Digital Health Market to Hit New profit-making Growth By 2030

The global digital health market was valued at USD 145 billion in 2020 to USD 767 billion by 2027, at a CAGR of 17.9% from 2021 to 2027. Digital health is defined as the technology in the healthcare sector, which enables the universal health care access, enhances the healthcare quality, and improves the physical & emotional well-being of consumers. The scope of digital health includes mobile health, health information technology, wearable devices, personalized medicine, telehealth, and telemedicine. It uses computing platforms, software, connectivity, and sensors for healthcare and related uses. It offers an accurate diagnosis of disease and treats disease to deliver quality health care for the individual.

The global digital health market is majorly driven by an alarming increase in the prevalence of chronic diseases, such as cancer, diabetes, cardiovascular disease, and hypertension, rise in government initiative for digital health, surge in demand for mHealth, advancement in the technology of healthcare, and rise in adoption of smartphones. For instance, according to the World Health Organization (WHO), in 2020, approximately 10 million deaths were reported due to various types of cancer. As per the same source, in 2019, 1.5 million deaths were reported due to diabetics. Moreover, in August 2020, the Government of India launched the National Digital Health Mission, which aims to revolutionize the health sector of India. This initiative is expected to increase the adoption of digital health in e-healthcare systems. Furthermore, in May 2020, MyMedicNow, a healthcare technology company, launched a new mobile healthcare app to overcome the gap between physicians and patients. This app allows the patient to search for a medical condition and find related healthcare providers quickly and efficiently. Thus, an increase in demand for mobile healthcare apps and a rise in the prevalence of diabetics and cancer are expected to propel the market's growth.