Employee Wellness Study – Global Digital Health and Wellness Market Expected to Reach $500 billion by 2025

Global Digital Health and Wellness Market

Employee Wellness Study – Global Digital Health and Wellness Market Expected to Reach $500 billion by 2025

Employee wellness has become a prerequisite for workplace engagement, retention, and business growth. Digital health solutions have become a powerful tool to boost employee wellbeing and reduce healthcare costs.

Employee wellness programs have become one of the most effective approaches to resolving productivity, engagement, and rising healthcare cost issues. Incorporating digital health and wellness solutions in these workplace programs can help focus on different prospective health and wellness areas.

Staying in line with the latest virtual health and wellbeing trends, along with the specific interests of the workforce, is vital for the success of employee wellness programs. Based on research, here are the 3 key digital health and wellness trends for 2022.

  • Wellness technology
  • Data-Based Technology Developments
  • Embracing Mental Health and Wellness

In addition to the general rise in health and fitness apps, the demand for telemedicine has grown enormously.

Many individuals have deferred timely healthcare during the pandemic for many reasons. This led to skyrocketing employer-sponsored healthcare costs, impacting businesses. Telemedicine and other digital health solutions can make it easy for employees and their families to seek timely medical attention, from the comfort of their homes or workplace. This can lead to a significant drop in health risks, lowering healthcare costs. And so, many employers have started providing telemedicine and suitable digital health solutions to their workforce as a part of their workplace benefits packages.

Forecast of the Global Telemedicine Market 2019-2030

The term ‘Telemedicine’ has been overtaken by ‘Telehealth’ which has a much broader health and wellness approach. While telemedicine refers to patient care and access to medical data, telehealth is more individual-focused.

According to a 2013 study, almost 3 million patients utilized telemedicine across the globe. This number was expected to grow by 20 times in the near future. A Foley & Lardner study showed that the most common telemedicine practices used previously were –

  • 64% – Remote monitoring
  • 52% – Real-time capabilities
  • 39% – Mobile health

In 2019, the global telemedicine market was valued at around $50 billion and is expected to grow quickly and significantly to reach an estimated $460 billion by 2030.

global telemedicine market

The global mobile health technology market was estimated to reach around $23 billion in 2016 and $190 billion by 2025.

While the global digital health market may account for more than $500 billion by 2025, the highest revenue is expected to be generated by the health information technology sector, which made around $280 billion in 2021.

Studies also show that North America has the largest market for telemedicine. This sector is expected to reach $22 billion in 2022 and grow to approximately $35 billion by 2025, with the highest revenue of $9.2 billion being generated by telemedicine hardware products.

Although there have been many reasons for this exponential growth of the telemedicine market, the key reasons are –

  • rising healthcare costs
  • higher funding for digital health solutions
  • increased preference for virtual healthcare
  • the aftermaths of the COVID-19 pandemic

Digital health and wellness solutions have become the cornerstone of all healthcare systems across the world. With employee wellness being the key to business growth, employers are emphasizing the need to incorporate digital health solutions in their workplace programs to achieve all the set goals.