The digital health market is likely to grow strongly at a CAGR of 18% during the forecast period 2022-2032.With the growing reliance of end-users on digital mental health services, it is quickly becoming a game-changing technology in the digital healthcare services as these platforms are increasingly being used to conduct remote monitoring for chronic diseases and to gain access to electronic medical and personal health records via broadband and mobile devices.
This is one of the major drivers of the digital health market.
The COVID-19 pandemic has caused havoc on nearly every major industry in the world, and the digital treatment/health sector has reaped the benefits.
Several governments in both developed and developing economies have altered regulations governing the use of digital health systems and technologies.
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How is the Digital Health Market Segmented?
On the basis of platform, the digital health market can be segmented as m-Health, telehealth, wireless health, digital therapy apps, electronic media record and other.
Moreover, electronic medical record segment is projected to occupy the second largest share attributing to the awareness of digital mental health care. However, the m-Health segment is likely to exhibit the fastest CAGR over the forecast period.
The digital health market can be segmented based on application, which includes healthcare amenities, e-prescription, home care services, and remote monitoring & consultancy application.
The digital health market is further segmented based on end-user including hospital & nursing home, physician, healthcare worker and individual. Of all the end-user segments, hospital & nursing home is anticipated to be the largest end-user segment over the forecast period.
Which Regions Hold a Sway in the Digital Health Market?
The digital health market is expected to witness a healthy CAGR due to growing awareness concerning digital health community.
Regionally, the digital health market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan (APEJ), Japan and Middle East & Africa (MEA).
Globally, among all the regions, North America is expected to account for the highest share followed by Western Europe over the projected period. US is expected to be the dominant market for digital health in the North America region.
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What are the Factors Contributing to the Digital Health Market Growth?
Rising awareness concerning health, supplemented by growing adoption of smart-phone and tablet act as digital health accelerators.
Moreover, growing penetration of 3G and 4G network and increasing application area is supporting the growth of global digital health market growth.
However, stringent regulatory norms in the United States and threat associated with data privacy and security are restricting the growth of global digital health market.
How is the Competition Landscape in the Digital Healthcare Market?
The key players operating in the global digital health market includes AT&T Inc., Apple Inc., AirStrip Technologies LP, Alcatel-Lucent Corporation, Cerner Corporation, Symantec Corporation, Aruba Networks, Inc., Cisco Systems, Inc., Qualcomm, Inc., Siemens Healthcare, and Philips Healthcare.
Digital healthcare companies in the market follow the strategy of introducing innovative and cost-effective solution to buy out competition.
In addition, strategic partnership, collaborations and joint ventures are the other major strategies followed by the digital health solution provider to outperform competitors.
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