Digital Health - Market Insights, Competitive Landscape, and Market Forecast - 2030

Digital Health - Market Insights, Competitive Landscape, and Market Forecast - 2030

Digital Health Market by Component (Hardware, Software, and Services), Technology (Tele Healthcare, M-Health, Healthcare Analytics, and Digital Health Systems), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) is expected to grow at a steady CAGR forecast till 2030 owing to the increasing demand for digital health particularly for medical conditions necessitating regular check-ups such as chronic conditions, mental health disorders, pediatric care, dermatological conditions, and others, rising demand for AI in the healthcare industry, growing awareness and adoption of digital healthcare, and rise in the government initiatives in promoting digital health to provide increased access among the patient population, growing demand for remote patient monitoring and mobile health applications across the globe.

The digital health market was valued at USD 178.37 billion and is estimated to grow at a CAGR of 18.25% during the forecast period from 2024 to 2030 to reach USD 486.55 billion by 2030. The increase in AI-powered algorithms which help in analyzing large datasets to identify patterns and insights that aid in early disease detection and intervention is boosting the market of digital health. Additionally, the increasing medical conditions necessitating regular check-ups probably escalate the market of digital health as regular therapy sessions, psychiatric consultations, children requiring frequent health check-ups for vaccinations, growth monitoring, and skin conditions often need ongoing evaluation and treatment adjustments which increases the demand for digital health. Furthermore, the increase in mobile health applications promoting proactive healthcare management, reducing emergency room visits, and lowering healthcare costs associated with chronic disease management further propels the market. Additionally, government initiatives including the launch of national telehealth programs, subsidizing digital health solutions for underserved populations, and promoting interoperability standards for health information exchange collectively boost the digital health market, during the forecast period from 2024 to 2030.

Digital Health Market Dynamics:

According to the recent data provided by the National Coordinator for Health Information Technology (ONC), in 2021, approximately 78% of office-based physicians and 96% of non-federal acute care hospitals had implemented certified electronic health records (EHR).

Additionally, as per the latest OECD 2021 report, many Organization for Economic Co-operation and Development (OECD) countries are implementing electronic medical records (EMRs) in hospitals or physicians’ offices for their patients. As per the report in 2023, on average 93% of primary care practices use EMRs across 24 OECD countries. Also, in 15 OECD countries, all primary care practices use EMRs, while in Japan only 42% use them. Thus, the widespread adoption of electronic medical records (EMRs) across countries can boost the market for digital health by increasing familiarity and comfort with digital healthcare technologies among healthcare providers and patients alike during the forecast period.

Furthermore, the widespread increase in medical conditions that require regular monitoring and health checkups also plays a pivotal role in escalating the market of digital health. According to recent data provided by GLOBOCAN, in 2022 estimated new number of cancer cases was 20 million, and the projection is estimated to increase to 32.6 million by 2045.

Additionally, as per the recent data provided by the World Health Organization (2023), depression affects an estimated 3.8% of people worldwide, including 5% of adults (4% of men and 6% of women) and 5.7% of those aged 60 and above. Globally, about 280 million people live with depression. The incidence of depression is approximately 50% higher in women compared to men. Moreover, more than 10% of women during pregnancy and postpartum face depression.

Therefore, the growing prevalence of chronic conditions and mental disorders significantly boosts the digital health market by driving demand for continuous, accessible, and efficient healthcare services. Chronic conditions like cancer, diabetes, and chronic pain often require regular monitoring and management, which digital health facilitates through remote consultations and telemonitoring. Similarly, mental health disorders such as depression, anxiety, and bipolar disorder benefit from digital health's ability to provide consistent access to therapy and psychiatric consultations, reducing barriers to timely care. This increased reliance on digital health for managing chronic conditions and mental disorders is accelerating the adoption and expansion of digital health services, making it a vital component of modern healthcare systems.

According to studies conducted by key global market leaders, in 2022, the Google Play Store offered approximately 54,546 healthcare and medical apps. The number of m-Health apps available to Android users on the platform steadily increased from the beginning of 2020 to the end of 2021, peaking at over 65,300 apps in the last quarter of 2021.

Additionally, according to the various studies done by global key market players states that in 2022, there were 54,546 healthcare and medical apps available on the Google Play Store. Between the beginning of 2020 and the end of 2021, the number of mHealth apps available to Android users via the Google Play Store kept growing, reaching over 65,300 thousand during the last quarter of 2021. This growth reflects a rising trend towards mobile health (mHealth) solutions, catering to diverse healthcare needs directly through smartphones and tablets. This accessibility not only enhances patient engagement and self-management but also fosters innovation among developers and healthcare providers seeking to deliver more personalized and accessible care thereby boosting the market of digital health.

Additionally, the increase in launches on various platforms associated with digital health is further boosting the market across the globe. For instance, in March 2022, OncoHealth launched Iris™, a new consumer platform that brought digital Digital Health services to people with cancer. Iris™ by OncoHealth combines human-centered design, mobile technology, data, empathy, and specially trained oncology experts to deliver personalized, oncology-specific, 24×7 Digital Health support to patients and their families facing cancer.

Additionally, the increase in launches on various platforms associated with Digital Health is further boosting the market across the globe. For instance, in April 2022, Vital Start Health, a University of Pennsylvania startup and Microsoft for Startups member launched COURAGETM, a next-generation, multi-lingual platform offering comprehensive coaching and psychotherapy for maternal well-being throughout pre-pregnancy, pregnancy, and postpartum stages.

However, privacy concerns such as data integrity and lack of awareness among the population living in remote areas may hinder the future market of digital health.

Digital Health Market Segment Analysis:

Digital Health Market by Component (Hardware, Software, and Services), Technology (Tele Healthcare, M-Health, Healthcare Analytics, and Digital Health Systems), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the technology segment of the digital health market, the M-Health category is estimated to have a significant revenue share in the digital health market in 2023. Mobile health (mHealth) is playing a pivotal role in driving the overall growth of the digital health market by leveraging the ubiquity and capabilities of mobile devices to provide accessible, efficient, and personalized healthcare solutions. Mobile devices are widespread, with billions of people owning smartphones and tablets. mHealth apps can reach a vast audience, making healthcare services accessible to a larger population, including those in remote or underserved areas. mHealth apps continuously collect health data, providing valuable insights into patient behaviors, treatment efficacy, and health trends. This data can be used by healthcare providers to make informed decisions and tailor treatments to individual needs.

Additionally, some of the top artificial intelligence-based healthcare mobile apps used globally are Noom an AI-based healthcare app that is designed for people interested in living a healthy life with less body fat, Buoy an AI-based intelligent symptom checker that uses next-generation technology and listens and assists the person to make sense of symptoms as well as clarify your options for care, SkinVision a regulated medical service that gives the user greater control over the condition of their skin, and many others. With technological advancement, AI apps in the healthcare market are anticipated to have greater and more compelling applications in the future which will further boost the market of digital health. Similarly, the data generated from the M-Health apps can enhance data accessibility and assist medical practitioners in taking the appropriate precautions to avoid sickness and disease.

Furthermore, improving the technology in M-Health across the world via key market players is further boosting the market of digital health. For instance, in December 2023, Samsung announced a new medication tracking feature for the Samsung Health App to help people better understand and manage their health.

Therefore, owing to the above-mentioned factors, the M-Heath category is expected to generate considerable revenue thereby pushing the overall growth of the global digital health market during the forecast period.

North America is expected to dominate the overall digital health market:

North America is expected to account for the highest proportion of the digital health market in 2023, out of all regions. This can be ascribed to the increasing demand for digital health among the physicians and patients in the region, the increasing patient pool suffering from chronic diseases and other medical conditions that require frequent checkups and monitoring, the rising demand for remote patient monitoring and telemedicine, the presence of key market players among the key factors that contribute to the growth of the digital health market in North America.

According to the recent data provided by the Centre for Disease Control and Prevention, in 2021, approximately, 88.2% of office-based physicians utilize an EMR/EHR system, with 77.8% employing a certified EMR/EHR system in the United States. This widespread integration of electronic health records highlights a strong acceptance and reliance on digital tools in healthcare which consequently creates significant opportunities for further innovation and investment in digital health technologies, such as telehealth services, M-Health applications, and AI-driven healthcare solutions which further propels the market in the region.

Furthermore, according to the recent data provided by the World Bank Group, in 2022, mobile cellular subscriptions per 100 people were 108 in North America, 110 in the United States, 100 in Mexico, and 91 in Canada. This widespread mobile connectivity enables greater access to M-Health applications, telehealth services, and remote patient monitoring, facilitating continuous and convenient healthcare management. As more people use mobile devices, the demand for innovative digital health solutions will grow, driving market expansion and enhancing the overall healthcare experience across the region.

Additionally, the increasing number of chronic diseases and medical conditions that require regular monitoring is also promoting the market of digital health across the region. According to recent data from the GLOBOCAN, in 2022, North America saw an estimated 2.67 million new cases of cancer, with forecasts indicating a rise to 3.83 million by 2045. As per the same source, in Canada, the number of new cancer cases was around 292,000 in 2022, projected to reach 449,000 by 2045. Meanwhile, in Mexico, there were approximately 207,000 new cases of cancer in 2022, expected to increase to 360,000 by 2045. Thus, digital health provides cancer patients and survivors with convenient access to remote consultations, monitoring, and supportive care from home, benefiting those in rural areas with limited access to specialized oncology centers. It enables multidisciplinary collaboration among healthcare professionals, ensuring comprehensive and coordinated care plans thereby boosting the market of digital health.

According to the recent facts provided by the Policy Centre for Maternal Mental Health United States, in 2023, approximately 96% of birthing-aged women live in areas with a shortage of maternal mental health professionals. 70% of counties lack sufficient maternal mental health resources, with nearly 700 counties at high risk for maternal mental health disorders and over 150 counties in the Maternal Mental Health Dark Zone, characterized by both high risk and significant resource gaps. Hence, the concurrent rise in maternal mental health cases is driving the expansion of the Digital Health market within the region. For instance, in April 2024, Curio’s MamaLift Plus™, the first digital therapeutic for maternal mental health was approved by the FDA. Thus, approved products can influence health policy, leading to the inclusion of these treatments in standard care guidelines and protocols thereby boosting the market in the region.

Along with the presence of a large patient pool in the country, the increasing focus of manufacturers on launching new products in the market is expected to bolster the growth of the Digital Health market in the United States during the forecast period. For example, in March 2021, Abbott announced the U.S. launch of NeuroSphere™ Virtual Clinic, a first-of-its-kind technology that allows patients to communicate with physicians, ensure proper settings and functionality, and receive new treatment settings remotely as needed. Approved by the U.S. Food and Drug Administration, the NeuroSphere Virtual Clinic has the potential to increase access to optimal treatment for patients suffering from chronic pain or movement disorders who don't live close to a care provider, have difficulty accessing care, or are unable to go to the doctor

Therefore, the above-mentioned factors are expected to bolster the growth of the Digital Health market in the United States during the forecast period.

Digital Health Market Key Players:

Some of the key market players operating in the Digital Health market include Siemens Healthcare Private Limited, Cisco Systems, Inc., Oracle Cerner, Altera Digital Health Inc., Telefonica, Epic, AT&T, AmerisourceBergen, Candela Corporation., GE Healthcare, Samsung Health, MCKESSON CORPORATION, AliveCor, Inc., Acurable, Amwell, OMRON Healthcare, Inc., Apple Inc., SoftServe, AirStrip Technologies, Inc, Epic Systems Corporation, and others.

Recent Developmental Activities in the Digital Health Market:

In July 2022, AmerisourceBergen launched the digital therapeutics platform for facilitating access to innovative products. The DTx Connect is a fully integrated ordering, dispensing, and fulfillment platform that aims to facilitate patient access to physician-ordered digital therapeutics and diagnostics.

In July 2022, Amazon planned to acquire One Medical Company to launch a digital health platform.

In March 2022, GE Healthcare announced that it had dug into digital health with the platform launch of its new Edison platform for various healthcare organizations.

In March 2022, Moroccan health tech startup, DabaDoc, and Orange, the French multinational telecommunications corporation, joined forces to launch DabaDoc Consult, a brand new service allowing the African diaspora residing in Europe and the United States to instantly offer a video medical consultation to their relatives living in their country of origin.

Key Takeaways From the Digital Health Market Report Study:

Market size analysis for current digital health size (2023), and market forecast for 6 years (2024 to 2030)

Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years

Key companies dominating the digital health market.

Various opportunities available for the other competitors in the digital health market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current digital health market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for digital health market growth in the coming future?

Target Audience who can be Benefited From This Digital Health Market Report Study:

Digital Health product providers

Research organizations and consulting companies

Digital health-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and traders dealing in digital health

Various end-users who want to know more about the digital health market and the latest technological developments in the digital health market.
 
Frequently Asked Questions for the Digital Health Market:

1. What is digital health?

Digital health can be defined as the integration of information technology and electronic communication with various healthcare processes.

2. What is the market for digital health?

The digital health market was valued at USD 178.37 billion and is estimated to grow at a CAGR of 18.25% during the forecast period from 2024 to 2030 to reach USD 486.55 billion by 2030.

3. What are the drivers for the digital health market?

The increase in AI-powered algorithms which help in analyzing large datasets to identify patterns and insights that aid in early disease detection and intervention is boosting the market of digital health. Additionally, the increasing medical conditions necessitating regular check-ups probably escalate the market of digital health as regular therapy sessions, psychiatric consultations, children requiring frequent health check-ups for vaccinations, growth monitoring, and skin conditions often need ongoing evaluation and treatment adjustments which increases the demand for digital health. Furthermore, the increase in mobile health applications promoting proactive healthcare management, reducing emergency room visits, and lowering healthcare costs associated with chronic disease management further propels the market. Additionally, government initiatives including the launch of national telehealth programs, subsidizing digital health solutions for underserved populations, and promoting interoperability standards for health information exchange collectively boost the digital health market, during the forecast period from 2024 to 2030.

4. Who are the key players operating in the digital health market?

Some of the key market players operating in the Digital Health market include Siemens Healthcare Private Limited, Cisco Systems, Inc., Oracle Cerner, Altera Digital Health Inc., Telefonica, Epic, AT&T, AmerisourceBergen, Candela Corporation., GE Healthcare, Samsung Health, MCKESSON CORPORATION, AliveCor, Inc., Acurable, Amwell, OMRON Healthcare, Inc., Apple Inc., SoftServe, AirStrip Technologies, Inc, Epic Systems Corporation, and others.

5. Which region has the highest share in the digital health market?

North America is expected to account for the highest proportion of the digital health market in 2023, out of all regions. This can be ascribed to the increasing demand for digital health among the physicians and patients in the region, the increasing patient pool suffering from chronic diseases and other medical conditions that require frequent check-ups and monitoring, the rising demand for remote patient monitoring and telemedicine, the presence of key market players among the key factors that contribute to the growth of the digital health market in North America.