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LONDON, Sept. 15, 2023 /PRNewswire/ — As per The Business Research Company’s Women’s Digital Health Global Market Report 2023, the global women’s digital health market is poised for substantial growth in the coming years, with the market size expected to increase from $2.49 billion in 2022 to $3.01 billion in 2023, representing a compound annual growth rate (CAGR) of 20.5%. According to industry forecasts, the women’s digital health market is projected to reach a staggering $6.31 billion in 2027, demonstrating a continued CAGR of 20.3%. This growth is attributed to the increasing prevalence of chronic diseases among women, which is driving the adoption of digital health solutions.
Rising Chronic Diseases Fuel Women’s Digital Health Market Demand
The escalating incidence of chronic diseases among women is a significant factor contributing to the growth of the women’s digital health market. In January 2023, data from the ACS (American Chemical Society) Journal revealed an increase in the number of new cancer cases among women from 927,910 in 2021 to 934,870 in 2022. This alarming trend underscores the urgent need for digital health solutions to assist in early detection and management.
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Fragmented Market with Growing Competition
The global women’s digital health market is characterized by a high degree of fragmentation, with numerous players vying for market share. In 2022, the top ten competitors collectively accounted for 11.82% of the total market. Among these, Flo Health Inc. led the pack with 3.37% market share, followed closely by Garmin Ltd. Other key players included Natural Cycles, Nuvo, Elvie, Advantia Health, Bellabeat, Clue by Biowink, MobileODT Ltd., and Glow.
Embracing Artificial Intelligence (AI)
To remain competitive and provide reliable services, companies in the women’s digital health market are increasingly turning to artificial intelligence (AI). AI is being utilized to enhance the early detection and diagnosis of various women’s health conditions, including breast cancer, cervical cancer, and maternal mortality.
For example, in October 2022, Alife Health, a US-based fertility technology company, unveiled “Alife Assist™,” an AI software platform designed to optimize and support clinical decision-making during in vitro fertilization (IVF) procedures. This platform offers personalized insights and recommendations to clinicians, aiding in informed patient care decisions. Additionally, Alife Assist™ provides patients with a free iPhone app to navigate the IVF process, offering valuable information and progress tracking.
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Women’s Digital Health Market Segmentation
The global women’s digital health market is segmented based on the following criteria:
Among these segments, the mobile apps segment is expected to exhibit the highest growth potential, with projected annual sales reaching $2,533.9 million by 2027.
In conclusion, the Women’s Digital Health Global Market Report 2023 illuminates a thriving industry on the cusp of transformative growth. This market report reflects a dynamic landscape where women’s health takes center stage, offering new opportunities for industry players to contribute to healthier lives and empower women across the globe. As the women’s digital health market continues to evolve, it is poised to drive essential advancements in healthcare, ensuring a brighter and healthier future for women worldwide.
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