Double-Digit Growth Forecast for Digital Health Market

The global digital health market is expected to more than double by 2028, growing 16.9% annually, thanks to artificial intelligence (AI), virtual reality, and the adoption of blockchain technology.

Vantage Market Research data estimates the sector’s worth at $145.57 billion last year and predicts it will expand significantly as the market reflects a rising preference towards personalized medicines and mHealth technology adoption. The adoption of blockchain technology, AI and virtual reality also is expected to bolster the market’s value over the next six years.

Digital health is technology-enabled care that involves the convergence of digital media, health technology, and mobile devices. It is designed to help patients, caregivers, and healthcare professionals access the relevant data easily and improve the quality of both social and individual health. Digital health products help healthcare payers, provider, patients, and other settings to improve services regarding time and quality, and cut down healthcare costs. Digital health technology is designed to provide patients with a new approach to the healthcare system. The system incorporates concepts of increasing accuracy and cost efficiency to save time, manage disease, health risks and promote wellness. Digital health, or digital health care, is a broad, multidisciplinary concept that includes concepts from an intersection between technology and health care. Digital health applies digital transformation to the healthcare field, incorporating software, hardware and services. These enhanced capabilities of digital health technology are expected to generate revenue in the near future.
 
The World health Organization (WHO) harnessed the power of digital health during the COVID-19 pandemic. The outbreak of COVID-19 has affected various industries across the world. Governments around the world implemented strict lockdown measures and social distancing norms to contain the rapid spread of the pandemic. Repeated lockdowns from early 2020 to mid-2021 led to a number of issues, including low labour and employee availability, logistical challenges and a troubled supply chain, on the other hand, caused a number of issues for industry participants, including disrupted supply chains, logistical challenges in the export of finished goods, and employee recruitment from quarantine. WHO is working on a global social enterprise improving lives by using mobiles used for COVID-19 vaccines for people with simple phones or limited access to the Internet, Mobile technology is revolutionizing the way organizations engage with their end users. More than 96% of the world’s population has a mobile phone, which means it is now possible to reach almost every single person on the planet. These are some of the factors that are driving the market growth during the COVID-19 pandemic
 
Based on type segment, the alkaline electrolyze segment has the largest market share by technology. On the basis of region, Europe is projected to dominate the worldwide Digital Health Market.
 
The broad scope of digital health includes categories such as mobile health (mHealth), health information technology (IT), wearable devices, telehealth and telemedicine, and personalized medicine. Mobile medical applications and software are revolutionizing healthcare with support for clinical decisions made by healthcare professionals. The growing demand for wearable medical devices and the increase in the number of connected devices or wireless technologies are helping the continued adoption of m-health technology. The rapid digitization of healthcare delivery is accelerating the development of precision medicine. The advent of digital technologies such as telehealth or eHealth tools is enabling healthcare professionals to provide personalized or personalized diagnosis and treatment planning for patients.
 
The digital health market is gaining huge potential worldwide due to the increasing use of smartphones in clinics and hospitals. In addition, the introduction of advanced technology such as AI is expected to play an important role in the improvement of digital health services. According to WHO, digital tools are giving providers a more holistic view of patients’ health through access to data and giving patients more control over their health. Digital health offers real opportunities to improve medical outcomes and increase efficiency. These are some of the factors that are optimized using mobile applications which are expected to drive the digital health market.
 
In recent years, information security is a major area of interest for IT professionals. Cyber attacks in the industry and consumer sectors have resonated widely in the past and more recently cyber-attacks in the healthcare sector are of concern. The U.S. Food and Drug Associations (FDA) has provided some criteria on digital health cyber security that are currently used in the healthcare sector. This includes a vulnerability or weakness in the software, hardware or other factor that could pose a risk that is identified in the application. This is due to the high risks of cyber-attacks, which are expected to slow down the digital health market.
 
Awareness of technological advancements and better infrastructure in the healthcare industry is expected to drive the growth of the digital health market in North America over the forecast period. The region is expected to contribute 46% to the market growth as countries like the United States are the major markets for digital health. The market growth in North America is expected to exceed the market growth in other regions. North America accounted for the largest share of the digital health market last year. Rising healthcare spending in the India and China is expected to drive the regional market growth. The majority of hospitals in the China have implemented software solutions, enabling them to achieve their digital healthcare goal.