A couple of industry shifts have driven the rapid expanse of health technology.
A new report published by Visiongain titled the Mobile and Digital Health Technologies Market Report 2024-2034 has detailed the expansion of health tech. The report cites that the mobile and digital health technologies market is estimated at US$250.8 billion in 2024 and is expected to register a CAGR of 13.3% from 2024 to 2034.
There are two main items behind this market growth: adoption of digital health technology and advancements in mobile health applications and devices.
Adoption of Digital Health Technology
The healthcare industry has made big leaps in the last couple of years in adapting digital health technologies. The advancements the industry has seen are in part due to the adaptations taken around the COVID-19 pandemic. The pandemic pushed the industry to rapidly expand the use of remote care, making telemedicine platforms and remote patient monitoring the norm. Both of these items have equipped providers with much more accessible to their patients in a convenient method.
Advancements in Mobile Health Apps. & Devices
The report cites advancements in mobile health applications and devices as one of the main drivers of growth and innovation in the healthcare market. These new innovations have harnessed the convenience and widespread availability and functionalities of smartphones, and wearable devices to transform healthcare delivery and enable consumers to take control over their health and wellness. From symptom tracking to medication management, wearable devices and health applications have helped bring healthcare into a modern era where consumers can make use of the tech that already surrounds them.
A report from The International Telecommunication Union (ITU) cites that 90% of physicians utilize smartphones in their professional settings, and the majority of individuals rely on their devices like smartphones to access health-related information.
According to a Morning Consult survey in 2023, 40% of US adults used healthcare-related apps, which is a 6% increase from 2018.
Marie DeFreitas is the finance editor for HealthLeaders.