Global Digital Health Market Analysis: Size, Drivers, Trends, Opportunities, And Strategies
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At What Rate is the Digital Health Market Predicted to Expand Between 2024 and 2033?
In recent times, the size of the digital health market has seen significant expansion. A growth from $237.97 billion in 2023 to $283.92 billion in 2024 is predicted, representing a compound annual growth rate (CAGR) of 19.3%. This growth observed in the historic period can be credited to numerous factors such as the increase in disposable income, the introduction of governmental initiatives in the healthcare sector, amplified internet usage, the adoption of cutting-edge technology amidst the COVID-19 pandemic, and a swiftly growing elderly population.
The expansion of the digital health market is anticipated to be remarkable in the upcoming years, with an expected growth to $560.14 billion in 2028 and a Compound Annual Growth Rate (CAGR) of 18.5%. This accelerated growth during the prediction era can be ascribed to the rising incidences of chronic ailments, the increase in the aging population, the demographic changes in emerging economies, ongoing technological advancement, and the growing necessity for healthcare accessibility. All these factors are expected to spur the expansion of the digital health sector. Notable trends in the anticipated period comprise of the introduction of augmented reality telecollaboration systems, biofeedback Application Programming Interfaces (APIs), implementation of blockchain technology, 3D Augmented Reality (AR) surgical navigation systems, the incorporation of artificial intelligence, and heightened collaborations and partnerships.
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What Forces Are Boosting the digital health Market’s Growth?
The proliferation of chronic illnesses like cancer, diabetes, and hypertension is anticipated to spur the growth of the digital health market. Extensive work hours, minimal physical exercise, and poor dietary and drinking choices fuel the incidence of chronic diseases and put individuals struggling with these ailments at greater risk, thereby necessitating digital health solutions platforms. As stated in a United Nations report, by 2030, chronic diseases are projected to account for 70% of worldwide deaths, and the global impact of chronic disease will likely reach nearly 60%. Consequently, the escalating prevalence of chronic diseases is expected to propel market expansion.
What Key Segments Make Up the Digital Health Market?
1) By Technology: Mobile Health (Mhealth), Health Information Technology, Telehealth And Telemedicine, Health Analytics, Other Technologies
2) By Application: Cardiology, Diabetes, Neurology, Sleep Apnea, Oncology, Other Applications
3) By End-User: Healthcare Providers, Healthcare Payers, Pharmaceutical Companies, Other End Users
What Are the Latest Trends Impacting the Digital Health Market?
A significant trend emerging in the digital health market is the adoption of augmented reality (AR) telecollaboration systems. AR, which involves enriching the physical world with digital visual, audio or other sensory inputs, is being embraced by the healthcare industry. Both practicing healthcare professionals and students find this tool useful for conveying and learning medical experiences in a cost-effective and comprehensive manner. As an illustration, OpticSurg, an American company that develops AR software for surgical support, rolled out an AR telecollaboration system called Vision Beyond in August 2021. This platform assists in real-time coordination between onsite healthcare practitioners and consulting clinicians. It uses secure encryption and complies with HIPAA, ensuring that offsite clinicians can safely provide audio-visual guidance, broadcast live vocal communications, and present a digital interface and visuals through wearable glasses to help the onsite provider. The system additionally provides immediate access to experts, further enabling a deeper and clearer understanding during consultations.
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What Regions Are Dominating the Digital Health Market Growth?
North America was the largest region in the digital health market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital health market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Digital Health Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the digital health market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Digital Health Market Include
1. Digital Health Market Executive Summary
2. Digital Health Market Segments
3. Digital Health Market Size And Template Market Growth Rate
4. Key Digital Health Market Trends
5. Major Digital Health Market Drivers
……
25. Key Mergers And Acquisitions In The Digital Health Market
26. Top Digital Health Companies
27. Digital Health Market Opportunities And Strategies
28. Digital Health Market, Conclusions And Recommendations
29. Appendix
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