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The Asia-Pacific digital health market is projected to register the fastest growth in the forecast period.
NEW YORK, UNITED STATES, May 31, 2022 /EINPresswire.com/ — The global digital health market generated a revenue of $101.4 billion in 2019 and is predicted to attain a value of $884.1 billion in 2030. According to the forecast of the market research firm, P&S Intelligence, the market would progress at a CAGR of 21.8% between 2020 and 2030. The market is being driven by the rising usage of tablets and smartphones, the increasing demand for remote patient monitoring services, and the innovative usage of mobile health technologies.
As per many surveys, the number of mobile applications for tablets and smartphones has grown massively over the past five years. As per a European Union (EU) press release, smartphones or mobile phones were the most commonly used devices in 2019. Furthermore, the number of smartphone users across the globe increased from 2.5 billion to 3.2 billion from 2016 to 2019. With the rapid advancement of telecommunication technologies, the adoption of mHealth (mobile health) applications is rising quickly.
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Currently, there are numerous mobile applications for health, wellness, and fitness. These applications help people monitor their health and fitness. In addition to this factor, the increasing requirement for remote patient monitoring services, on account of the surging geriatric population, the rising incidence of chronic diseases, and the lack of proper healthcare facilities in various towns and localities, is driving the progress of the digital health market across the world.
As per the 2019 World Population Ageing report published by the United Nations Department of Economic and Social Affairs (UNDESA), in Europe, the percentage of people in the age bracket— above 60 years would rise from 20.3% of the total population of the region to as much as 36.6% from 2000 to 2050. Besides these factors, the growing requirement for advanced healthcare information systems across the world is also fueling the expansion of the market.
Depending on technology, the digital health market is divided into electronic health record (EHR), mHealth, healthcare analytics, and telemedicine categories. Out of these, the mHealth category is predicted to register the fastest growth in the market in the future years. This would be because of the rising usage of mHealth technologies, on account of their ability to reduce healthcare costs and provide highly effective and efficient remote patient monitoring services.
Globally, the digital health market recorded the highest growth in North America in the past and this trend will continue in the upcoming years as well. This is ascribed to the rapid improvements being made in healthcare facilities and infrastructure in several regional countries, the surging usage of digital health solutions, the soaring healthcare spending, and the increasing implementation of various initiatives by the governments of regional countries for promoting the utilization of digital health solutions in healthcare settings.
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Thus, it can be said with complete surety that the market would record huge growth across the world over the next few years, mainly because of the increasing requirement for remote patient monitoring services and advanced healthcare solutions and the rising popularity of mHealth all over the world.
Market Size Breakdown by Segment
• Mobile Health
o Connected devices
o mHealth apps
• Electronic Health Record
• Healthcare Analytics
By End User
• North America
o South Korea
• Latin America
• Middle East & Africa
o Saudi Arabia
o South Africa
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About P&S Intelligence
P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.