Where is the digital health market heading?

February 26, 2021
5 min

Did you know that the global digital health market size was valued at USD 96.5 billion in 2020? It’s even expected to grow at a compound annual growth rate (CAGR) of 15.1% from 2021 to 2028. The growing need for remote patient monitoring especially during this ongoing worldwide pandemic as well as an increasing high adoption of digital health technologies are factors influencing this rapid market growth.

The digital health defined

Digital health is used for technology-based care, which combines health technology, digital media and mobile devices. By providing easy access to relevant data, digital health helps caregivers, patients and health professionals to improve the quality of healthcare and social services. It’s also a cost-effective solution to the constant increase in demand for healthcare services. Digital health is a multidisciplinary field that includes social sciences, engineering, health care, economics and health management, just to name a few.

The effect of COVID-19

It’s of no surprise that the COVID-19 pandemic has significantly increased the demand for digital health. Social distancing being reinforced worldwide has pushed patients to go for remote healthcare. The same thing pushed physicians and practitioners to start offering solutions to their patients, which respected social distancing guidelines in order to minimize exposure. According to a March 2020 SSCG Media Group study, 53% of general practitioners in the US were using telemedicine for the first time due to Covid-19 restrictions. Then the guidelines published by the CDC in July 2020 recommended the implementation of telehealth services for high-quality patient care, as well as for prevention and control of infections during the pandemic. All in all, the adoption of telehealth services during the pandemic was a great solution for the safety of both healthcare providers and patients, as it eliminated in-person appointments and further increased the practitioners capacity.

The key trend

Another key factor in driving the market growth is the rising of various investments, mergers & acquisitions, joint ventures and partnerships throughout the industry. Many companies in the past few years joined forces and acquired other companies to expand their customer base. Also, multiple product launches, rapid technological advancements, collaborations, and government initiatives are further propelling the market to grow.

Moreover, smartphones continue to rise in the developing world. According to a GSMA report, smartphone penetration will reach 80% globally by 2025. This directly increases the availability of several mobile health apps and the rising adoption of these technologies by physicians and patients, which are the key factors driving the market.

The global market is also fueled by a growing demand for improved communications between healthcare professionals and patients to reduce medical errors and provide better-coordinated care. Due to competition in the market, companies also strive to provide cost-effective advanced technology.

The future of the 3D scanner market

The 3D scanner market is a huge sector in which several companies are recognized. The global market for 3D Scanners is projected to reach US$6.1 billion by 2025. The market is mainly driven by the growing use of technology in rapid prototyping, quality inspections, body scans, reverse engineering, and several other applications.

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