Digital health market to be USD $2.586 trillion by 2032: FMI
The digital health market, expected to be worth US$224 billion in 2022, is likely to grow at a CAGR of 27.7% from 2022 to 2032 to reach US$2.586 trillion by 2032. These insights are based on a Digital Health Market by Future Market Insights (FMI) report.
The enormous growth is due to the rise of big data use in healthcare. In addition to being instruments for communication and entertainment, smartphones are now often used as fitness and health trackers. In addition, electronic health records and electronic medical record systems are being used more often. Chronic illnesses, including cancer, diabetes, cardiovascular disease, and Alzheimer's, are becoming common and require long-term care and patient monitoring services. The medical community readily accepts telemedicine and telehealth services and is acknowledged by both public and private entities.
According to recent studies, over five billion people worldwide own a mobile device, with smartphones accounting for more than half of them. This has resulted in a massive increase in mobile applications for digital healthcare needs, fuelling the digital health market's progression.
“In the US, doctors are using their smartphones much more frequently, which has increased the adoption of digital health. One-third of all American adults use smartphones, tablets, and other mobile platforms, with doctors adopting them at a rate twice that of the general population,” says FMI in its report.
“Additionally, the government's supportive initiatives, the rising demand for digital health majorly remote patient monitoring services, and the digital health market expansion of venture capitalist investments will all have a positive effect on digital health market revenue.”
Patient data security issues could reduce the value of the digital health market.
Strict data security is necessary to implement digital health solutions like electronic health records, e-prescriptions, and medical apps. Data security breaches can cause significant losses of sensitive information, including medical records, which frequently contain social security numbers, insurance IDs, addresses, and personal health information.
“This can have a negative impact on the operations' reputation and outcomes and in turn affect the digital health market's future trends. Uncoordinated individual attempts to gain unauthorized access to information technology systems targeted at doctors, hospitals, clients, and third-party service providers are examples of common cybersecurity threats,” adds researchers at FMI.
Smartphones are now more than just communication and entertainment tools. They are also fitness and health trackers. Digital health market participants are creating cutting-edge mobile applications to monitor daily activities like fitness, exercise, nutrition, and well-being, providing users with high-quality healthcare and comfort.
Additionally, mobile apps allow users to find out about medical questions, make appointments, track consultations, store their medical information, and track and order prescriptions for medications.
Technology behemoths Apple, IBM, and Google are concentrating on enhancing data security features and improving the mobile health experience by providing a variety of subscription plans, which are anticipated to support the digital health market growth and also the digital health market key trends and opportunities.
The digital health market for telehealth and teleconsultation services is driven by the quickly increasing incidence rate of chronic diseases requiring long-term care and patient monitoring services. As a result, telemedicine and telehealth services are being quickly embraced by the medical community and acknowledged by both public and private digital health market players.
North America dominated the digital health market, generated 45.9% of total revenue, and is anticipated to account for US$196 billion of the digital health market share.
The rise of start-ups, lucrative funding options, rising smartphone penetration, improvements in internet connectivity, technological literacy, readiness to adopt cutting-edge technological solutions, and favourable government initiatives are all credited with the digital health market growth and the digital health market trends.
“Additionally, the digital health market growth in North America is being driven by factors such as globalization, changing lifestyles, an ageing population, an increase in the incidence of chronic diseases, and a rising demand for value-based care. It is anticipated that South Asia and Pacific digital health market share will reach US$275 billion by 2032,” notes FMI.
On the other hand, Asia Pacific is predicted to experience the fastest digital health market growth in the coming years due to improvements in IT infrastructure and the emergence of entrepreneurship ventures, which significantly impact the digital health market growth.
The Asia Pacific digital health market is expanding due to increasing smartphone adoption, activity trackers and wearables use, and the demand for healthcare analytics.
“Positive adjustments to data privacy and cybersecurity protocols are assisting the digital health market expansion and digital health market opportunities. The digital health market growth is being fuelled by rising government spending and support for remote patient monitoring to ensure that communities in developing nations have access to affordable and reliable healthcare services, constructively influencing the digital health market trends,” concludes FMI.