The Digital Health market refers to the use of technology to improve health and healthcare delivery. It includes digital fitness and well-being, online doctor consultation, and digital treatment and care segments.
The Digital Health ecosystem is composed of three pillars:
Digital Fitness & Well-Being: This market includes fitness trackers, health & wellness coaching, tools that help individuals monitor and improve their health and well-being.
Online Doctor Consultation: This market includes telemedicine and other digital tools that allow patients to consult with doctors remotely.
Digital Treatment and Care: This market includes digital tools that are used to diagnose, treat, and manage medical conditions. It includes connected biometric sensors, and digital care management market.
The Digital Health market is driven by factors such as the increasing penetration of smartphones, improved internet connectivity, and the rising need to curb healthcare costs. The market is also supported by government initiatives to spread digitalization across the healthcare sector. Key players in the market are introducing advanced applications to improve user experience and integrate with other digital platforms. The COVID-19 pandemic has accelerated the adoption of digital health solutions, particularly in the online doctor consultation market.
The Digital Health market encompasses a broad scope of technologies that range from mobile health apps to connected wearable devices to telemedicine. The ubiquitous use of the internet and smartphones along with the shifting tendency towards healthier lifestyles and increased well-being have sparked a significant growth in this market. The COVID-19 pandemic has positively accelerated growth in the Digital Health market by making healthcare and self-monitoring of health conditions more accessible to public. With Digital therapeutics slowing becoming mainstream with regulatory approvals and reimbursement routes established, this market is estimated to significantly grow in the coming years.
The data encompasses B2C enterprises. Figures are based on revenues and user data of relevant mobile applications and consumer electronics companies.
Modeling approach / Market size:
Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, internet penetration, smartphone penetration, consumer spending, and healthcare spending. This data helps us estimate the market size for each country individually.
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.
The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.
Key Market Indicators
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