Global Digital Health Market, By Technology (Telehealthcare, mHealth, Health Analytics, Digital Health Systems, Telemedicine, and Others), By Component (Software, Hardware, Services, Connected Devices, and Others), By End User (Hospitals & Clinics andHealth Insurance Firms), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 249.97 Bn in 2023 and is expected to exhibit a CAGR of 18.4% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing government initiatives is expected to drive the market growth over the forecast period. For instance, in October, 2020, The American Telemedicine Association launched a resource for curating mHealth apps.
Global Digital Health Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems regarding transportation of things from one place to another.
COVID-19 had a positive impact on the global digital health market. For instance, according to the data published by the National Center For Biotechnology Information (NCBI) in February 2022, telehealth visits in October 2020 increased by more than 3000%.
Global Digital Health Market: Key Developments
On September 09, 2021, Mount Sinai Health System, a hospital network in the U.S., introduced mHealth app to improve patient data access, enhance patient-provider communication, and create a centralized platform for all patient healthcare needs.
On September 27, 2023, SAS Health, health data provider launched new analytical healthcare platform that can simplify health data and management, improve data governance and accelerate patient insights.
Browse 36 Market Data Tables and 26 Figures spread through 180 Pages and in-depth TOC on “Global Digital Health Market”- Forecast to 2030, Global Digital Health Market, By Technology (Telehealthcare, mHealth, Health Analytics, Digital Health Systems, Telemedicine, and Others), By Component (Software, Hardware, Services, Connected Devices, and Others), By End User (Hospitals & Clinics and Health Insurance Firms), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/digital-health-market-1909
Key Takeaways of the Global Digital Health Market:
- Global digital health market is expected to exhibit a CAGR of 18.4% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global digital health market.
- Among end user, the hospitals & clinics segment is expected to hold a dominant position in the global digital health market during the forecast period due to increasing use of telemedicines. For instance, according to the data published by the National Center For Biotechnology Information (NCBI) in 2021, rising healthcare costs and a need for better treatment are motivating more hospitals to investigate the benefits of telemedicine. They want improved contact between physicians and far-off patients and better usage of healthcare facilities.
- Among region, North America is expected to be the dominant region in the global digital health market, owing to increasing use of telemedicines. For instance, according to the data published by the Center for Disease Control and Prevention (CDC), in 2021, 37.0% of adults used telemedicine .
- Major players operating in the global digital health market are Teladoc Health, American Well Corporation, Doctor on Demand, MDLIVE, Maple, Steady Health, Anthropic, CloudMedx, Babylon, and Buoy Health
