Global Digital Health Market – Industry Trends and Forecast to 2030

Digital Health Market Analysis and Size

The global digital healthcare market encompasses a wide range of digital tools, devices, software, and services that aim to support healthcare providers, patients, and other stakeholders in managing and optimizing healthcare delivery and wellness. Rise in the use of smartphones, tablets and other mobile platforms is a crucial factor accelerating the market growth, also rapidly improving healthcare IT infrastructure in industrialized nations, rise in the favourable government initiatives in U.S. and European region, increase in the demand for remote patient monitoring services and rise in the venture capital investments are the major factors among others boosting the global digital health market.

Data Bridge Market Research analyses that the global digital health market which was USD 255.87 billion in 2022, is expected to reach USD 565.23 billion by 2030, and is expected to undergo a CAGR of 15.5% during the forecast period of 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Digital Health Market Scope and Segmentation

Market Definition

The digital health refers to the use of technology, such as smartphones, wearables, and electronic health records, to improve healthcare delivery, patient engagement, and health outcomes. Digital health includes digital care programs, which is the convergence of digital technologies with health, healthcare, living, and society to increase the efficiency of healthcare delivery to make medicine more personalized and precise. Digital health has become a buzz word with the rise in deployment of digital health platforms such as telehealth software, mobile health and other wireless solutions across hospitals and nursing homes so as to provide patients with real time healthcare services.

Global Digital Health Market

Drivers

• Growing Demand for Personalized Healthcare Facilities

Digital health technologies are being adopted as a result of the rising demand for personalized healthcare solutions that can offer patients more individualized care and treatment plans. Personalized healthcare is a method of providing care that creates treatment plans specifically for each patient by taking into account their individual traits, including genetics, lifestyle, and environmental influences. By giving healthcare providers access to a lot of patient data and giving them the tools to analyse that data to find individualized treatment options, digital health technologies such as electronic health records (EHRs), health information exchanges (HIEs), and machine learning algorithms can enable personalized healthcare. This can assist medical professionals in acting sooner, before the condition worsens.  Thus, the global market for digital health technologies is experiencing significant growth opportunities due to the rising demand for personalized healthcare.

• Rising Prevalence of Chronic Diseases

The need for remote monitoring and management solutions, which can be provided by telehealth services and digital health tools, is being fueled by the increase in the incidence of chronic diseases such as diabetes, cardiovascular diseases, and cancer. For instance, wearables and remote monitoring tools can keep tabs on vital signs and other health metrics in real-time, warning medical professionals of potential issues before they worsen. Thus, technologies related to digital health can help address some of the problems brought on by chronic diseases, enhance patient outcomes, and lower healthcare costs.

Opportunities

• Government Initiatives and Regulations Creates Market Expansion

Governments are providing funding and support for digital health initiatives, such as research and development, pilot programs, and the implementation of digital health solutions. Governments are developing regulatory frameworks to guarantee the effectiveness, security, and safety of digital health solutions, which can help to foster trust between patients and medical professionals. To encourage the adoption of digital health technologies, they are also offering tax credits, grants, subsidies, and other incentives. To ensure that different digital health solutions can work together, governments are developing interoperability standards. This can help to improve the effectiveness and efficiency of healthcare services. In order to foster trust between patients and healthcare professionals, governments are putting regulations in place to protect the security and privacy of patient data. Generally speaking, government policies and programs are causing the market to expand.

• Technological Advancements Create Lucrative Opportunity to Grow

The development of digital health now has lucrative opportunities thanks to technological advancements. The way that healthcare is delivered and patient care is provided has been revolutionized by innovations such as wearable technology, telemedicine, health apps, and remote patient monitoring. Benefits of these digital health technologies include improved accessibility, convenience, and individualized healthcare options. Digital health technologies may be able to reach more people and close healthcare access gaps as smartphones and internet connectivity become more widely used. The capabilities of digital health technologies are further enhanced by the combination of artificial intelligence (AI) and data analytics, enabling predictive and preventive healthcare. As healthcare systems adopt tech-driven solutions to enhance patient outcomes and lower healthcare costs, the market for digital health technologies is anticipated to expand further.

Restraints/Challenges

• Limited Access to Technology Limits the Market Growth

In some places, access to smartphones and other mobile devices may be restricted due to issues such as affordability or availability. Patient use of wearables or mobile health applications designed to support remote monitoring and self-care may therefore be challenging. Accessing digital health technologies may also be difficult if there is poor internet connectivity. It may be difficult for patients and healthcare professionals to access telemedicine services or share health data remotely due to a lack of internet infrastructure in rural or remote areas. This could restrict the applications of digital health and make it more difficult to treat patients in these regions.

• Limited Regulatory Framework Limits the Growth

The market for digital health technologies is significantly constrained by the restrictive regulatory environment. Regulations and standards for the use of digital health technologies are still being developed by regulatory bodies because the market is still relatively young. Through the uncertainty this causes, it may be difficult for businesses to navigate the regulatory environment, which could cause delays in product development and market entry. Furthermore, Concerns about the security and privacy of data may also arise in the absence of regulatory oversight. As a result, the market for digital health technologies is significantly constrained by the lack of adequate regulatory oversight. Efforts are being made to address this problem and encourage regulatory oversight and standardization.

This global digital health market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global digital health market, contact data bridge market research for an analyst brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In 2021, the development of its digital therapeutic platform will be funded by USD 2.3 million raised by health technology provider Neuroglee. Early-stage Alzheimer's patients benefit from the use of this digital therapeutic software. With a clinician's prescription, patients can access all of the cognitive tasks and exercises in the new digital therapy software, NG-001, which facilitates treatments and medications
• In 2021, MagnifEye is a sophisticated smartphone software app that uses deep machine learning artificial intelligence to automate precise measurements. It was developed by Sensyne Health Plc, a Clinical AI technology company

Global Digital Health Market Scope

The global digital health market is segmented on the basis of technology, delivery mode, components, application and end-user. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the Users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Technology

• Tele Healthcare
• mHealth
• Health Analytics
• Digital Health Systems

Delivery Mode

• On-Premise
• Cloud-Based

Components

• Software

• Services
• Hardware

Application

• Cardiology
• Diabetes
• Neurology
• Sleep Apnea
• Oncology
• Others

End-User                                       

• Healthcare Providers
• Healthcare Payers
• Pharmaceutical Companies
• Other

Global Digital Health Market Regional Analysis/Insights

The global digital health market is analysed and market size insights and trends are provided technology, delivery mode, components, application and end-user as referenced above.

The countries covered in the global digital health market report are U.S., Canada and Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

North America dominates the global digital health market due to their advanced technological infrastructure and high adoption of smart city initiatives, strong presence of major players in the market and rising number of research activities in this region.   

Asia-Pacific is expected to witness significant growth in the global digital health market during the forecast period of 2023 to 2030 due to of rapid urbanization, increasing infrastructure development, and the adoption of advanced technologies in countries such as China, Japan, and India.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers Used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Digital Health Market Share Analysis

The global digital health market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the company’s focus. Related to global digital health market.

Some of the major players operating in the global digital health market are:

• Allscripts Healthcare LLC (U.S.)
• BioTelemetry Inc. (U.S.)
• Cerner Corporation (U.S.)
• Cisco Systems Inc (U.S.)
• Koninklijke Philips NV (Netherlands)
• McKesson Corporation (U.S.)
• General Electric Company (U.S.)
• AT&T Inc. (U.S.)
• Athenahealth Inc. (U.S.)
• EClinicalWorks (U.S.)
• iHealth Lab Inc. (U.S.)
• Qualcomm Technologies Inc. (U.S.)

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