Key Trends and Opportunities in the Global Digital Health Market Size & Share to Hit USD 367.2 Billion Mark, at CAGR of 16.9% By 2028 | Digital Health Industry Trends, Value, Analysis & Forecast Report by Zion Market Research

NEW YORK, May 16, 2022 /PRNewswire/ -- As per Zion Market Research study, The Digital Health Market was worth around USD 143.9 billion in 2021 and is estimated to grow to about USD 367.2 billion by 2028, with a compound annual growth rate (CAGR) of approximately 16.9 percent over the forecast period. The report analyzes the Digital Health Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Digital Health Market.

Key Industry Insights & Finding of the Digital Health Market Reports:

• As per the analysis shared by our research analyst, the Digital Health Market is expected to grow annually at a CAGR of around 16.9 % (2022-2028).
• Through the primary research, it was established that the Digital Health Market was valued approximately USD 143.9 Billion in 2021 and is projected to reach to roughly USD 367.2 Billion by 2028.
• Increasing healthcare IT expenditure to advance infrastructure, technological literacy, readiness to adopt advanced technological solutions, favorable government initiatives, the emergence of startups, lucrative funding options, increasing smartphone penetration, and advancements in internet connectivity are all contributing to growth.
• Asia Pacific is expected to have the fastest growth in the coming years as a result of developments in IT infrastructure and the creation of entrepreneurship initiatives, both of which are significantly contributing to the market's development.

Zion Market Research published the latest report titled as  "Digital Health Market By Product & Service (mHealth and mHealth Services). By Components (Software, Hardware, and Services). By End User (Healthcare Providers, Payers, Healthcare Consumers, and Others). and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028" into their research database.

Digital Health Market: Overview

The integration of information technology and electronic communications with various healthcare activities is referred to as digital health. Rapid developments in healthcare IT infrastructure, as well as professional use of cloud-based storage solutions, are major factors driving market expansion. Doctors and other healthcare providers are increasingly using technology such as cellphones and tablets to monitor and track the health of their patients. Additionally, substantial advances in processing and storage technology have made computing resources more economical, efficient, and accessible, allowing for on-demand delivery of these services to patients via the internet. Moreover, widespread government backing and the introduction of favorable regulations to stimulate the adoption of digital health solutions are increasing the demand for the technology. Other factors such as the growing elderly population, rising healthcare expenditure levels, and the rising prevalence of diseases such as Chronic Obstructive Pulmonary Disease (COPD) and diabetes are expected to drive the market even more.

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Our Free Sample Report Includes:

• 2022 Updated Report Introduction, Overview, and In-depth industry analysis
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• 2022 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
• Includes Updated List of tables & figures
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis
• Zion Market Research methodology

Industry Dynamics:

Digital Health Market: Growth Dynamics

Drivers:  The growing use of smartphones and other mobile applications will drive the growth of the digital health market.

The use of cell phones by physicians has increased significantly in the United States, leading to an expansion in the practice of digital health. Smartphones, tablets, and other mobile platforms are used by one-third of all U.S. adults, with physicians using them twice as much as the general population. This has resulted in a massive increase in the number of mobile applications for healthcare needs, fuelling the industry's expansion. In addition, rapidly increasing IT infrastructure, favorable government activities, rising demand for remote patient monitoring services, and greater venture capitalist investment would raise sector income.

Restraints: Concerns about the security of patient data may cause a slowdown in market demand.

Concerns about patient data security may detract from the industry's value. The use of digital health solutions such as electronic health records, e-prescriptions, and medical apps necessitates strict data protection. A breach in data security can result in massive losses of essential and personal information, such as medical records, which frequently contain social security numbers, insurance IDs, addresses, and medical details, negatively impacting the reputation and outcomes of operations. Uncoordinated individual attempts to gain unauthorized access to information technology systems directed at physicians, hospitals, customers, and third-party service providers are common cyber security concerns.

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Global Digital Health Market: Segmentation

• The Digital Health Market is segregated based on Product & Service, Component, and End User.

By Product & Service, the market is classified into mHealth and mHealth Services. In the forecast period, the mHealth section of the digital health market acquired the largest share. The mHealth sector mostly consists of health-related mobile applications and wearable gadgets. Due to the increasing prevalence of cardiovascular disorders, such cardiac health-related mobile devices are expected to increase rapidly in the coming years. As healthcare providers aim to boost patient outreach while reducing costs, mHealth technology is seen as a method to improve healthcare cost-efficiency. Furthermore, the mHealth segment is being propelled by an increase in the use of mobile communications technology and devices to improve access to healthcare information, emergency health services, and diagnostic services.

By Component, the market is classified into Software, Hardware, and Services. In the forecast period, the services sector dominated the market, accounting for the largest share of market revenue, owing to rising demand for services such as installation, staffing, training, maintenance, and other similar services. Market participants offer these services either separately or as part of a bundle. The increasing need for modern software solutions and platforms like as electronic medical records, as well as the increasing requirement for up-gradation and training to run these software systems, are all contributing to the expansion of the services segment.

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List of Key Players of  Digital Health Market:

• Allscripts Healthcare Solution, Inc.
• Cerner Corporation
• Cisco system
• eCINCICALWORKS
• General Electric company
• Koninklijke Philips N.V.
• Honeywell International Inc.
• Mckesson Corporation
• Siemens Healthcare AG
• Qualcomm technology Inc.

Key questions answered in this report:

• What are the growth rate forecast and market size for Digital Health Market?
• What are the key driving factors propelling the Digital Health Market forward?
• What are the most important companies in the Digital Health Market Industry?
• What segments does the Digital Health Market cover?
• How can I receive a free copy of the Digital Health Market sample report and company profiles?

Report Scope:

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Recent Developments

• In 2020, AT&T has joined forces with LifedMedID and Elo Self-Service Solutions. The collaboration aims to improve patient registration and check-in solutions. This strategic agreement expands AT&T's edge-to-edge digital healthcare solutions to improve patient outcomes, bolstering the company's market footprint.

Regional Dominance:

• Increased competition among manufacturers and service providers.

North America dominated, accounting for the largest share of market revenue in the forecast period. Increasing healthcare IT expenditure to advance infrastructure, technological literacy, readiness to adopt advanced technological solutions, favorable government initiatives, the emergence of startups, lucrative funding options, increasing smartphone penetration, and advancements in internet connectivity are all contributing to growth. Moreover, globalization, changing lifestyles, an aging population, an increase in the incidence of chronic diseases, and an increase in demand for value-based care are driving market expansion in North America.

Asia Pacific is expected to have the fastest growth in the coming years as a result of developments in IT infrastructure and the creation of entrepreneurship initiatives, both of which are significantly contributing to the market's development. Rising smartphone penetration, increased use of activity trackers and wearables, and increased demand for healthcare analytics are propelling the Asia Pacific market forward. Favorable changes to data privacy and cyber security protocols are assisting the market's development and growth. Increasing government expenditure and assistance in areas such as remote patient monitoring to ensure inexpensive and accessible healthcare services to communities in developing countries is driving market expansion.

Global Digital Health Market is segmented as follows:

Digital Health Market: By Product & Service Outlook (2022-2028)

• mHealth
• mHealth Services

Digital Health Market: By Component Outlook (2022-2028)

• Software
• Hardware
• Services

Digital Health Market: By End-User Outlook (2022-2028)

• Healthcare Providers
• Payers
• Healthcare Consumers
• Others

Digital Health Market: By Region Outlook (2022-2028)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

Press Release For Digital Health Market: https://www.zionmarketresearch.com/news/global-digital-health-market

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