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[225+ Pages Report] As per the report published by Facts and Factors, the global digital health market was valued at approximately USD 84.08 Billion in 2019, and is expected to generate revenue of around USD 220.94 Billion by end of 2026, growing at a CAGR of around 14.8% between 2020 and 2026.
From mobile medical applications and tools that assist clinical evaluations doctors make every day to machine learning and artificial intelligence, emerging technology has driven a revolution in health care. Digital health platforms have a lot of promise in terms of enhancing our efforts to accurately detect and manage illness, as well as enhancing consumer health care delivery. Digital innovations are providing doctors with a more holistic view of patient well-being through data access, while also allowing patients more control over their health. Although rising effectiveness, digital health has the ability to enhance patient outcomes.
The rising growth of smartphone users around the world will be crucial in propelling the market forward. Market growth will be aided by rapidly expanding healthcare IT infrastructure in both developed and developing countries. Furthermore, as people become more conscious of the value of fitness and wellbeing, product acceptance will rise, propelling the market forward. The demand for remote monitoring solutions will increase as the volume of patients with chronic conditions rises. As a result of the COVID-19 pandemic forcing hospitals to triage patients, remote monitoring systems will become more widely used to protect the health of patients with chronic diseases. Besides that, patients with chronic illnesses and the elderly are more vulnerable to infection by the coronavirus. As a result, caregivers would choose remote monitoring of these patients to prevent disclosure and improve patient quality of life, leading to the growth of the digital health industry. Due to these circumstances, the industry will see substantial demand in the future. However, concerns about the abuse of patient data, as well as high capital expenditure and maintenance expenses, may restrict market growth in the short term. If businesses work to address these issues and bring the cost of digital health solutions down, product adoption rates will rise. These factors would contribute to the market's expansion.
Based on the components, the global digital health market is segregated into software, hardware and services. In 2020, the services group had the highest revenue share. Companies are concentrating on providing post-installation services such as staffing, training, clinical, optimization, and other services, as growth for software platforms and the exponential rise of software up-gradation for the implementation of an assortment of healthcare applications, are accelerating the segment.
The global digital health market is divided into four categories based on technology: mhealth, digital health systems, tele-healthcare, and healthcare analytics. In 2020, the mhealth technology segment will have the highest market share of all. The segment is being driven by growing mobile and internet access adoption, the availability of many mhealth applications, and growing doctor and patient adoption of these technologies. The segment's growth is being fuelled by rapid technological advances and the introduction of new products.
In 2020, North America led the digital health market. The high prevalence of tablets, smartphones, and other digital apps in North America, as well as the growing use of connected devices and digital health apps for the treatment of chronic conditions, the growth and adoption of new technology, rising government initiatives, and the involvement of large companies in these regions, all, contribute to the region's wide market share.
In Europe, the increasing geriatric population, combined with the rising prevalence of chronic diseases, would push the adoption of novel patient health management solutions, boosting market size. The growth of the regional industry will be fuelled by these factors. Furthermore, the country's high rate of technology adoption, combined with regulatory relaxation during the pandemic, would push the local market forward.
Due to rapid improvements in healthcare infrastructure and a growing pool of healthcare IT vendors, Asia Pacific is on track to have the highest growth rate in the next few years. The presence of well-funded research and development centers, as well as well-known businesses, across the region's developing nations, contributes to the market's rapid growth. Continuous improvements to address inadequate healthcare facilities, as well as increased government financial assistance, could support the Asia Pacific healthcare sector over the upcoming years.
Key participants in the Digital Health market are AT&T, Vocera Communications, AirStrip Technologies, Apple, Inc., CISCO Systems, Inc., Allscripts, Cerner Corporation, Mckesson Corporation, Google, Inc., Vodafone Group, IBM Corporation, and Qualcomm Technologies, Inc. and among others.
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