The digital health market will see a CAGR of 7.4% from 2024 to 2034, according to Future Market Insights.

This growth is driven by several factors: increasing use of big data in healthcare; widespread adoption of smartphones as fitness and health trackers; rising implementation of electronic health record (EHR) and electronic medical record (EMR) systems; growing prevalence of chronic diseases such as cancer, diabetes, cardiovascular disease and Alzheimer’s requiring long-term care and monitoring; and expanding acceptance and recognition of telemedicine and telehealth services by the medical community and various public and private entities.

The global digital health market value in 2024 is estimated to be around $8.1bn. The adoption of digital health such as telehealth is poised to increase at a rate of 7.4% over the next ten years. By 2034, the net worth of the global digital health industry is anticipated to reach up to $16.6bn.

The need for digital healthcare has increased with the advent of telemedicine, which enables remote monitoring and consultations. Rising emphasis on ongoing patient monitoring with technologies for real-time monitoring of patients’ vital signs, chronic illnesses and recuperation status is expected to strengthen the overall market.

Wearable integration has also enabled constant monitoring of potential patients, which is supporting wellness programmes and preventative care businesses. Using data analytics to create individual treatment programmes is an advanced form of digital health that is expected to boost market expansion.

The USA is the leading market for the adoption of digital health technologies and is likely to advance at 6.8% per year from 2024 to 2034. Demand for digital health services in Germany is predicted to grow at 6.6% per year. India is poised to witness the most lucrative CAGR of 22.5% in the adoption of digital healthcare facilities. Thailand is also emerging as a lucrative market and is forecasted to see a rate of 16.4% per year between 2024 and 2034.

Patient data security issues could reduce the value of the digital health market. Strict data security is necessary for the implementation of digital health options such as EHRs, e-prescriptions and medical apps. A breach in data security can cause significant losses of sensitive information, including medical records, which frequently contain social security numbers, insurance IDs, addresses and personal health information.

This can have a negative impact on the operations’ reputation and outcomes and in turn affect the digital health market’s future trends. Uncoordinated individual attempts to gain unauthorised access to information technology systems targeted at doctors, hospitals, clients and third-party service providers are examples of common cyber-security threats.

Smartphones are now more than just communication and entertainment tools; they are also fitness and health trackers. Digital health market participants are creating mobile apps to monitor daily activities such as fitness, exercise, nutrition and well-being, providing users with high-quality healthcare and comfort.

Additionally, mobile apps give users the ability to find out about medical questions, make appointments, track consultations, store their medical information, and track and order prescriptions for medications.

Technology behemoths Apple, IBM and Google are concentrating on enhancing data security features and improving the mobile health experience by providing various subscription plans, which are anticipated to support the digital health market growth, key trends and opportunities.

The market for telehealth and teleconsultation is being driven by the quickly increasing incidence rate of chronic diseases requiring long-term care and patient monitoring. Telemedicine and telehealth services are being embraced by the medical community and being acknowledged by public and private digital health market players.

The overall market is witnessing a steep increase in completion due to the adoption of digital health services by the continuous entry of established industries in the healthcare sector. However, dedicated digital health service providers hold on to their market position by providing customised medical treatments and better treatment outcomes by taking into account personal patient information.

“A steep rise in smartphone usage has increased the popularity of mobile health applications in both developed and developing countries,” said Sabyasachi Ghosh, associate vice president at Future Market Insights. “Digital healthcare is also helping such patients with features for lifestyle management, medication adherence tools and remote monitoring.”

Key players profiled in the report are AT&T, Apple, AirStrip Technologie, Alcatel-Lucent, Cerner, Symantec, Aruba Networks, Cisco, Qualcomm, Siemens and Philips.

A sample copy of the report is available at www.futuremarketinsights.com/reports/sample/rep-gb-505.