A report by Grand View Research expects the global digital health market to reach US$ 1.5 trillion by 2030, growing at a 27.7% CAGR from US$ 216.7 billion in 20221, during the forecast period. Rising smartphone penetration, improved internet connectivity, advanced healthcare IT infrastructure, rising healthcare expenditure, rising prevalence of chronic diseases, rising demand for remote patient monitoring services, and rising accessibility of virtual care are driving market expansion.
The global digital health market stood at US$ 175.6 billion in 2021 and driven by COVID-19 pandemic, is expected to grow to US$ 216.7 billion in 2022. The market is projected to grow from US$ 216.7 billion in 2022 to US$ 1.5 trillion in 2030 at a CAGR of 27.7% during the forecast period. This market was already witnessing growth prior to the onset of COVID-19, and it witnessed a growth rate of 19.1% from 2019 to 2020.
The ongoing COVID-19 pandemic exposed the shortcomings of existing overcrowded healthcare systems and highlighted the promise of digital health solutions, resulting in a rapid increase in use of these technologies.
mHealth, telehealth, patient management, enhanced diagnostics, digital integration of health systems, and evolving cybersecurity procedures all contributed to the market's rapid expansion. To extend their company footprint and product portfolios, market participants devised novel product development strategies and focused on their collaboration and partnership strategies in response to the growing trend of digitization of healthcare systems.
Clinical decision support, telehealth, mHealth, fitness applications & platforms, healthcare IT systems, and wearables & activity trackers are among the applications where digital health solutions are seeing a rapid increase in acceptance, which is driving market growth.
Furthermore, the current COVID-19 epidemic has benefited the business by highlighting numerous potentials. For example, to avoid in-person consultations, healthcare professionals and patients quickly adopted telehealth technologies.
- 1 Grand View Research: Digital health market size