The growth of the digital health market is driven
by the increasing adoption of wearable devices and growing applications of AI
in healthcare. Wearable devices are gaining widespread acceptance in the
healthcare industry owing to their ability to monitor important health
parameters like heart rate and sleep duration. This enables early detection of
abnormalities and timely intervention.
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AI is being utilized to analyze medical records and imaging data to assist clinicians in disease diagnoses and treatment patterns. AI technologies such as machine learning and deep learning are used to derive insights from large, complex healthcare datasets.
Market Trends
Rising Adoption of mHealth Apps
Growing popularity of mHealth apps for self-monitoring and disease management is a major trend in the digital health market. Patients are increasingly using mHealth apps to track health metrics, manage appointments, monitor medical conditions, and acquire health-related information.
Increasing Integration of AI and Analytics
Integration of artificial intelligence (AI) and analytics in digital health solutions is another key trend observed in the market. AI facilitates advanced data analytics. This helps providers in population health management, risk assessment, and clinical decision support. AI also assists in personalized treatment, drug discovery, and predictive analysis.
Digital Health Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$249.97 billion |
|
Estimated Value by 2030 |
$815.35 billion |
|
Growth Rate |
Poised to grow at a CAGR of 18.4% |
|
Historical Data |
2018–2021 |
|
Forecast Period |
2023–2030 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Technology, By Component, By End User |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
• Growing Geriatric Population • Rising Investment in Telehealth and Telemedicine |
|
Restraints & Challenges |
• Lack of Awareness in Developing Nations |
Market Opportunities
Tele-healthcare: Tele-healthcare involves the use of telecommunication and virtual technology to deliver healthcare services remotely. It allows patients to connect with doctors and specialists from home via video conferencing. This reduces the need for in-person visits and travel, making healthcare more accessible.
m-Health: m-Health refers to the use of mobile devices like smartphones, tablets, and wearable devices to deliver healthcare services. Key aspects of m-Health include the use of apps to monitor health metrics, access medical records, manage appointments, facilitate remote patient monitoring, and more.
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Key Market Takeaways
The global digital health market was valued at USD 249.97 billion in 2023 and is anticipated to witness a CAGR of 18.4% during the forecast period.
By technology, the tele-healthcare segment dominated the market in 2023 due to the significant increase in telemedicine consultations amid the pandemic.
By component, the software segment captured the largest revenue share owing to increasing digitalization and adoption of new software solutions.
On the basis of end user, the healthcare providers' segment held the highest share as various providers are increasingly adopting digital health solutions to enhance patient care and maximize revenues.
North America held the largest market share in 2023 and is expected to maintain its lead through 2030. This can be attributed to favorable government initiatives and investments to promote digital health adoption in the region.
Competitor Insights
- Athenahealth Inc.
- Cisco Systems
- Epic Systems Corporation
- GE Healthcare
- IBM Corporation
- Koninklijke Philips N.V.
- McKesson Corporation
- eClinicalWorks
- iHealth Labs, Inc.
- NXGN Management, LLC
Digital Health Industry News
In April 2023, eClinicalWorks brought ChatGPT and AI models into EHR by investing USD 100 million to Microsoft Azure cloud services. This significant investment provided eClinicalWorks with access to the most recent innovations available through Microsoft Cloud.
In April 2023, Athenahealth unveiled the Athenahealth Patient Digital Engagement Index, a novel measurement tool for medical practices. The goal of the Index is to help providers evaluate and improve how they interact with and support their patients so that both can move toward a more digital, high-tech experience that will ultimately lead to better patient care.
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Digital Health Market Segmentation:
By Technology
- Telehealthcare
- mHealth
- Health Analytics
- Digital Health Systems
- Telemedicine
- Others
By Component
- Software
- Hardware
- Services
- Connected Devices
- Others
By End User
- Hospitals & Clinics
- Health Insurance Firms
By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
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