What will drive growth in the digital health market?

Segment expected to post a double-digit CAGR increase by 2030

What will drive growth in the digital health market?

Life & Health

By Kenneth Araullo

Coherent Market Insights has unveiled a report on the global digital health market, highlighting the market’s valuation at approximately $249.97 billion in 2023, with projections estimating a surge to $815.35 billion by 2030. This growth trajectory suggests a compound annual growth rate (CAGR) of 18.4%.

Propelling this market expansion is the escalating adoption of wearable technology. Devices such as smartwatches and fitness trackers are gaining traction for their ability to monitor vital health metrics in real-time, offering both users and healthcare professionals critical data to manage health more effectively.

Also trending within the digital health sphere is the integration of artificial intelligence (AI). AI’s capabilities in predictive analytics and personalized medicine are poised to transform healthcare delivery by enabling more precise diagnostics and tailored treatment regimens.

Concurrently, there is also a focus on safeguarding data privacy and security, given the sensitive nature of health information. Organizations are increasingly implementing robust security protocols and adhering to stringent data protection regulations to secure patient data against breaches and maintain trust.

Market opportunities for the digital health market

From an end-user perspective, hospitals and clinics are projected to lead the adoption of digital health technologies. These institutions are leveraging digital tools to enhance patient care and operational efficiency.

Regionally, North America is forecast to maintain a dominant stance in the digital health market, supported by its advanced healthcare infrastructure, digital technology adoption, and proactive government policies.

Key market participants, including Teladoc Health, American Well Corporation, Doctor on Demand, and MDLIVE, are at the forefront of driving innovation and market expansion through strategic partnerships and product development, it was stated.

Their efforts are expected to be instrumental in fostering the growth of telehealthcare and digital health solutions, further cementing the market’s upward trajectory.

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