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Digital health market to reach USD 767,718.9M by 2030

The global digital health market size was valued at $145,884.3 million in 2020, and is projected to reach $767,718.9 million by 2030, registering a CAGR of 17.9% from 2021 to 2030.

Digital health is defined as the use of information and communication technologies in the healthcare sector for the management of chronic disease from remote areas. The digital health market includes mobile health (mHealth), wearable devices, telehealth & telemedicine, health information technology (IT), and personalized medicine. It offers various services, which enable consumers for early diagnosis of life-threatening disease and for the management of chronic disease.

Growth of the global digital health market is majorly driven by an increase in demand for remote monitoring services; rise in funding from private & government organizations for mHealth startup; rise in prevalence of chronic disease; and increase in technology in the healthcare sector. For instance, American Telemedicine Association (ATM) entered into a partnership with the UK-based digital health and launched a new resource for evaluating mHealth app. As per the data published in the Pew Research Center, in April 2021, it was reported that 97% of cellphones and 85% of smartphones are owned by adults in the U.S. In addition, rise in geriatric population who are more vulnerable to chronic diseases fuels the digital health market growth during the forecast period. According to Beijing, in 2019, it was reported that over 180 million geriatric population in China was living with chronic diseases. In addition, in January 2019, Omron Healthcare, Inc., a subsidiary of Omron Corporation launched the Heart Guide, the first wearable blood pressure monitor with digital health service. Thus, the presence of key players in healthcare information technologies and rise in geriatric population propel the growth of the market.

However, concerns related to ensuring regulatory compliance are expected to restrict the digital health market growth during the forecast period.

Digital health market segmentation
The digital health market is segmented on the basis of product & service, component, end user, and region. By product & service, the market is categorized into mHealth and eHealth. The mHealth segment is further classified into mHealth devices and mHealth services. The mHealth devices segment is further divided into blood glucose meter, BP monitors, pulse oximetry, neurological monitors, cardiac monitors, apnea & sleep monitors, wearable fitness sensor device & heart rate meters, and others. Further, the mHealth services segment is classified into prevention services, diagnostic services, monitoring services, treatment services, and wellness & healthcare system strengthening solutions. The eHealth segment is classified into electronic health records (EHR), vendor neutral archive (VNA) and picture archiving & communications system (PACS), laboratory information systems (LIS), telehealth, prescribing solutions, medical apps, clinical decision support systems (CDSS), pharmacy information systems, and others.

By component, it is divided into software, hardware, and services. By end user, the market is fragmented into healthcare providers, payers, healthcare consumers, and others.

Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).

Segment review
Depending on product & service, the eHealth segment dominated the market in 2020, and is expected to continue this trend during the forecast period, owing to increase in prevalence of chronic diseases, surge in demand for telehealth & telemedicine, and increase in number of internet users. However, the mHealth segment is expected to witness considerable market growth during the forecast period, owing to increase in demand for remote monitoring services, rise in prevalence of hypertension, and surge in number of smartphone users.

On the basis of component, the software segment dominated the market in 2020, and is expected to continue this trend during the forecast period, owing to advancement in healthcare information technology, surge in demand for reducing healthcare cost, and rise in demand for organized data and workflow in the healthcare sector. However, the hardware segment is expected to witness considerable growth during the forecast period, owing to surge in number of investments in digital infrastructure and increase in demand for software upgrade and installation.

On the basis of end user, the healthcare providers segment dominated the market in 2020, and is expected to continue this trend during the forecast period, owing to increase in prevalence of chronic diseases, surge in demand for mHealth app, and use of innovative technologies in the healthcare sector. However, the payers segment is expected to witness considerable growth during the forecast period, owing to increase in cost of healthcare system and surge in demand for healthcare IT solution.

North America accounted for a major share in the digital health market in 2020, and is expected to maintain its dominance during the forecast period, owing to rise in prevalence of chronic diseases, presence of key players, adoption of smartphone users, and advancements in healthcare information technology in the region. However, Asia-Pacific is expected to register highest CAGR of 28.1% from 2021 to 2030, owing to increase in prevalence of chronic diseases, rise in geriatric population, increase in demand for remote monitoring services, and rise in number of internet users. Allied Market Research

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