Digital Health And Wellness Market Report Overview
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The global digital health and wellness market size was USD 207700.0 million in 2021 and is expected to reach USD 1175967.33 million in 2031, exhibiting a CAGR of 18.93% during the forecast period.
The integration of information technology and electronic communications into various healthcare processes for improving people's overall health and welfare is referred to as digital health and wellness. The increasing adoption of innovative technologies, including wearables, mHealth apps, ingestible sensors, and artificial intelligence, has contributed to the revolutionary changes in the healthcare sector that have accelerated the digital health and wellness market expansion. Software, hardware, and services are all heavily involved in the field of digital health, which integrates digital transformation in the healthcare industry. Different technologies are used under this broad definition of digital health.
Due to escalating healthcare costs and a lackluster infrastructure, attempts are also being made to move healthcare to a consumption-based paradigm. Healthcare is transitioning to a proactive "Predict and Prevent Model" that focuses on preventing future issues by significant lifestyle changes, behavioral modifications, or preventative interventions while also addressing the underlying causes of current issues. These innovations are driven by the fundamental need to give patients empowerment, convenience, and a better experience, and technology and entrepreneurship are fueling the digital health and wellness market growth.
COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth
The global COVID-19 pandemic has been unprecedented and staggering, with digital notes experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
The use of digital technologies for resource management, tracking, and population screening applications has dramatically increased as a result of the COVID-19 pandemic. Thus, the pandemic's rapid shift toward digitalization is expressing a favorable impact on the sector picture.
The COVID-19 pandemic has provided fuel to the ongoing innovations in the digital health and wellness market. Therefore, it is anticipated that such innovative breakthroughs in the field of digital health and wellness would open up attractive business opportunities. The COVID-19 epidemic is still present, and during this period of crisis, healthcare mobile apps have opened the way for significant growth, changing people's perspectives of the digital health and wellness market globally.
LATEST TRENDS
"IT Technology Developments to Boost Market Growth"
Digital healthcare and wellness are developing globally as a result of IT technology development and the emergence of remote patient monitoring (RPM) solutions. RPM has developed into a useful tool for enhancing clinical assessment and decision-making while lowering the likelihood of hospitalization. With the prevalence of cancer, diabetes and cardiovascular diseases rising, RPM service use is also anticipated to rise. Mobile apps have the potential to significantly improve patient care in a number of ways, including disease diagnosis and the use of wearables and ingestible sensors. The creation of healthcare apps is now both a necessity and a luxury as a result of technological improvements and interference, the healthcare sector has undergone major changes. The above-mentioned factors that include the growth of mobile apps have helped the digital health and wellness market evolve recently.
Digital Health And Wellness Market Segmentation
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- By Type Analysis
As per the type, the market is classified as follows: Software, Service, and Hardware. Services accounted for the majority of the revenue and 64.58% of the digital health and wellness market share in 2020. This is primarily due to the large increase in software upgrades as well as the quick improvements in different software and hardware.
- By Application Analysis
Based on application, the market is segmented as follows: Clinics, Hospitals, Ambulatory Surgery Centers, Home Care Settings, and Others. Due to the digital transformation of the healthcare industry and favorable government backing for the incorporation of cutting-edge technology, Hospitals held the top digital health and wellness market position and accounted for a revenue share of more than 38.40% in 2020.
DRIVING FACTORS
"Rising Delivery of Digital Health Services to Facilitate Market Development"
Due to rising incomes, changing lifestyles, and a movement in consumer behavior toward wellness, the healthcare industry is transitioning from a provider-driven to a customer-driven one. Through 2022–2030, it is expected that the digital health and wellness market share from services would expand at a rate of more than 12%. The rising delivery of digital health services from vendors and the increased frequency of chronic diseases are two major segment drivers. Additionally, there is a positive forecast for digital health and wellness market growth in the services sector due to the growing awareness of the advantages of digital health-related services.
"Expansion of the Elderly Population to Promote Industry Progress"
As the aging population grows, more of them are choosing independent, healthy lifestyles, which will probably increase the adoption of RPM solutions. The expanding elderly population, childhood illnesses and deaths, high costs, and poverty-related problems, as well as racial prejudice connected to access to health care, had made technological improvements in medicine necessary. Additionally, pandemics and epidemics have elevated the importance of digital health and wellness, which is still developing and driving the digital health and wellness market's growth over the course of the projection period.
RESTRAINING FACTORS
"Legal Challenges by Foreign Authority to Hinder Market Growth"
In addition to increasing operational efficiency and bringing down costs, digital technologies are helping to generate novel diagnostic and therapeutic options. However, regulatory frameworks are still developing as healthcare and technology continue to converge. As a result, the digital health and wellness market is quickly becoming trapped in a maze of particular legal challenges enforced by foreign authorities, such as patient privacy, consumer protection, fraud, and patient safety.
Digital Health And Wellness Market Regional Insights
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"Fast-Growing Senior Population to Propel Market Progress in North America"
Due to the fast-growing senior population and the high prevalence of chronic diseases, North America held over 45% of the global digital health and wellness market in 2022. In the U.S., initiatives to encourage the use of e-health data, such as the implementation of the HIPAA Act and HITECH Act, have also been gaining popularity. This will have a favorable impact on local digital health and wellness market dynamics. The region's increase is primarily attributable to the region's expanding chronic disease prevalence and senior population. The overall population is estimated to have reached 28% by the end of 2050, according to the United Nations World Population Ageing study issued in 2015.
"Market Players Focus on New Product Launches to Strengthen Market Position"
Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.
List of Market Players Profiled
- Medtronic (U.S.)
- MDLIVE (Evernorth Group) (U.S.)
- Ginger.io (U.S.)
- Gauss Surgical (U.S.)
- Cylance (U.S.)
- General Vision (U.S.)
- Pillo (U.S.)
- Babylon Health (U.S.)
- Recursion Pharmaceuticals (U.S.)
- Johnson & Johnson (U.S.)
REPORT COVERAGE
The report covers overall market aspects, including market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 207700 Million in 2021 |
Market Size Value By |
US$ 1175967.33 Million by 2031 |
Growth Rate |
CAGR of 18.93% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the digital health and wellness market expected to touch by 2031?
Based on our research, the digital health and wellness market is projected to touch USD 1175967.33 million by 2031.
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What CAGR is the digital health and wellness market expected to exhibit by 2031?
The digital health and wellness market is expected to exhibit a CAGR of 18.93% by 2031.
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What are the driving factors of the digital health and wellness market?
The rising delivery of digital health services and the expansion of the elderly population are the driving factors of the digital health and wellness market.
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Which are the top companies operating in the digital health and wellness market?
Medtronic, MDLIVE (Evernorth Group), Ginger.io, Gauss Surgical, Cylance, General Vision, Pillo, Babylon Health, Recursion Pharmaceuticals, and Johnson & Johnson are the top companies operating in the digital health and wellness market.