Digital Health Market Size
The Global Digital Health Market reached USD 223.2 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 850.3 billion by 2030. The Global Digital Health Market is expected to exhibit a CAGR of 18.9% during the forecast period 2024-2031. The Digital Health Market trends show rising research and development for monitoring owing to the rising utilization and adoption of remote monitoring and increasing novel product launches.
Smart and connected equipment made possible by digital technologies helps people live healthier lives.
They include wearable technology, digital platforms, software, artificial intelligence, and technologies that collect and distribute data and pertinent health information between systems.
Furthermore, the rising government initiatives and support, together with rising demand for treatment at the point of care, is driving up the digital health market size. The market is experiencing a growth in demand from North American areas due to the development of research in these fields, with significant competitors like AT&T, IHealth Labs Inc, EClinicalWorks, and others actively operating in the market.
Market Scope
| Metrics | Details |
| CAGR | 18.9% |
| Size Available for Years | 2021-2030 |
| Forecast Period | 2023-2030 |
| Data Availability | Value (US$) |
| Segments Covered | Component, Technology, End User, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Component Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Digital Health Market Dynamics
Rising Remote Monitoring Services Demand Drive the Growth of the Digital Health Market
Remote monitoring is not a novel idea. However, it has received significant attention since the pandemic hit the world. Businesses desire more control over all operations, from asset management to personnel monitoring. They can effectively and easily ensure these goals thanks to remote monitoring.
Businesses face fresh obstacles every day. One of them is how they connect with one another, live, and work. In these circumstances, developing cutting-edge technologies like Internet of Things (IoT) and artificial intelligence shows to be quite helpful. In fact, it's currently the most important aspect of technology.
Remote observation IT solutions provide businesses with a fantastic opportunity to thoroughly understand operations anytime and anywhere without going to a physical site. It will only quicken task management, enabling companies to exercise more control through remote monitoring. They can readily adapt to the digital transition and discover new avenues for growth in this way.
Rising Research and Development and Novel Product Launches creates lucrative Opportunities for Manufacturers.
There is a growing digital health market opportunity owing to rising advancements and research and development due to the increasing utilization of smartphone applications for fitness. The rising novel product launches by major key players is also a digital health market trend driving the market.
A new Full-Stack Observability Platform, a vendor-neutral solution that leverages the strength of the whole firm's portfolio, has been introduced by the technology corporation Cisco. It provides customers with correlated, contextual, and predictive insights that help them solve problems faster, improve their experiences, and reduce business risk.
A new observability ecosystem is made possible by this market-leading product, which combines data from various sources in applications, networking, sustainability, security, infrastructure, cloud, and business.
A lack of Knowledge Among People will hamper the growth of the market.
A recent WHO study discovered that not all European communities and regions have equal access to digital health technology, raising questions about the fair use of these tools for health. According to the report, those not in good health struggle the hardest to access these resources.
Across populations, there are differences in how people access, use, and engage with digital technologies. People representing ethnic minorities and those with language problems, tend to use digital health technology less frequently and in smaller quantities in rural locations.
Market Segment Analysis
The Global Digital Health Market is segmented based on component, technology, end user and region.
Owing to Rising Upgrades, the Services Segment Accounted for Approximately 48.8% of the Digital Health Market Share.
The market is anticipated to grow throughout the projection due to the segment known as services. The 2023 Spring Product Release from AdvancedMD, a supplier of cloud-based healthcare applications for independent medical, physical therapy and mental health offices, will include 31 enhancements to its EHR, practice management, and patient engagement features. Improvements to medication cards, claim processing capabilities, telehealth services, and other recent changes are all included.
The most recent improvements include AdvancedMD features, focusing on clinical drug cards and telemedicine capabilities. All customers get quick access to release upgrades without any lag across the suite of products or manual updates to the software, thanks to the AdvancedMD platform's multi-tenant cloud architecture.
On June 6, 2023, With the release of a new solution, Cisco is advancing clients' requirements for contemporary application security along their cloud migration path. At Cisco LIVE 2023, it was announced that Panoptica, Cisco's solution for cloud-native application security, will now offer complete lifecycle protection for these environments, from research to deployment to production.
Market Geographical Share
North America Accounted for Approximately 45.3% of the Market Share in 2022, Owing to the Strong Presence of Major Players and Increasing Healthcare Infrastructure Investment.
Due to the rising need for digital health for monitoring purposes in healthcare, manufacturers in North America have chance to increase their operations. There are many producers and suppliers in North America and owing to the region’s rapid economic growth, industrial production has expanded, driving the demand for digital health.
Increasing expenditure on healthcare and rising awareness among people, advancement of technologies for treatment, and increase in biopharmaceutical establishment across the region are also contributing to the growth of this region's digital health market share.
The primary healthcare organizations and businesses' joint research endeavors and new product development that continuously aims to enhance available treatment options are also expected to contribute to the rising demand. Individuals are becoming more aware of various advanced techniques being studied for the treatment leading to the expansion of the market in this region. The above-mentioned factors further prove North America's dominance on a global scale.
Major Global Players
The major global players in the digital health market include BioTelemetry, a Philips Company, Veradigm LLC, EClinicalWorks, IHealth Labs Inc, Athenahealth Inc., AT&T, Honeywell International Inc., Cisco Systems, Inc., AdvancedMD, Inc. and McKesson Corporation among others.
Russia Ukraine Conflict Analysis
The Russia-Ukraine conflict is estimated to have a moderate impact on the Global Digital Health Market, owing to the low prevalence and absence of key market players in this region. However, the effect of the import and export of raw materials is expected to have little influence over the global digital health market growth over the forecast period.
By Component
- Hardware
- Software
- Services
By Technology
- mHealth
- Wearables
- Blood Glucose Meter
- Pulse Oximetry
- Cardiac Monitors
- Apnea & Sleep Monitors
- Neurological Monitors
- Others
- Apps
- Fitness Apps
- Medical Apps
- Wearables
- eHealth
- Electronic Health Records (EHR)
- Vendor Neutral Archive (VNA) and Picture Archiving & Communications Systems (PACS)
- Laboratory Information Systems (LIS)
- Prescribing Solutions
- Telehealthcare
- Telehealth
- Video Consultation
- LTC Monitoring
- Telecare
- Remote Medication Management
- Activity Monitoring
- Telehealth
- Health Analytics
By End User
- Healthcare Providers
- Healthcare Consumers
- Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- The U.K.
- France
- Spain
- Italy
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Middle East and Africa
Key Developments
- On June 5, 2023, After acquiring Odin Vision, a London-based cloud-AI endoscopy company consisting an impressive lineup of commercially accessible computer-aided detection/diagnostic solutions and a cutting-edge pipeline of cloud-enabled programs, MedTech company Olympus Corporation committed to improving people's lives more secure, healthier, and more satisfying, announced its intent to establish an array of Digital Excellence Centers (DECs).
- On February 13, 2023, HealthVerity, a pioneer in Identity, Privacy, Governance, and Exchange for actual-world information, and Veradigm, a top supplier of healthcare data and technology solutions, recently announced a partnership that will advance real-world research and enhance patient care for people with diabetes and cardiovascular disease. The partnership enables full interoperability between de-identified patient information from HealthVerity Marketplace, the country's largest healthcare or consumer data ecosystem, and Veradigm's data obtained from its cardiovascular and metabolic registries.
- On September 19, 2022, McKesson Corporation, a provider of healthcare services, announced that it has entered into a binding agreement to buy Rx Savings Solutions (RxSS). This company provides health plans and employers with solutions for adherence and affordability in the prescription drug market, with a patient base of more than 17 million.
Why Purchase the Report?
- To visualize the Global Digital Health Market segmentation based on component, technology, end user and region, and understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous digital health market-level data points with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The Global Digital Health Market Report Would Provide Approximately 53 Tables, 54 Figures And 195 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
