Digital Health Industry Overview
The global digital health market size is expected to reach USD 1.5 trillion by 2030 and is expected to expand at a CAGR of 27.7% over the forecast period, according to a new report by Grand View Research, Inc. Advancements in the internet connectivity, growing smartphone penetration, rising healthcare IT expenses, developing IT infrastructure, technology readiness, a growing shortage of healthcare providers, overburdened healthcare facilities, and rising medical expenses are driving the market growth.
Digital Health Market Segmentation
Grand View Research, Inc. has segmented the digital health market report based on technology, component, and region.
Based on the Technology Insights, the market is segmented into Tele-healthcare and mHealth.
- In 2021, the tele-healthcare segment accounted for a market revenue share of 37.6% and dominated the market.
- This growth rate is attributable to the advancing internet connectivity, growing smartphone penetration, advanced technology readiness, growing shortage of healthcare providers, increasing medical expenses, wide availability of tele health applications, and rising adoption of these technologies by patients & physicians.
- Constant evolution of telehealth applications and rapid technological innovations is further boosting the segment growth.
- Moreover, growing demand for virtual healthcare consultation due to the increasing COVID-19 pandemic and the integration of advanced IoT technology and advancing connectivity is further supporting to the high growth rate of the segment.
Based on the Component Insights, the market is segmented into Software, Hardware and Services.
- In 2021, the services segment dominated the market and accounted for the market revenue share of 45.6% attributable to the growing demand for various services such as installation, staffing, training, maintenance, and other such services.
- Furthermore, with advancements in healthcare IT infrastructure and the adoption of digital health solutions in emerging economies is expected to boost the growth of the services segment to successfully implement these systems.
- On the other hand, software segment is anticipated to register the fastest growth rate in coming years owing to the rapid adoption of software systems amongst patients, healthcare facilities, providers, and insurance payers.
Digital Health Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Key Companies Profile & Market Share Insights
The growing demand is driving key players to focus on their innovative product development strategies and devise collaboration & partnership strategies to expand their product portfolios and serve multiple regional markets.
Some prominent players in the Digital Health market include
- Cerner Corporation
- Allscripts
- Apple, Inc
- Telefonica S.A.
- McKesson Corporation
- Epic Systems Corporation
- QSI Management, LLC
- AT&T
- Vodafone Group
- Airstrip Technologies
- Google, Inc
- Samsung Electronics Co. Ltd
- HiMS
- Orange
- Softserve
- Qualcomm Technologies, Inc
- MQure
- Computer Programs and Systems, Inc.
- Vocera Communications
- IBM Corporation
- Cisco Systems Inc
Order a free sample PDF of the Digital Health Market Intelligence Study, published by Grand View Research.
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