Overview and Scope
Digital health refers to the use of information technology/electronic communication tools, services, and procedures to provide healthcare services or to promote improved healthcare. Only goods and services traded between entities or sold to end consumers are included. Digital health provides digital health services for the smooth functioning of healthcare-related services.
Sizing and Forecast
The digital health market size has grown rapidly in recent years. It will grow from $237.97 billion in 2023 to $283.92 billion in 2024 at a compound annual growth rate (CAGR) of 19.3%. The growth in the historic period can be attributed to rise in disposable income, increasing government initiatives in the healthcare field, increased internet penetration, adoption of advanced technology in the wake of covid-19 and rapid growth in elderly population.
The digital health market size is expected to see rapid growth in the next few years. It will grow to $560.14 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. The growth in the forecast period can be attributed to rising prevalence of chronic diseases, an aging population, demographic shifts in emerging markets, continued technology development, and increasing need for healthcare access will drive the growth in the digital health market. Major trends in the forecast period include augmented reality telecollaboration system, biofeedback apis, use of blockchain technology, 3d ar surgical navigation, integration of artificial intelligence, and increasing collaborations and partnerships.
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Segmentation & Regional Insights
The digital health market covered in this report is segmented –
1) By Technology: Mobile Health (Mhealth), Health Information Technology, Telehealth And Telemedicine, Health Analytics, Other Technologies
2) By Application: Cardiology, Diabetes, Neurology, Sleep Apnea, Oncology, Other Applications
3) By End-User: Healthcare Providers, Healthcare Payers, Pharmaceutical Companies, Other End Users
North America was the largest region in the digital health market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital health market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising prevalence of chronic diseases such as cancer, diabetes, and hypertension is expected to be a major driver of the digital health market. Long working hours, limited physical activity, and unhealthy eating and drinking habits contribute to the prevalence of chronic diseases and leave people suffering from these diseases more vulnerable to chronic diseases, thus driving the need for digital health services platforms. According to a United Nations article, by 2030 the proportion of global deaths due to chronic diseases is expected to increase to 70% of total deaths. The global burden of chronic disease is expected to reach about 60%. Therefore, the rise in the prevalence of chronic diseases is projected to propel the growth of the market.
Key Industry Players
Major companies operating in the digital health market report are Cerner Corporation, GE Healthcare, Epic Systems Corporation, McKesson Corporation, Allscripts Healthcare Solutions Inc. Truven Health Analytics, Siemens Healthcare AG, eCLINICALWORKS, Cisco Systems Inc., Koninklijke Philips N.V., Innovaccer, Pharm Easy, 1mg, Practo, Mfine, Medi Buddy, Indegene, Ping A Good Doctor, JD Health, Honeywell Lifesciences, Philip Healthcare, Better Doc, Biovotion, BrainControl, Coimbra Genomics, Dacadoo, Doctoralia, Emperra, Exovite, Genexyx, Giraff, Healthbank, NeurNation, Nutrino, Psious, Px Healthcare, SilverCloud, Systems Healthcare Solutions, TrialReach, XtremeVRI, DOC+, Best Doctor, TeleMD, mediSensum, Apteki +, FindMeCure, ECG for Everybody, Eye read, InterAxon, Figure 1, Myndtec, Seamless MD, ApoloHealthMx, ECGlove, Heal on Site, Teladoc, MeMD, Amwell, MDlive, Aerotel Medical Systems Ltd, Care Innovations LLC, Honeywell Life Care Solutions, Polycom Inc, Didoc, Betterfly, Deenty, Examedi, Dentalink, Cero, Wecancer, MedPass, Pixeon, Hi Technologies, Conexa Saude, AXON Digital Health, Wuru, Yerbo, Welii, BioScience, Caecus, Omnia Salud, Altibbi, Dhoner Healthtech, Okadoc, DoctorsAE, Takalam, AlemHealth, DU, UAE’s Mulk, Cura, Primary Health Care Corporation, AMD Global Telemedicine Inc, Safermom, Mobicure, Ubenwa, Medsaf, GenRx, Medical device as a service, Kangpe, Hudibia, Lifebank, Redbank
The digital health market report table of contents includes:
1. Executive Summary
2. Digital Health Market Characteristics
3. Digital Health Market Trends And Strategies
4. Digital Health Market – Macro Economic Scenario
5. Global Digital Health Market Size and Growth
…
32. Global Digital Health Market Competitive Benchmarking
33. Global Digital Health Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Digital Health Market
35. Digital Health Market Future Outlook and Potential Analysis
36. Appendix
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