The digital health and wellness market by revenue is expected to grow at a CAGR of 21.97% from 2022 to 2028.
New York, March 02, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Digital Health and Wellness Market – Global Outlook & Forecast 2023-2028” – https://www.reportlinker.com/p06425875/?utm_source=GNW
Digital wellness is of the utmost significance for creating balance and healthy decisions with devices and comprises technology people use for their well-being.
Factors such as growth in the adoption of smartphones, developments in coverage networks, and the increasing prevalence of health conditions impacting physical and mental wellness are driving the North American digital health & wellness market. Further, increasing R&D funding activities for introducing safer products with differentiated functionalities will contribute to the growth of the U.S. digital health and wellness market in the coming years. The US’s leading drivers for health and well-being programs are managing physical and mental diseases or disorders such as schizophrenia, alcohol use disorder, bipolar disorder, bipolar disorder, depression, anxiety, and others.
Key Winning Imperatives in the Global Digital Health And Wellness Market
• The growing usage of highly advanced technological platforms in hospitals is accelerating the adoption of healthcare robotics by making healthcare robots more sophisticated, efficient, precise, and affordable.
• Digital health and wellness have made a seismic shift by bringing a new era of customized education and solutions that tend to each individualized well-being through AI.
• The outstanding use of wearable monitoring devices is giving rise to new dimensions in medicine, healthcare, and fitness applications, putting them into a more significant category of wireless networks known as Wireless Body Area Networks (WBANs).
MARKET TRENDS & OPPORTUNITIES
Increasing Adoption of Telehealth
Telehealth has always been a primary pillar of technology-enabled care delivery which helps hospitals, health systems, and group practices deliver quality care at a distance and often also gain efficiencies, improve patient satisfaction of providers and save costs. In addition, the COVID-19 pandemic severely challenged the health system’s capacity, thereby increasing telehealth opportunities. Virtual care and remote monitoring have never been utilized as they are today due to the COVID-19 pandemic. As federal policies remove many of the regulatory and reimbursement barriers that have hindered the more widespread adoption of telehealth, healthcare providers nationwide are using new technologies to deliver care amid social-distancing efforts to prevent coronavirus spread.
• Companies such as InTouch Health, iRobot, and Vecna Technologies have developed robots that serve as the physician’s stand-in in remote clinics, community health centers, cruise ships, schools, sporting events, and even smaller hospitals. For instance, iRobot, a leader in delivering robotic solutions, made the first autonomous remote navigation robot Remote Presence Virtual Independent Telemedicine Assistant (RP-VITA).
Data Analytics Increasingly Driving Wellness
Data-driven decision-making is becoming the need of the hour, and physical and mental wellness is being reimagined. As the industry has evolved beyond measuring healthcare costs to becoming more focused on healthy lifestyles, data analytics and technology are playing a bigger role. Several investments in technologies and expanding their capabilities to measure their initiatives using big data. Big data can provide health professionals insights into patterns that are usually difficult to detect. By enabling preventative care, early diagnosis, and personalized and consumer-centric approaches, it intends to facilitate better clinical outcomes. Data from several sources, such as customer data from pharmacies, patient history, hospitals, cellphones, and internet searches, provide a massive pool of data, which can be used for clinical purposes to provide better opportunities for the digital health and wellness market growth.
Increasing Smartphone Penetration & mhealth Application
Psycho-graphical and demographical indicators of the population have changed drastically over the past few years. Factors such as the increased adoption of smartphones and tablets in developing countries have led to the increasing engagement of the population in health and wellness programs. Android and iOS are witnessing increasing adoption across various countries, especially in Africa. Moreover, a large population base in various APAC countries, such as China and India, provides significant growth opportunities to the digital health and wellness market. Continuous innovation & development is leading to the launch of much more affordable smartphone options. Various smartphone vendors in the Chinese market are developing lower-cost products. Also, the overall price of smartphones is much lower than PC and consoles, which results in higher adoption of smartphones for health and wellness programs, thereby driving the digital health & wellness market. Moreover, the rising disposable income enables the population to purchase smartphones over traditional mobile devices, leading to an increasing number of health and wellness program operators, thereby driving the market.
Data Security & Privacy Risks
Security and privacy risks are one of the major challenges for the digital health and wellness market because the nature of data and the way providers use it is vulnerable to cybersecurity attacks and data theft. Telehealth platforms, including wearable and connected medical devices, smartphones, tablets, and remote patient monitoring systems like other computer systems, are exposed to potential hacks and security breaches, which can adversely impact the safety and effectiveness of the overall outcome of telehealth services.
INSIGHTS BY DIGITAL HEALTH & WELLNESS
The digital health segment is expected to be the largest global digital health and wellness market. Digital health or digital healthcare is a broad, multidisciplinary model incorporating concepts from a connection between technology and healthcare. It includes digital care programs and technologies with health, healthcare, living, and society to improve healthcare delivery competence and make medicine more personalized and precise. Furthermore, digital health utilizes digital transformation in healthcare, integrating software, hardware, and services. The digital health segment accounted for a share of 56.50% in 2022. It is expected to witness an absolute growth of 248.22% by 2028. Digital technologies offer significant opportunities for preventing diseases by promoting lifestyle changes and adherence to healthy behaviors
Segmentation by Digital Health & Wellness
• Digital Health
• Digital Wellness
INSIGHTS BY TYPE
The global digital health and wellness market by type segment is classified into software & services and wearables. The software & services digital health and wellness segment accounted for 61.24% share in 2022 and is expected to witness an absolute growth of 241.55% by 2028. The software industry provides numerous services to the healthcare industry. The advent of medical software reduces excessive paperwork and allows healthcare providers to invest more time in primary healthcare and patient care. Electronic Medical Records (EMR), Patient Engagement Software (PES), Electronic Health Records (EHR), and other software enable medical staff to manage patient data effectively. Organizations can also create customized health software that focuses on the organization’s needs. Using such software enables clinical experts to manage their practice effectively.
Segmentation by Type
• Software & Services
INSIGHTS BY WEARABLE
The global wearables digital health and wellness market was valued at USD 129.84 billion in 2022. Various wearable technology includes fitness trackers such as Fitbit charge, VR headsets, smart jewelry, web-enabled glasses, smartwatches, and Bluetooth headsets. The most common types of wearables comprise smart glasses and smartwatches. These wearable devices collect information on a real-time basis. In addition, they have motion sensors that can take screenshots of day-to-day activity and sync them with mobile devices or laptops. The market is growing faster due to the rising awareness regarding healthcare and increasing concern for the continuous monitoring of real-time health parameters of patients, pre-and post-surgery, are expected to drive the market’s growth.
Segmentation by Wearables
• Smart Patches
• Head-mounted Display
• Smart Clothing
INSIGHTS BY AGE GROUP
The global adult digital health and wellness market accounted for a share of 45.93% in 2022. The adult population is more health-conscious and fitness freak and is involved in various sports and exercise activities. Therefore, digital technologies help to check multiple parameters during an intense workout. Furthermore, the signs of mental disorders among adults include fear or worrying, substance abuse, mood swings, and suicidal ideation.
Segmentation by Age-Group
INSIGHTS BY CARE PROVIDERS
The global digital health and wellness market by care providers segments as hospitals, home care settings & individuals, clinics & ambulatory surgical centers, and others. Hospitals are transitioning towards digital platforms for healthcare services and patient assistance. With the introduction of telehealth, healthcare providers are implementing telemedicine platforms to connect health services such as video consultation, patient engagement, and remote patient monitoring for improved clinical outcomes. Integrating telemedicine allows hospitals to streamline healthcare delivery with existing hospital IT infrastructure. Rapidly increasing technologies and demographic and economic changes will modify hospitals worldwide. An increasing number of inpatient health care services are already being shoved to home and outpatient ambulatory facilities. Digital and artificial intelligence (AI) technologies are helping on-demand interaction and smooth processes to enhance the patient experience.
Segmentation by Care Providers
• Home Care Settings & Individuals
• Clinics & Ambulatory Surgical Centers (ASC)
• APAC dominated the global digital health and wellness market. The major factors contributing to the market growth in APAC include an increased prevalence of mental disorders, a rise in the geriatric population, and rising expenditure on healthcare. Compared to other countries, China and India have the greatest diabetic populations. China’s telemedicine development is comparable to India’s, which has a similar population and numerous rural areas with limited healthcare facilities. Furthermore, it is projected that the load will continue to rise over time. As a result, managing these patients’ overall health has become critical, and these reasons are projected to drive up the demand for weight management and fitness monitoring.
• Europe’s digital health and wellness were valued at USD 65.82 billion in 2022. The region’s growth is primarily owing to the surge in demand for technologically advanced systems and automation in R&D activities in the wellness industry. Moreover, the region’s market for mental wellness is estimated to advance steadily during the forecast period. Mental health is impacted by several factors, involving socio-economic background, genetic predisposition, chronic medical conditions, adverse childhood experiences, or abuse of alcohol or drugs.
Segmentation by Geography
• North America
o South Korea
• Latin America
• Middle East & Africa
o South Africa
o Saudi Arabia
The global digital health and wellness market is highly fragmented, and the degree of fragmentation is expected to accelerate during the forecast period. There is a significant number of global and domestic vendors across the geographies. Headspace, FranklinCovey, Vivify Health, Teladoc Health, Apple, and Samsung are the key vendors in the global digital health and wellness market. The industry has witnessed the entry of many external players, such as in-house services by large businesses and other entities in the health and fitness space that offer membership discounts to drive their share in the industry. Mergers and acquisitions are common within the industry as players look to expand and become more comprehensive in their offerings.
• Vivify Health
• Teladoc Health
Other Prominent Vendors
• Amelia Virtual Care
• CuraLinc Healthcare
• Global Kinetics
• Healthy Hero
• Koa Health
• Rani Therapeutics
KEY QUESTIONS ANSWERED:
• How big is the digital health and wellness market?
• What is the growth rate of the digital health and wellness market?
• What are the key driving factors in the digital health and wellness market?
• Who are the key players in the global digital health and wellness market?
• Which region dominates the global digital health and wellness market?
Read the full report: https://www.reportlinker.com/p06425875/?utm_source=GNW
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