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Digital Health Market to Reach USD 881 Billion in 2031 on the Back of Growing Digitization of Healthcare | SkyQuest Technology
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Growing penetration of digital technologies and improved internet connectivity are projected to help promote the adoption of telehealth technologies in the healthcare space. With more and more healthcare providers offering telehealth services, patients are also preferring to opt for the same resulting in the high market share of this segment. Advancements in digital health technologies are projected to help this segment maintain its dominance across the study period.
The rise of wearables in the healthcare industry is projected to make mHealth technology highly popular over the coming years. New companies looking to make a mark in the global digital health market should target this segment to penetrate the market. The growing use of smartphones and the rising use of smart wearable health monitors will also help this segment generate substantial revenue in the future. High emphasis on preventive healthcare around the world is also estimated to create new opportunities for digital health companies going forward.
From deployment to maintenance, almost all digital health solutions require services. This is why digital health companies should target the services segment to maximize their business scope. Companies can provide standalone services as well as provide complete service packages covering all aspects of digital health.
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The growing burden on hospitals and other healthcare providers owing to rapidly increasing hospitalization and incidence of chronic diseases is pushing providers to opt for digital health solutions. These digital health offerings help automate or streamline multiple healthcare processes thereby saving costs and resources as well. Increasing investments in improving patient outcomes and the growing use of electronic health records (EHR) are also forecasted to promote digital health demand among healthcare providers in the long run.
Investing in almost any segment will offer good returns for any digital health company but targeting the telehealth and provider segments will be most beneficial.
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