Global Digital Health Market 2024 – 2033

Reports Description

According to Custom Market Insights (CMI), The Global Digital Health Market size was estimated at USD 181.6 billion in 2021 and is expected to reach USD 218.7 billion in 2022 and is expected to hit around USD 810.12 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 17.5% from 2022 to 2030.

The treatment of chronic diseases from remote locations is known as digital health, which refers to using information and communication technology in the healthcare industry. The market for digital health encompasses telehealth and telemedicine, wearable technology, mobile health (mHealth), health information technology (IT), and customized medicine.

 It provides a range of services that allow customers to manage chronic diseases and diagnose life-threatening illnesses early. Software, hardware, and services are all heavily involved in digital health, which integrates digital transformation in the healthcare industry. In addition, the expanding elderly population, childhood illnesses and deaths, high costs and poverty-related problems, and racial prejudice connected to access to health care have made technical and medical improvements necessary.

Additionally, pandemics and epidemics have elevated the relevance of digital health, which is still developing and driving the market’s growth throughout the projection period. The market is driven by two key factors: the expanding requirement for quick and accurate information acquisition and the growing desire to reduce medical costs. Additionally, the adoption of digital health market software solutions will be influenced by consumer shifts toward value-based care, increased demand for effective management of organizational workflows in healthcare organizations, and various private and public initiatives to build healthcare IT infrastructure.

The delivery and consumption of services within the healthcare ecosystem are changing. This is brought on by the pressing demand for a decentralized, inclusive, high-quality, and cost-effective healthcare delivery approach. Digital health will significantly enhance the continuum of care by offering solutions that assist people from conception to the end of their lives, from well to sick, from birth to death. It will be easier to accomplish various goals by changing the way healthcare is delivered from curative to preventive, including improving resource efficiency, lowering costs, increasing accessibility, and improving quality.

 The new digital health model will be essential in assisting developing nations in tackling several healthcare delivery challenges, including expanding access, raising costs, improving quality, and ensuring safety. Healthcare services are significantly hampered in many developing countries, particularly in rural areas, by a severe lack of infrastructure and resources.

Growth Factors.

Smartphones are becoming more than just communication and entertainment tools; they are now fitness and health trackers. Market participants are creating cutting-edge mobile applications to monitor everyday activities, including fitness, exercise, nutrition, and well-being, providing consumers with high-quality healthcare and comfort.

Mobile apps also allow consumers to find out about medical questions, make appointments, monitor consultations, save medical information, and track and obtain prescription medications. In addition, technology behemoths Apple, IBM, and Google are concentrating on boosting data security features and improving the mobile health experience by providing a variety of subscription options, which is anticipated to support the expansion of the digital health industry. 

The market for telehealth and teleconsultation services is driven by the fast-increasing incidence rate of chronic diseases, including Alzheimer’s, diabetes, cardiovascular diseases, and cancer, requiring long-term care and patient monitoring services. As a result, telemedicine and telehealth services are quickly embraced by the medical community and acknowledged by the public and private players.

Additionally, businesses are creating chatbot services to provide first consultations or respond to simple medical questions. Positive government measures increased technical partnerships among market participants, and the limitations brought on by the Covid-19 epidemic all encourage the developing trend of digitalization in healthcare. In long-term care services and institutions, digital health technologies like telecare and remote patient monitoring are commonly used.

Different governments in prosperous and emerging economies have changed the laws governing the use of digital technology in healthcare. As a result, there has been an increase in the adoption of digital health technology, which is helping the sector thrive. Furthermore, the need for EHR solutions and healthcare analytics has also increased due to the high number of cases and the necessity to monitor the long-term effects of vaccinations. The impact is anticipated to accelerate the uptake of digital health, hence promoting industry growth. As a result, digital health is becoming more widely accepted.

Moreover, the healthcare innovation industry is anticipated to expand due to the ongoing need for innovation. Over the past ten years, consumer demand for more convenience, personalization, and quality has propelled innovation in nearly every industry. Consumers’ expectations for their healthcare experiences align with those for their shopping, travel, entertainment, and hospitality experiences.

Additionally, business clients that drive innovation include patients and healthcare providers. In response to consumer expectations for better, faster, more intuitive, and more effective healthcare goods, the same technological breakthroughs occurring for years in consumer sectors are now being applied to the healthcare business. These factors support the growth of the digital healthcare market during the forecast period.

Digital Health market segmentation.

Digital Health Market, a segment based on Product & Service

Based on product & service, the rise in the incidence of chronic illnesses, the surge in demand for telehealth & telemedicine, and the increase in internet users, the eHealth category is predicted to expand at the highest CAGR throughout the projected period.

Due to the rising incidence of hypertension, the need for remote monitoring services, and the rising number of smartphone users, the mHealth category is anticipated to have significant market growth throughout the forecast period.

Digital Health Market, a segment based on component

The market for digital health is anticipated to be dominated by the software category, which is currently the industry leader. However, the need for software components is growing due to advancements in healthcare information technology, increased demand for healthcare cost reduction, and development in the requirement for organized data and workflow in the healthcare business.

 Technological advancements have dramatically increased the popularity of the most recent mobile healthcare applications. As a result, the software sector is expected to grow since various software applications are affordable. Additionally, the public’s concern for their fitness and health and understanding of different digital health technologies to monitor daily activities will raise market demand.

Due to the rising need for different services like installation, staffing, training, maintenance, and other similar services, the services sector is growing the digital health market during the forecast period. Players in the market are either offering these services separately or in bundles. The rise of the services sector is fueled by the rising need for cutting-edge software platforms and solutions, such as electronic medical records, and the increasing demand for the upgrades and training needed to operate these software systems.

Report Scope

Regional Insights

In the digital health industry, North America has had a leading position and is expected to continue doing so over the projection period. The growing frequency of chronic illnesses and the region’s aging population are mostly to blame for the surge. The United Nations World Population Ageing research published in 2015 predicted that by the year 2050, 28% of the population would be over one.

The industry is also growing fast due to the widespread usage of wireless & mobile health services and the popularity of mHealth apps. Further factors influencing the growth of the digital health market in North America include expanding public awareness of cutting-edge medical device applications and rising EHR adoption in hospital-owned ambulatory care. In the upcoming years, market growth is anticipated to be supported by the rising smartphone penetration rate and the expanding number of mobile subscribers. 

Additionally, the market is expanding as more healthcare practitioners use mHealth applications to engage patients in real-time and enhance the quality of service. For the remote treatment of chronic illnesses, for instance, Glooko, Inc. offers patient services for calorie and glucose monitoring.

In the coming years, Asia Pacific is expected to grow at the quickest rate due to improvements in IT infrastructure and the introduction of entrepreneurial endeavors, impacting the market’s growth. The Asia Pacific market is expanding due to increasing smartphone use, growing used of activity trackers and wearables, and expanding demand for healthcare analytics. In addition, positive adjustments to data privacy and cyber security regulations assist the market’s expansion and development. The industry’s growth is fueled by rising government investment and support for remote patient monitoring to guarantee that populations in emerging nations have access to inexpensive and reliable healthcare services.

Key Players

• Apple Inc.
• Telefónica S.A.
• CISCO Systems Inc.
• Cerner Corporation
• QSI Managemen LLC
• Allscripts
• AT&T
• Vodafone Group
• AirStrip Technologies
• IBM Corporation
• Mckesson Corporation
• Epic Systems Corporation
• Google Inc.
• Samsung Electronics Co. Ltd.
• HiMS
• Softserve
• MQure
• Computer Programs and Systems Inc.
• Vocera Communications
• Orange
• Qualcomm Technologies Inc

Recent Development

• Philips revealed in February 2021 that it had successfully acquired BioTelemetry, Inc., a significant American supplier of remote cardiac diagnosis and monitoring. Phillips anticipates that this purchase approach will aid in the market-wide expansion of both its client base and company portfolio.

Segments covered in the report

By Technology

• Telehealthcare
  • Telecare
    • Activity Monitoring
    • Remote Medication Management
  • Telehealth
    • LTC Monitoring
    • Video Consultation
• mHealth
  • Wearables
    • BP Monitor
    • Glucose Meter
    • Pulse Oximeter
    • Sleep Apnea Monitors
    • Neurological Monitors
    • Others
  • Apps
    • Medical apps
    • Fitness apps
• Healthcare analytics
• Digital health systems
  • Electronic health record (EHR)
  • E-prescribing systems

By Component

• Hardware
• Software
• Services

On the basis of Geography

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America