The digital health market is valued at approximately USD 220.9 Billion in 2021 and is predicted to exceed a significant CAGR of 16.3% between 2022 and 2028. The global digital health market is increasing due to increased demand for remote monitoring services, increased funding from private and government organizations for mHealth start-ups, an increase in chronic disease prevalence, and an increase in healthcare technology. For example, the American Telemedicine Association (ATM) collaborated with a UK-based digital health company to launch a new resource for evaluating mHealth apps. The increased awareness among people regarding various prominent diseases prevalent in their regions is the vital driver that fuels the growth of this market. The widening use of smartphones and other mobile applications will drive the development of the digital health market. In recent years, growing wearable technology, demand for telemedicine, and increasing awareness of VR and AI have created an opportunity for the digital health market. In the digital health market, the mHealth segment is expected to contribute the highest revenue share. In 2021, the mHealth segment was valued at USD 47.0 Bn. The segment was growing at a prominent growth rate over the forecast years due to increased smartphone penetration and high internet usage, an increase in demand for remote monitoring services, and a rise in the prevalence of hypertension. mHealth technology is viewed as the solution to improve healthcare cost-efficiency.
Recent Market Developments:
In April 2022, Qualcomm Incorporated announced it has completed its acquisition of Arriver™ from SSW Partners, enhancing Qualcomm Technologies ability to deliver open, fully integrated, and competitive Advanced Driver Assistance System (ADAS) solutions to automakers and Tier-1 suppliers at scale.
In February 2021, Philips announced that it has completed the acquisition of BioTelemetry, Inc., a leading U.S.-based provider of remote cardiac diagnostics and monitoring. This acquisition strategy is expected to help Phillips expand their business portfolio in the market as well as customer base.