With the world still dealing with the after effects of pandemic, hospitals faced the most challenging public health threat they have ever experienced. However, digital health has stepped in providing innovative and effective solutions for chronic patients or those in need of immediate healthcare. Due to this, the revenues of the entire sector jumped by 30% YoY, reaching $109bn in 2020.
TradingPlatforms.com has clearly stated in its recent data about an expected increase in digital health revenues and they predicted the market to hit $132.2bn soon.
The entire industry is forecast to continue growing and reach a $177.5bn value by 2023, a 34% increase in two years.
Digital Fitness Revenues to Jump by 40% in Two Years, eHealth Segment Follows with a 27% Increase
The digital health market covers many technologies, including mobile health apps, connected wearable devices, and telemedicine. By tracking physical activities 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 surge in the use of the internet and smartphones and the shift towards a healthier lifestyle have been driving the impressive growth of the entire sector even before the pandemic. However, the COVID-19 has undoubtedly fuelled the widespread use of digital health apps and solutions.
In 2019, the entire market generated $83.3bn in revenue, revealed the Statista data. After the pandemic struck, revenues jumped by $25.6bn in a year. The widespread use of digital health solutions is expected to continue this year, with the entire sector growing by 20% YoY. By 2023, global digital health revenues are forecast to increase by another $45.3bn.
As the largest segment of the market, digital fitness is expected to generate $76.3bn in revenue by the end of this year. By 2023, this figure is forecast to grow by nearly 40% to $106.2bn.
E-health services are set to witness a 27% growth in this period, with revenues rising from $55.8bn to $71.3bn.
China and the United States to Generate 50% of Total Revenues
The Statista survey also revealed the following years are set to witness substantial growth in the number of people using digital fitness apps and eHealth services.
The number of people using digital fitness apps is expected to jump by 27% in the next two years, rising from 980 million to over 1.2 billion. The eHealth segment is forecast to witness a 17% growth in this period, with the number of users reaching 2.2 billion by 2023.
With 261.6 million users and $26.3bn in revenue in 2021, the United States ranked as the second-largest market globally. By 2023, this figure is set to jump to $31.4bn.
India, Japan, and Germany follow with $6.2bn, $4.2bn, and $3.5bn in revenue in 2021, respectively. Statistics show that China and the US, as the two largest markets, are expected to generate nearly 50% of global digital health revenues this year. By 2023, their combined revenue share is expected to slip to 47%.