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Global Digital Health Market to Grow at a CAGR of 16% During 2021-2026, Aided by the Technological Advancements and Innovations

According to a new report by EMR titled, ‘Global Digital Health Market Report and Forecast 2021-2026’, the market attained a value of about USD 95 billion in 2020. The industry is further expected to grow at a CAGR of 16% in the forecast period of 2021-2026.

The advent of 5G technology, along with virtual and augmented reality, is driving the market growth for digital health. The increasing hectic schedule of the consumers leads to the rising prevalence of on-demand healthcare that provides quick and convenient healthcare. Moreover, the use of big data in the digital health industry lowers medication errors while facilitating preventive care, further augmenting the market. The increasing use of virtual reality to treat chronic pain, stroke, anxiety, and post-traumatic stress disorder (PTSD) is also expected to aid the market growth. Moreover, the rising popularity of wearable devices such as health watches and fitness trackers, which can track heart and blood pressure and personalise healthcare experience, boosts the market growth. The use of predictive healthcare also facilitates the transparency in the information of various minor and chronic diseases and aid in developing healthy lifestyle recommendations for the patients. The developments in artificial technology and virtual assistance and their uses in precision medicine, drug discovery, and genomics personalise the therapies in accordance with the person’s genetics and lifestyles which can catalyse the industry growth in the forecast period.

Apple (NASDAQ: AAPL), one of the leading players in the market, had launched Apple Watch 6 in September 2020. The watch contains powerful apps, such as the ECG app, which can provide the users with important information regarding their health. The watch checks for unusually high or low heart rates and irregular rhythms, which can be a sign of an underlying medical condition, and saves the information in Health App on iPhone along with the date, time, and heart rate. It also includes features such as blood oxygen monitoring and handwashing detection owing to the surging COVID-19 pandemic. Moreover, the watch also tracks sleep, elevates changes, and examines aerobic fitness and encourages the users to be more physically active and tracks their health. The development of these features not only expands the market growth of wearable devices of Apple but also aids the market growth for digital health.

Market Analysis by Technology, Components and Region:

  • The market, on the basis of technology, can be divided into telehealthcare, mHealth, health analytics, and digital health system, among others.
  • Based on components, the industry can be divided into hardware, software, and services.
  • The regional markets for digital health include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The growing geriatric population with the need for medical care is aiding the market growth of digital health.
  • Favourable initiatives taken up by governments across the globe to promote remote and accessible healthcare is propelling the market growth.
  • Increasing chronic illnesses owing to the hectic, poor lifestyles and climate change is lubricating the industry growth.
  • The rising awareness about mental and physical fitness due to the surge in the COVID-19 infected patients is catalysing the industry growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for digital health for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the technology, components, and regions of digital health.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global digital health market are Apple Inc., Google LLC., AirStrip Technologies, Inc., Biotelemetry Inc, and iHealth Lab Inc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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