A new report attributed the market’s growth to increased smartphone penetration.
The global digital health market is expected to top $884 billion by 2030, according to a Prescient & Strategic (P&S) Intelligence report released Monday morning.
The report estimated that the market will experience a compounded annual growth rate of 21.8% over the next decade, largely attributed to increased smartphone penetration.
P&S stated that healthcare consumers are “increasingly using mobile health (mHealth) apps on these mobile communication devices.”
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The coronavirus disease 2019 (COVID-19) pandemic is also boosting the market’s growth due to the rise of virtual care services while in-person visits were temporarily canceled.
The report is the latest insight into the future of digital health and the shifting industry dynamics attributable to the coronavirus outbreak.
“The mHealth category dominated the digital health market in the past, based on technology, and the situation is expected to be the same in the coming years,” the report stated. “This is attributed to this technology’s ability to keep a large population informed about the latest developments in the healthcare and medical field quickly. In addition, mHealth also helps in monitoring patients remotely and reduces healthcare spending.”
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The report indicated that North America is the “most productive” digital health market and that there will be an increased demand for remote monitoring devices as the geriatric population in the United States continues to grow.
P&S said major players in the digital health market include Cerner Corp., Qualcomm Incorporated, Epic Systems, and McKesson Corp., among others.
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Jack O’Brien is the finance editor at HealthLeaders, a Simplify Compliance brand.