As per the report published by The Brainy Insights, the global digital health market is expected to grow from USD 159.75 billion in 2021 to USD 1033.18 billion by 2030, at a CAGR of 23.05% during the forecast period 2022-2030. North America region emerged as the largest market for the global digital health market, with a 45.37% share of the market revenue in 2021. The comprehensive utilization of digital health services and technological advancement propel the market’s growth in this region. Additionally, the government’s increasing expenditure on healthcare and I.T. infrastructure and the adoption of emerging lucrative health-advancing technologies are helping to drive market growth in this region. In addition, the Asia Pacific region is expected to show the fastest CAGR growth over the projection period due to the growing geriatric population and the introduction of entrepreneurial initiatives.
Digital Health Market Size by Component (Hardware, Software, and Services), Technology (Telehealthcare, mHealth, Digital Health Systems, and Healthcare Analytics), Delivery Mode (Cloud-Based and On-Premise), End-User (Healthcare Payers, Healthcare Providers, and Pharmaceutical Companies), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030
Leading companies in the industry include Apple Inc, Cerner Corporation, Epic Systems Corporation, McKesson Corporation, Allscripts, QSI Management, LLC, Telefonica S.A., Airstrip Technologies, HiMS, Google, Inc, Vodafone Group, Qualcomm Technologies, Inc, MQure, CISCO Systems, Inc, Samsung Electronics Co. Ltd, Computer Programs and Systems, Inc, IBM Corporation, Vocera Communications, Softserve, and among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The component segment is divided into hardware, software, and services. The software segment led the market with a market share of 39.14% in 2021. This growth is attributed to the growing funding options. The technology segment is divided into telehealthcare, mhealth, digital health systems, and healthcare analytics. The mhealth segment led the market with a market share of 34.16% in 2021. This growth is attributed to the rising adoption of connected devices and mHealth apps. The delivery mode segment is divided into cloud-based and on-premise. The cloud-based segment led the market with a market share of 57.21% in 2021. This growth is attributed to the increasing cloud deployment in the healthcare industry. The end-user segment is divided into healthcare payers, healthcare providers, and pharmaceutical companies. The healthcare providers segment led the market with a market share of 38.27% in 2021. This growth is attributed to the increasing improvements in network infrastructure & rising network coverage.
The growing penetration of smartphones and numerous smartphone applications related to health and fitness globally propel the digital health market’s growth. Further, the increasing popularity of technologically advanced promotions and advertisements, particularly in the hospitality & retail sectors, is helping to stimulate the growth of the digital health market. In addition, the increasing demand for efficient remote patient management also boosts market growth.