Market Trends of Global Digital Health Industry
mHealth Segment is Expected to Hold a Significant Market Share Over the Forecast Period
mHealth, or Mobile Health, is the use of mobile and wireless technologies to support the achievement of health objectives. The most common application of mHealth is the use of mobile devices to educate consumers about preventive healthcare services. Moreover, mHealth is also used for disease surveillance, treatment support, epidemic outbreak tracking, and chronic disease management. Factors such as the growing burden of chronic diseases, advancements in technology, rising awareness about health among the population, and initiatives taken by the government are driving the growth of the market segment over the forecast period.
Another factor driving the growth of the market is the increasing number of research studies. For instance, in October 2020, a research study was published titled "Can mHealth and eHealth improve management of diabetes and hypertension in a hard-to-reach population? lessons learned from a process evaluation of digital health to support a peer educator model in Cambodia using the RE-AIM framework" stated that the burden of non-communicable diseases (NCDs) is increasing in low- and middle-income countries (LMICs), where NCDs cause 4:5 deaths, disproportionately affect poorer populations, and carry a large economic burden. Digital interventions can improve NCD management for these hard-to-reach populations with inadequate health systems and high cell phone coverage. Such studies demonstrate the usefulness of mobile health in reducing the burden on the healthcare system.
Product launches are also likely to favor the growth of the market segment. For instance, in May 2021, GoMeyra, an innovative cloud software company that helps medical laboratories process samples faster and more accurately, launched a free mobile app for sharing COVID-19 vaccination verification or PCR and rapid antigen test results called GoMeyra pass. GoMeyra Pass integrates with the GoMeyra lab information management system (LIMS), one of the fastest LIMS on the market that allows its nationwide network of accredited laboratories to provide COVID-19 test results within 24 hours. Additionally, the European Union is promoting a program titled "Promoting a trusted mHealth label in Europe: uptake of technical specifications for Quality and Reliability of Health and Wellness Apps" to prioritize digital tools for citizen empowerment and for person-centered care, whose submission date was in September 2021. Such initiatives also increase the awareness and accessibility of mHealth in the upcoming future and thus promote segment growth.
Thus, owing to the abovementioned factors, the market segment is expected to project growth over the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
Digital health is a rapidly growing component of healthcare in North America owing to factors such as the growing burden of chronic diseases, the high adoption of advanced healthcare technologies, support from the government and public authorities, and the launch of products and services.
The rising demand for mobile technologies, rising adoption of home care by patients, and reduction in hospital visits are expected to propel the market's growth over the forecast period. Healthcare in North America is experiencing positive trends with the emergence of telemedicine applications that help the population to be active in personal health management, especially during the COVID-19 pandemic. Smartphones and the presence of mobile technology make it possible to use both clinical and lifestyle applications to help educate and adopt healthy behaviors.
Also, the initiatives by the government and public organizations are expected to drive the market. For instance, in March 2020, the Centers for Medicare and Medicaid Services (CMS) widened access to Medicare telehealth services so beneficiaries could get a broader range of services from healthcare professionals without traveling to healthcare settings. Additionally, from March 6, 2020, Medicare will pay for hospital, office, and other visits furnished via telehealth across the country. This is likely to have a positive impact on the market studied.
Moreover, vendors are engaged in partnerships, collaborations, acquisitions, mergers, and product launches to sustain in the market. For instance, in November 2020, Morneau Shepell introduced its first unified telemedicine solution in the United States. Under this service, regional employees and their families get access to digital health care support for all their crucial and immediate well-being needs. Also, in August 2020, AMD Global Telemedicine Inc. collaborated with iTelemed, an Ontario-based company, to provide virtual healthcare solutions to cater to the unmet healthcare needs of the marginalized populations within Canada during the COVID-19 pandemic.
Thus, given the aforementioned factors, the studied market is expected to grow significantly in North America over the forecast period.
