Digital Health Market Outlook Through 2026 By The Business Research Company
TBRC's overview of the digital health market size and status through the post-COVID stabilization into the 5 years.
LONDON, March 17, 2022 /PRNewswire/ -- North America is the largest region in the global digital health market, accounting for 39.7% of the total in 2021. It is followed by the Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the digital health market will be South America and Asia Pacific, where growth will be at CAGRs of 19.6% and 19.3% respectively. These are to be followed by Middle East and Africa, where the markets are expected to register CAGRs of 18.7% and 18.6% respectively.
The global digital health market size is expected to grow from $201.24 billion in 2021 to $252.47 billion in 2022 at a compound annual growth rate (CAGR) of 25.5%. The slow digital health market growth trend in the market is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $596.56 billion in 2026 at a CAGR of 24.0%.
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Digital Health Market Segments
The digital health market is segmented by technology into mobile health (mhealth), health information technology, telehealth and telemedicine, health analytics and other technologies. The telehealth and telemedicine market is the largest segment of the digital health market segmented by technology, accounting for 46.7% of the total in 2021. Going forward, the other technologies segment is expected to be the fastest growing segment in the digital health market segmented by technology, at a CAGR of 18.8% during 2021-2026.
The digital health market is also segmented by application into cardiology, diabetes, neurology, sleep apnea, oncology, and other applications, and by end-user into healthcare providers, healthcare payers, pharmaceutical companies and other end users.
Biofeedback Is Significant Among Digital Health Market Trends
Biofeedback APIs are a key trend gaining popularity in the digital health market. Biofeedback is a technique that is used to learn to control some of the body's functions, such as heart rate. During biofeedback, a person is connected to electrical sensors that provide information about the user's body. For instance, in September 2019, Meru Health, a US-based digital mental healthcare company has launched a wearable to capture biofeedback, including heart rate variability (HRV), during mental health exercises. The clip-on wearable is affixed to an individual's ear while they complete specific exercises, like breathing practices, directed by Meru's platform. The goal is to show users a physiologically-relevant, quantifiable representation of the effect that correct, consistent use of breathing practices can achieve.
Access To The Digital Health Industry
Access to healthcare services is expected to improve in developing countries, thus supporting the digital health market. Effective implementation of government health plans is the core reason for the improvement in healthcare access in many developing regions such as India, China, and many Latin American countries. As the state funding on healthcare is increasing, policymakers are focusing on access to care in a cost-effective manner that improves health for their constituents. Digital healthcare can provide timely accessible care at lower costs and helps in reducing expensive emergency room visits by improving access to low-cost primary and specialty care. Many countries such as Russia and Brazil are focusing on improving their healthcare capabilities which will help drive the digital health market.
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