Global Digital Health Market Thriving: Projected to touch USD 480.1 Billion by 2027, growing at the CAGR of 21.4 % during the forecast period (2020-2027)
Published | 28 April 2021
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Digital Health Market was worth USD 120.2 Billion in the year 2020. The market is estimated to grow at the CAGR of 21.4%, earning revenue of around USD 480.1 Billion by the end of 2027. The Global Digital Health Market has been influenced by the surging usage of tablets and smartphones worldwide. Furthermore, the increasing penetration of 3G and 4G networks, as well as the expanding application area, are assisting in the growth of the global digital health industry. Additionally, the market is expected to expand due to the growing demand for advanced healthcare information systems and the implementation of supportive government policies.
Surging Adoption of Cloud Computing in Digital Health Market
One of the main developments in the digital health industry right now is the rapid adoption of cloud computing technologies in healthcare settings. Cloud computing resources are becoming more powerful, accessible, and affordable than ever before due to rapid advancements in storage and processing technology. As a result, cloud computing is gaining traction in the global digital health market. Cloud computing is a digital computing model in which users can obtain on-demand access to services such as clinical and non-clinical applications (such as patient billing and revenue cycle management) through the internet.
Growing usage of Tablets and Smartphones
With rapid advances in communication technology, demand for mobile health (mHealth) applications, such as fitness and health apps, is skyrocketing all over the world. The use of mobile and tablets by healthcare professionals has transformed many aspects of healthcare practice. Since mobile devices have become ubiquitous in healthcare settings, there has been significant growth in the production of mobile-based medical software applications in recent years. Because of the widespread use of smartphones and tablets in the healthcare industry, patients can now access vital services, personal data tracking, and physicians regardless of their location.
Data breach and security-related concerns
There are many hazards associated with healthcare data protection as the personal information of millions of people is at risk. Healthcare companies gather confidential data from their clients and store it on network servers to make it readily available and to aid patient care. However, there seems to be a downside to every good thing, and the digitization of healthcare is no exception. Smartphones and other connected devices act as a major source of data breaches. Thus, data security is today's most pressing concern in the digital health market. It is an issue that necessitates both innovation and communication. Data security is therefore a crucial aspect of the healthcare sector for the security of confidential patient information. Thus, improved healthcare data protection tools are critical to lowering the risks of malicious data breaches and technological failure.
Impact of COVID-19 in the industry
The current pandemic provides the ideal opportunity for the healthcare industry to build on its achievements in digital health and virtual treatment. Owing to an increase in COVID-19 patients in hospitals, the pandemic has forced hospitals to open their OPDs online for patients. Patients with chronic diseases are increasingly relying on remote monitoring systems to ensure their safety and to adhere to the social distancing norms, as the coronavirus poses a greater risk of infection. The market will witness significant growth in the future due to these factors. However, concerns about the misuse of patient data, as well as high capital expenditure and maintenance costs, could limit the market's growth in the near future.
Clinics occupy the largest share of the Global Digital Health Market
Based on end-users, the Global Digital Health Market is categorized into Hospitals, Clinics, and Individuals. Among all these segments, Clinics are the dominant segment in the digital healthcare market. A clinic is a health facility that focuses entirely on outpatient treatment. Clinics may be privately run or owned and subsidized by the government. In comparison to larger hospitals that provide more specialized services and accept inpatients for overnight stays, clinics usually cover the primary care needs of the patients hailing from local communities.
North America is expected to witness significant growth in the market during the forecast period
Based on the region, the global digital health market is categorized into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America held the largest share in the market in 2020. The dominance is likely to continue during the forecast period. The market's growth is driven by rising chronic diseases and an aging population, as well as the implementation of government policies and initiatives aimed at enhancing the operation of the region's healthcare systems. Additionally, the demand in North America may also be driven by an increase in healthcare funding and the incentive to improve the quality of care while lowering healthcare costs.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Digital Health Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Global Digital Health Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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