North American Digital Health Market Set for Lucrative Growth in Future

DURHAM, Kan. - July 28, 2022 - PRLog -- The global digital health market (https://www.psmarketresearch.com/market-analysis/digital-health-market) generated a revenue of $101.4 billion in 2019 and is predicted to attain a value of $884.1 billion in 2030. According to the forecast of the market research firm, P&S Intelligence, the market would progress at a CAGR of 21.8% between 2020 and 2030. The market is being driven by the rising usage of tablets and smartphones, the increasing demand for remote patient monitoring services, and the innovative usage of mobile health technologies.

As per many surveys, the number of mobile applications for tablets and smartphones has grown massively over the past five years. As per a European Union (EU) press release, smartphones or mobile phones were the most commonly used devices in 2019. Furthermore, the number of smartphone users across the globe increased from 2.5 billion to 3.2 billion from 2016 to 2019. With the rapid advancement of telecommunication technologies, the adoption of mHealth (mobile health) applications is rising quickly.

As per the 2019 World Population Ageing report published by the United Nations Department of Economic and Social Affairs (UNDESA), in Europe, the percentage of people in the age bracket— above 60 years would rise from 20.3% of the total population of the region to as much as 36.6% from 2000 to 2050. Besides these factors, the growing requirement for advanced healthcare information systems across the world is also fueling the expansion of the market.

Globally, the digital health market recorded the highest growth in North America in the past and this trend will continue in the upcoming years as well. This is ascribed to the rapid improvements being made in healthcare facilities and infrastructure in several regional countries, the surging usage of digital health solutions, the soaring healthcare spending, and the increasing implementation of various initiatives by the governments of regional countries for promoting the utilization of digital health solutions in healthcare settings.

Thus, it can be said with complete surety that the market would record huge growth across the world over the next few years, mainly because of the increasing requirement for remote patient monitoring services and advanced healthcare solutions and the rising popularity of mHealth all over the world.