and grow at a CAGR of 5.3% to reach a value of ~$15.3 Billion by the year 2033.
The market value of health products is estimated to be 7,235 billion by 2024.
The global healthcare robotics market is likely to garner a market value of $2.24 Billion by 2023 and is expected to garner a market value of $11.73 Billion by registering a CAGR of 18% during the forecast period 2023 to in 2033.
About Future Market Insights (FMI)
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