The global digital health market size is expected to reach USD 1,432.92 Billion by 2030, according to a new study by Polaris Market Research. The report “Digital Health Market Share, Size, Trends, Industry Analysis Report, By Technology (Telehealthcare, mHealth, Health Analytics, Digital Health Systems); By Component (Hardware, Software, Services); By Application; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The major players' rapid adoption of strategies such as collaborations, partnerships, mergers and acquisitions, and product launches are boosting the industry growth over the forecast period. For instance, in February 2021, BioTelemetry, Inc. was purchased by Royal Philips. BioTelemetry's purchase fits well with Philips' cardiac care offering and its aim to enhance care delivery across the medical ecosystem with integrated systems. Real-time patient surveillance, telemedicine, and informatics are among Philips' medical patient care management services.
Further, in March 2022, Cognizant announced a partnership with Microsoft to develop a new digital solution to increase remote monitoring of patients for better medical treatment. In addition, in February 2022, Accenture and League are focusing on working together to develop experiences and expand access to enhance results for people, doctors, payers, and pharmacies. Thus, the collaborations for the advancement of technology in the medical sector are boosting industry growth over the forecast period.
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Increasing adoption for remote monitoring of patients services, an increase in the availability of virtual care, and an increase in the prevalence of chronic diseases are factors driving industry expansion. The market is being driven by the fast-increasing incidence rate of chronic diseases like Alzheimer's, diabetes, cardiovascular diseases, and cancer that require long-term treatment and patient tracking systems.
Telehealth and telemedicine services are being quickly embraced by the medical community and are being acknowledged by both public and private players. For instance, in October 2020, LifeScan announced the debut of OneTouch Solutions, an eCommerce portal that provides a comprehensive and accessible selection of individualized wellness programs to help people not only manage but flourish with diabetes.
Digital Health Market Report Highlights
Polaris Market Research has segmented the Digital Health market report based on technology, component, application, and region:
Digital Health, Technology Outlook (Revenue - USD Billion, 2018 - 2030)
Digital Health, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Digital Health, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Digital Health, Regional Outlook (Revenue - USD Billion, 2018 - 2030)