Although the COVID-19 pandemic has put enormous pressure on the global healthcare sector, one promising side effect is the rapid growth of digital health services.
During the crisis, hospitals were facing the most challenging public health threat they have ever experienced. However, digital health has stepped into providing innovative and effective solutions for older patients or those in need of urgent healthcare. As a result, revenue for the entire region increased by 30%, reaching $109bn in 2020.
According to the data presented by TradingPlatforms.comDigital health revenue is expected to reach $132.2bn in 2021. The industry as a whole is projected to continue to grow and reach a value of $177.5bn by 2023, a 34% increase over the two years.
Digital fitness revenue to grow 40% in two years, eHealth segment follows with 27% growth
There are many technologies in the digital health market, including mobile health app, connected wearable devices and telemedicine. By tracking physical activity or identifying early signs of developing diseases, these technologies enable millions of people worldwide to monitor and record their health conditions more efficiently and in a user-friendly manner.
The increase in Internet and smartphone usage and the shift towards a healthier lifestyle helped fuel the impressive growth of the entire region even before the pandemic. However, the COVID-19 pandemic has undoubtedly fueled the widespread use of digital health apps and solutions.
In 2019, the entire market generated $83.3bn in revenue, Statista data showed. After the pandemic hit, revenue jumped $25.6bn in a year. Widespread use of digital health solutions is expected to continue this year as well, with the entire sector growing 20% year-on-year. By 2023, global digital health revenues are projected to increase by a further $45.3bn.
As the largest segment of the market, digital fitness It is expected to generate $76.3bn in revenue in 2021. By 2023, this figure is projected to increase by almost 40% to $106.2bn.
The period saw a 27% growth in e-health services, with revenue rising from $55.8 billion to $71.3bn.
China and the United States will generate 50% of the total revenue rate
The Statista survey also revealed that the coming years will see a substantial increase in the number of people using digital fitness apps and eHealth services.
In 2021, the unified market is expected to count around 3 billion users, which is about 40% more than before the pandemic struck. By 2023, this figure will exceed 3.5 billion and will continue to rise to 4 billion by 2025.
The number of people using digital fitness apps is expected to grow by 27% over the next two years, growing from 980 million to over 1.2 billion. e-health segment Growth is estimated at 17% over this period, with the number of users reaching 2.2 billion by 2023.
As the world’s largest digital health market, China is projected to generate $38.5 billion in revenue in 2021, up from $30.8 billion last year. In the next two years, the Chinese market is expected to reach a value of $52.7bn.
With 261.6 million users and $26.3 billion in revenue, the United States is ranked as the second largest market globally. By 2023, this figure will increase to $31.4 billion.
India, Japan, and Germany follow with $6.2bn, $4.2bn, and $3.5bn revenue in 2021, respectively. Statistics show that China and the US, as the two largest markets, are expected to generate about 50% of global digital health revenue this year. By 2023, their combined revenue share is expected to drop to 47%.
The full story can be read here: https://tradingplatforms.com/
Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of knews.uk and knews.uk does not assume any responsibility or liability for the same.