Digital Health Market by Product (Digital Health Systems, Healthcare Analytics, mHealth), Component (Services, Software), End-User - Global Forecast 2024-2030

Digital Health Market by Product (Digital Health Systems, Healthcare Analytics, mHealth), Component (Services, Software), End-User - Global Forecast 2024-2030

The Digital Health Market size was estimated at USD 235.91 billion in 2023 and expected to reach USD 270.97 billion in 2024, at a CAGR 14.10% to reach USD 594.02 billion by 2030.

Digital health, a rapidly evolving field within the healthcare industry, encompasses a multitude of technologies and approaches aimed at leveraging digital tools to enhance medical care, preventive measures, and overall health and well-being. The primary objective of digital health is to increase access to healthcare services, improve patient outcomes, decrease healthcare costs, and enable more personalized care through data-driven solutions. Digital health comprises various technological components such as electronic health records (EHRs), telemedicine platforms, mobile health applications (mHealth), wearables and Internet of Things (IoT) devices for remote monitoring, big data analytics, artificial intelligence (AI), machine learning (ML), and blockchain technology. These innovative tools are reshaping traditional modes of patient-provider interactions by addressing critical challenges such as geographical barriers in accessing quality medical care, long waiting times for consultations or treatments, and the inefficient management of vast amounts of patient data. The growing need for cloud-based features, scalability, and flexibility in healthcare delivery and the rising use of mobile and smart devices for providing healthcare services, which emphasizes the significance of connected healthcare, drives the use of digital health. Additionally, the expansion of pharmaceutical R&D and government investments made towards improving healthcare infrastructure also support the expansion of the digital health market. On the contrary, developing economies often suffer from a lack of reliable local infrastructure that can hinder the implementation of digital health technologies. Limited availability of skilled professionals and data privacy and security issues also can pose challenges to market growth. However, the rising integration of digital health technologies in research centers and universities and the use of digital pathology by various organizations to improve efficiency and maximize resource utilization are anticipated to encourage market expansion. Moreover, significant technology trends such as artificial intelligence (AI), machine learning (ML), and virtual reality (VR) are expected to enhance the value of digital health solutions

Regional Insights

In the Americas region, the adoption and advances in digital health are rapidly progressing with the presence of key market players launching innovative technologies, healthcare technology advancements, and rising demand for remote patient monitoring services across North, Central, and South America. In the Asia-Pacific region, digital health utilization is driven by escalating healthcare costs, technological advancements, and government initiatives to improve healthcare infrastructure. Countries such as Singapore and Japan are adopting innovative e-health technologies such as Electronic Health Records (EHRs), telehealth consultations, mobile health apps, wearables, remote patient monitoring systems, and AI-based decision support tools. European countries have been at the forefront of digital health adoption with growing awareness about the benefits of digital health solutions. Meanwhile, the Middle East is experiencing substantial growth in digital health adoption due to increased government investment and public-private partnerships. In Africa, although access to advanced healthcare technology is limited compared to other regions in EMEA, mobile penetration rates are driving the development of mHealth programs addressing issues such as maternal care or infectious disease management.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Digital Health Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Increasing Requirement to Inherit Cloud Features, Scalability and Flexibility
Increasing use of Mobile and Smart Devices for Delivering Healthcare Service and Significance of Connected Healthcare
Potential Applications in Transforming Research & Development of Pharmaceutical Companies
Government Initiatives and Regulatory Mandates

Market Restraints

Lack of Reliable Local Infrastructure in Developing Economies
Lack of Skilled Medical Staff and Inadequate Health Literacy

Market Opportunities

Increasing use of Digital Health in Education, Research, and Training Programmes
Significant Technology Trends
Adoption of Digital Pathology to Increase their Efficiency and Maximizing Resource Utilization

Market Challenges

Privacy and Security Concerns

Market Segmentation Analysis

Product: Utilization of mHealth and advanced digital analytics to quantify better healthcare solutions
Component: Rising uses of software-based digital health to analyze and secure health-related patient data
End-User: Increasing adoption of digital health services by healthcare payers, providing greater visibility and better opportunities

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Digital Health Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Digital Health Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

AdvaMed Launches New Digital Health Tech Division

AdvaMed launched a new division called AdvaMed Digital Health Tech to represent companies in the digital medical technology sector. The division focuses on key policy areas, including regulation, payment and healthcare delivery, data stewardship, and privacy. With its expertise and influence, AdvaMed Digital Health Tech brings industry stakeholders for meaningful discussions and collaborations.

Rwandan digital health access startup Kasha raises USD 21m Series B to expand across Africa

Kasha, a digital platform that provides last-mile access to healthcare, has successfully raised a Series B funding of USD 21 million. Investments aim to enhance their digital platform and enterprise services, scale Kasha's operations within Kenya, Rwanda, and South Africa, and expand their reach to West Africa by 2023.

Lupin Digital Health partners with ACC to deliver in-home cardiovascular care with DTx

Lupin Digital Health and the American College of Cardiology (ACC) have joined forces to introduce Digital Therapeutics (DTx) for in-home cardiovascular care in India. Lupin Digital Health, the Lyfe platform, aims to equip doctors, patients, and caregivers with tools to effectively manage heart diseases from the comfort of their homes, thereby reducing the need for rehospitalization. ACC utilizes their CardioSmart platform, guidelines, and workbooks as part of this collaboration.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Digital Health Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Digital Health Market, highlighting leading vendors and their innovative profiles. These include Ada Health GmbH, Advanced Data Systems Corporation, American Well Corporation, athenahealth, Inc., Babylon Inc., Cantata Health, LLC, Cisco Systems, Inc., Click Therapeutics, Inc., Cognizant Technology Solutions Corporation, ConcertAI LLC by Symphony Innovation, LLC, DnaNexus, Inc., eClinicalWorks, LLC, Epic Systems Corporation, GE Healthcare, iHealth Labs Inc., International Business Machines Corporation, InterSystems Corporation, Johnson & Johnson Services, Inc., Kasha Global Inc., Koninklijke Philips N.V., Lupin Limited, McKesson Corporation, Medhost, Medtronic PLC, NextGen Healthcare, Inc., Optum, Inc., Oracle Corporation, Qualcomm Incorporated, Siemens Healthineers AG, and Veradigm LLC.

Market Segmentation & Coverage

This research report categorizes the Digital Health Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product
Digital Health Systems
Healthcare Analytics
mHealth
Tele Healthcare
Component
Services
Consulting Services
Design & Integration Services
Maintenance Services
Software
End-User
Healthcare Patient
Healthcare Payers
Healthcare Provider
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year