North American Digital Health Market Set for Lucrative Growth in Future

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.

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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.

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.

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.

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.

This study covers

• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
• Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
• Major players operating in the market and their service offerings

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