According to Latest Report Study, the Digital Health market size is expected to be worth around US$ 300.4 billion by 2030 from valued at US$ 96.9 billion in 2020 and is anticipated to grow at a CAGR of 15.5% during forecast period 2021 to 2030.
According to Latest Report Study, the Digital Health market size is expected to be worth around US$ 300.4 billion by 2030 from valued at US$ 96.9 billion in 2020 and is anticipated to grow at a CAGR of 15.5% during forecast period 2021 to 2030.
Digital health is defined as the use of information and communication technologies in the healthcare sector for the management of chronic disease from remote areas. The digital health market includes mobile health (mHealth), wearable devices, telehealth & telemedicine, health information technology (IT), and personalized medicine. It offers various services, which enable consumers for early diagnosis of life-threatening disease and for the management of chronic disease.
Growth Factors
Rising smartphone penetration & integration of advanced technologies, such as the(IoT) & (AI), and increasing implementation of mHealth technologies for self-management of chronic diseases, such as diabetes, are some of the major factors driving the market. In addition, increasing demand for enhancing workflow efficiency in clinics, hospitals, and other healthcare centers is further boosting the demand for mHealth services thereby, aiding the market growth.
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Moreover, ongoing technological advancements for developing advanced digital solutions coupled with a growing number of favorable initiatives by the government & private sectors are contributing to the overall market growth. For instance, as per the data published in 2017, researchers at the University of Illinois have developed a camera to improve the diagnostic features of smartphones. In 2020, the mHealth technology type segment accounted for the highest revenue share. A rise in the number of health apps has significantly contributed to the segment growth in recent years. As per the data published by the My Health Apps blog in May 2018, a total of 325,000 health, fitness, and medical apps were available in 2017.
Mobile operators are constantly leveraging mHealth technologies and solutions by supporting services, such as diagnosis, monitoring, and patient management. In addition, they are increasingly adopting strategies in the form of partnerships and agreements to enhance their product offerings, which, in turn, is contributing to the segment growth. For instance, in 2019, OneLife, a mobile medical software company, partnered with AT&T for the development of a health-tracking watch to monitor a patient’s heart rate, location, sleep, and movements. In 2020, the services component segment accounted for the highest revenue share.
System integration, training & education, maintenance & support, and consulting are among the few service offerings that are covered in this segment. Growing demand for continuous M2P data flows, to boost the efficiency of the medical systems, improve informed decision-making in real-time, and enhance security, is driving the segment growth. On the other hand, software is anticipated to register the fastest growth during the forecast period. The key factors that can be attributed to this growth are rising investments by the market participants to develop innovative connected solutions for the healthcare industry, technological advancements, and rising adoption of digital technologies & connected systems in the health centers.
Report Coverage
| Report Scope | Details |
| Market Size | USD 300.4 billion by 2030 |
| Growth Rate | CAGR of 15.5% From 2021 to 2030 |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Technology, Component |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Mentioned | Cerner Corporation, Allscripts, Apple, Inc., Telefónica S.A., Mckesson Corporation, Epic Systems Corporation, QSI Management, LLC, AT&T, Vodafone Group, AirStrip Technologies, Google, Inc., Samsung Electronics Co., Ltd., HiMS, Orange, Qualcomm Technologies, Inc., Softserve, MQure, Computer Programs and Systems, Inc., Vocera Communications, IBM Corporation, CISCO Systems, Inc. |
Digital Health Market: Key Drivers
The increase in the number of M&A activities is driving the digital health market. Strategic M&A activities of the vendors support the development of efficient products and increase the profit margin of the service providers. Investments are carried out in the form of either capital outflow to develop new service offerings or the acquisitions of other service providers. For instance, in April 2019, the company, which is a women s health group, completed the acquisition of Pacify, a telehealth company that mainly focuses on virtual perinatal care for new and expectant moms and parents. Through such business strategies, both companies aim to offer obstetrics and gynecology services and provide relationship-driven and technologically advanced products.
Digital Health Market: Key Challenges
The threat of open-source service providers is expected to be a major hindrance to the digital health market during the forecast period. There are numerous open-source vendors that provide a wide range of digital health solutions in the digital health market. A combination of multiple products from several open-source vendors can offer all the functionalities provided by proprietary on-premises and cloud-based digital health solution providers. Open-source software offers features such as better credibility, unconstrained innovations, and decentralized control. This has a negative impact on the market share of the proprietary players in the digital health market. NHS England is a non-departmental public body of the Department of Health in the UK that uses open-source IT solutions in healthcare to make healthcare services accessible to all. Healthcare professionals can bridge the gap between the staff and the technology by including more input on software improvements and uses.
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Technology Insights
In 2021, the tele-healthcare segment accounted for a market revenue share of 37.6% and dominated the market. The market is expected to grow lucratively over the forthcoming years. This growth rate is attributable to the advancing internet connectivity, growing smartphone penetration, advanced technology readiness, growing shortage of healthcare providers, increasing medical expenses, wide availability of tele health applications, and rising adoption of these technologies by patients & physicians.
Constant evolution of telehealth applications and rapid technological innovations is further boosting the segment growth. Moreover, growing demand for virtual healthcare consultation due to the increasing COVID-19 pandemic and the integration of advanced IoT technology and advancing connectivity is further supporting to the high growth rate of the segment. For instance, as per the center for disease control and prevention (CDC) report, there is a 154% increase in telehealth visits in March 2020 than March 2019 in the U.S.
Component Insights
In 2021, the services segment dominated the market and accounted for the market revenue share of 45.6% attributable to the growing demand for various services such as installation, staffing, training, maintenance, and other such services. Market players are either providing these services as standalone or in packages. The growing demand for advanced software solutions and platforms such as electronic medical records and the growing need for upgradation and training required to run these software solutions is contributing to the growth of the services segment.
Key players provide a wide array of pre-installation and post-installation services covering project planning, staffing, implementation, training, and resource allocation & optimization. Furthermore, with advancements in healthcare IT infrastructure and the adoption of digital health solutions in emerging economies is expected to boost the growth of the services segment to successfully implement these systems.
On the other hand, software segment is anticipated to register the fastest growth rate in coming years owing to the rapid adoption of software systems amongst patients, healthcare facilities, providers, and insurance payers. The growing healthcare expenses and growing trend of healthcare digitalization is contributing to the growth of the software segment.
The growing consumer demand for personalized medicine and transition to value based care is driving the growth of the solutions segment. In emerging economies, healthcare facilities are readily adopting these advanced software solutions and platforms to streamline their organizational workflows and enhance their clinical, operational, & financial outcomes.
Regional Insights
North America dominated and accounted for market revenue of 45.9% in 2021. The growth is attributed to the growing healthcare IT expenditure to advance infrastructure, technological literacy, readiness to adopt advanced technological solutions, favorable government initiatives, the emergence of startups, lucrative funding options growing smartphone penetration, and advancements in internet connectivity.
Moreover, globalization, changing lifestyles, growing geriatric population, rising incidence rate of chronic disorders, and growing demand for value-based care is driving the market growth in North America.
On the other hand, Asia Pacific is anticipated to record the fastest growth in upcoming years owing to the advancements in IT infrastructure and emergence of entrepreneurship ventures which is significantly contributing to the development of the market. Rising smartphone penetration, growing usage of activity trackers & wearables, and growing demand for healthcare analytics is driving the Asia Pacific market growth.
Favorable changes to data privacy and cyber security protocols are supporting the development and growth of the market. Increasing government spending and government support in areas of remote patient monitoring to ensure affordable and accessible healthcare services to communities in developing countries is boosting the market growth.
Key Players
- Cerner Corporation
- Allscripts
- Apple, Inc.
- Telefónica S.A.
- Mckesson Corporation
- Epic Systems Corporation
- QSI Management, LLC
- AT&T
- Vodafone Group
- AirStrip Technologies
- Google, Inc.
- Samsung Electronics Co., Ltd.
- HiMS
- Orange
- Qualcomm Technologies, Inc.
- Softserve
- MQure
- Computer Programs and Systems, Inc.
- Vocera Communications
- IBM Corporation
- CISCO Systems, Inc.
Market Segmentation
- Technology Outlook
- Tele-healthcare
- Tele-care
- Activity Monitoring
- Remote medication Management
- Tele-health
- LTC Monitoring
- Video Consultation
- Tele-care
- mHealth
- Wearables
- BP Monitors
- Glucose Meters
- Pulse Oximeters
- Sleep Apnea Monitors
- Neurological Monitors
- Activity Trackers/Actigraphs
- mHealth Apps
- Medical Apps
- Fitness Apps
- Services
- mHealth Services Market, By Type
- Monitoring services
- Independent Aging Solutions
- Chronic Disease Management & Post-acute Care Services
- Diagnosis Services
- Healthcare Systems Strengthening Services
- Others
- Monitoring services
- mHealth Services Market, By Participants
- Mobile Operators
- Device Vendors
- Content Players
- Healthcare Providers
- Wearables
- Healthcare Analytics
- Digital Health Systems
- EHR
- E-prescribing Systems
- Tele-healthcare
- Component Outlook
- Software
- Hardware
- Services
- Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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