LONDON, March 17, 2022 /PRNewswire/ — North America is the largest region of global digital health marketrepresenting 39.7% of the total in 2021. It is followed by the Asia Pacific, Western Europe then the other regions. Going forward, the fastest growing regions in the digital health market will be South America and Asia Pacific, where growth will be at CAGRs of 19.6% and 19.3% respectively. These should be followed by Middle East and Africawhere the markets are expected to record CAGRs of 18.7% and 18.6% respectively.
The size of the global digital health market should go from $201.24 billion in 2021 for $252.47 billion in 2022 at a compound annual growth rate (CAGR) of 25.5%. The slow growth trend of the digital health market in the market is mainly due to the companies stabilizing their production after meeting the demand which increased exponentially during the COVID-19 pandemic in 2021. The market should reach $596.56 billion in 2026 at a CAGR of 24.0%.
Segments of the digital health market
The digital health market is segmented by technology in mobile health (mhealth), health information technologies, telehealth and telemedicine, health analytics and other technologies. The telehealth and telemedicine market is the largest segment of the digital health market segmented by technology, accounting for 46.7% of the total in 2021. Going forward, the other technologies segment is expected to be the segment to the fastest growing digital health market segmented by technology, at a CAGR of 18.8% during the period 2021-2026.
the digital health market is also segmented by Application into Cardiology, Diabetes, Neurology, Sleep Apnea, Oncology and Other Applications, and by End User into Healthcare Providers, Healthcare Payers, Pharmaceutical Companies and Other End Users.
Biofeedback APIs are a key trend gaining popularity in the digital health market. Biofeedback is a technique used to learn how to control certain body functions, such as heart rate. During biofeedback, a person is connected to electrical sensors that provide information about the user’s body. For example, in September 2019, Meru Health, a US-based digital mental health company, has launched a wearable device to capture biofeedback, including heart rate variability (HRV), during mental health exercises. The clip-on wearable is attached to an individual’s ear while they perform specific exercises, like breathing practices, led by Meru’s platform. The goal is to show users a physiologically relevant and quantifiable representation of the effect that correct and consistent use of breathing practices can achieve.
Access to health services is expected to improve in developing countries, thereby supporting the digital health market. Effective implementation of government health plans is the main reason for improved access to health care in many developing regions such as India, China, and many Latin American countries. As public funding for health care increases, policymakers are focusing on providing access to care in a cost-effective way that improves the health of their constituents. Digital healthcare can provide timely, accessible care at lower cost and helps reduce costly emergency room visits by improving access to low-cost primary and specialty care. Many countries such as Russia and Brazil are focused on improving their healthcare capabilities, which will help drive the digital healthcare market.
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