Key trends highlighted in the report include:
- The consumer digital health sector is growing rapidly due to increasing demand for remote patient monitoring and virtual care services supported by prevalence of chronic diseases and favorable government initiatives.
- The US digital health market is estimated to reach $265.9BN by 2030, boasting a CAGR of 17% CAGR during 2023-30, largely driven by substantial growth in the telehealth & virtual care and remote patient monitoring space
- The COVID-19 pandemic accelerated a fundamental shift in the healthcare sector and led to new opportunities for physicians to reach patients through digital mediums
- Healthcare providers are increasingly utilizing AI & NLP-powered digital front door platforms to engage new customers and enhance patient loyalty. Moreover, physicians are gradually turning towards wearable devices/gadgets for data-driven diagnosis and treatment
- The use of AI & ML-powered wellness platforms have been instrumental in providing personalized diet planning and mental wellbeing services
- Generative AI is showing early promising signs of disrupting the consumer digital healthcare landscape
- The consumer digital health space saw significant funding in new technologies and ideas in 2021, which gradually slowed in 2022, with investors’ focus shifting from new ideas to demonstrated outcomes
- Seeking to enter into the lucrative digital therapeutics space, large pharma has strategically partnered with DTx firms
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