Alarming rise in prevalence of chronic disease across the globe, advancements in healthcare information technology, rise in government and private funds for mHealth startups, and surge in number of internet and smartphones users are expected to notably contribute toward the growth of the global digital health market during the forecast period.
The global digital health market size was valued at $145,884.3 million in 2020, and is projected to reach $767,718.9 million by 2030, registering a CAGR of 17.9% from 2021 to 2030.The factors that drive the growth of the digital health market include rise in prevalence of chronic disease such as hypertension, cancer, cardiovascular disease, and diabetes; increase in number of geriatric populations; advancement in technology in healthcare sectors, and surge in demand for health. For instance, according to American Heart Association, more than 100 million Americans had hypertension in 2018.
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Hypertension patients require monitoring of their blood pressure at regular intervals to alleviate the chances of stroke and heart attack. Market players are focusing on the development of novel approaches for use of digital health technology. Moreover, in 2020, Sensyne Health, the clinical AI technology company, launched GDm-Health, in the U.S. to provide remote monitoring solution for diabetic patients in pregnancy. In 2020, HealthHero, a digital health company, launched the telehealth platform in the UK, which allows the patient to communicate with mental health clinicians, specialists, and general practitioners to provide services from their respective location.
Increase in prevalence of cardiovascular disease, rise in demand for software in the healthcare sector, and surge in number internet users are anticipated to drive the growth of the digital health market. In addition, increasing demand for remote monitoring services has led to the development of innovative technologies in the healthcare sector, thereby propelling the growth of the market.
Moreover, initiatives taken by governments for development of the information technology sector and increase in number of smartphone users are the key factors that boost growth of the market. Furthermore, increase in the cost of health care sector and surge in the number of funding for various health startups propel the growth of the market. In addition, rise in demand for advanced devices in healthcare to enhance efficiency and increase in prevalence of lifestyle disorder fuel the digital health market growth.
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The digital health market is segmented on the basis of product & service, component, end user, and region. On the basis of product & service, the market is divided into mHealth and eHealth. The eHealth segment dominated the market in 2020, and is expected to continue this trend during the forecast period, owing to increase in prevalence of chronic diseases, surge in demand for telehealth & telemedicine, and increase in number of internet users.
The COVID-19 outbreak is anticipated to have a positive impact on growth of the global digital health market. The COVID-19 pandemic has stressed the healthcare systems in the world and increased the need for development of healthcare information technology and remote monitoring services. For instance, in February 2020, the National health commission issued a notice to strengthen the use of digital technology to support the response to COVID-19. Moreover, it was reported that in the UK, the proportion of doctor visit over video and phone was increased to 48% in 2020. According to World Health Organization, in 2020, it was reported that 30 out of 53 countries in Europe developed digital contact tracing for COVID-19. Subsequently, this leads to increase in demand for telehealth, healthcare information technology, and mHealth.
North America accounted for a majority of the global digital health market share in 2020 and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of chronic diseases, presence of key players, adoption of smartphone users, and advancements in healthcare information technology in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in prevalence of chronic diseases, rise in geriatric population, increase in demand for remote monitoring services, and rise in number of internet users.
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