Digital Health Market
Growth Factors of Digital Health Market
The digital health market size was valued at USD 375.99 billion in 2023, and the market is now projected to grow from USD 452.79 billion in 2024 to USD 1965.30 billion by 2032, exhibiting a CAGR of 23.3% during the forecast period of 2024-2032.
Pandemic has led to a surge in virtual technologies for sickness prognosis and treatment, consisting of teleconsultations. The volume of teleconsultations in the U.S. Accelerated by way of 50% among March and April 2020. Market players like Garmin experienced massive sales growth, with a 25.8% increase in health section revenue in 2020 and a 16.4% boom in 2021. The improved demand for digital solutions helps healthcare technology adoption globally.
Digital equipment adoption is growing in both evolved and developing nations because of substantial use of smartphones and cell structures. Governments are promoting virtual solutions for dealing with sicknesses, consisting of the FCC's $200 million program for telehealth services. During the COVID-19 pandemic, governments launched cell programs like India's Arogya Setu for self-assessment, syndrome mapping, and speak to tracking. Major marketplace players also are that specialize in R&D to expand superior solutions, consisting of Google's Al initiative for healthcare. These initiatives support the adoption of virtual gear in each international locations.
The telecommunication zone, boosted by way of advancements in IoT, 5G, network infrastructure, and synthetic intelligence, affords possibilities for marketplace growth. Health tech enterprise January Al brought a generative AI-enabled app to expect glucose responses to over 32 million meals items, improving patient experience and product demand. Mobile technology and telecommunications have brought about the development of available packages for patients. Telco Systems is launching new telehealth partnerships, strengthening healthcare infrastructure and selling telehealth adoption. Telepresence robots, designed for self-reliant movement, are also being evolved, connecting users to robots thru Wi-Fi. These technological developments are anticipated to create lucrative digital health market growth opportunities.
Comprehensive Analysis of Digital Health Market
The digital health market is divided into mHealth, healthcare analytics, digital health systems, and telehealthcare. The mHealth segment, which accounted for the largest market share in 2022, is driven by the growing focus on well-being, early diagnosis, and routine monitoring. Telehealthcare is expected to experience significant growth due to its advantages, such as reduced waiting time and faster disease diagnosis. The market is divided into services, software, and hardware components. Services dominate due to low costs and expansion of companies providing these services. Software is expected to experience the highest CAGR due to innovative technologies and new product launches. The business-to-business segment is dominant, with collaborations between market players integrating digital technologies for better solutions. The business-to-consumer segment is expected to grow at a higher CAGR due to the increasing launch of technologies like mHealth apps and software.
The North America region lead the digital health market share by benefitting a market size of USD 153.38 billion in 2023 due to adequate compensation rules, high per capita expenditure on superior technology, and growing demand. Fitbit Inc. Launched Fitbit Sense in 2020, a complicated fitness smartwatch designed to manage pressure, providing advanced heart charge monitoring generation, an ECG app, and an on-wrist pores and skin temperature sensor. The smartwatch tracks health trends and provides them through the Health Metrics dashboard.
The digital fitness market is fragmented, with essential players like Cerner Corporation, Apple, Epic Systems Corporation, Huawei, Cisco, and Philips Healthcare dominating. Koninklijke Philips delivered HealthSuite solutions in August 2021, even as other players encompass Doctor on Demand, AthenaHealth, MIDITECH, American Well, MDLIVE, Boston Scientific Corporation, Babylon Health, Teladoc, Polycom, Allscripts, Zoom, Headspace, Livongo Health, Doctolib, Kry, Cure.Fit, and Noom. Their growth is supported through product approvals and strategic choices.
The Peterson Health Technology Institute (PHTI), a nonprofit organization, was launched in July 2023, focusing on independent evaluations of innovative healthcare technologies to enhance health and reduce costs.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 23.3% from 2023-2030
Unit Value (USD Billion)
Segmentation By Product Type, Component, End-User, and Region
By Product Type mHealth
- Disease and Treatment Management Apps
- Wellness Management
- Others
- Body & Temperature Monitors
- Sleep Trackers
- Fitness Trackers
- Glucose Monitors
- BP Monitors
- Cardiac Monitors
- Others
Healthcare Analytics
- Population Health Management
- Clinical Management
- Others
Digital Health Systems
- EMR/EHR
- E-Prescribing Systems
- Others
Telehealthcare
By Component Services
Software
Hardware
By End-User Business to Business
Business to Consumer
By Geography North America (By Product Type, Component, End-User, and Country)
- U.S. (By Component)
- Canada (By Component)
Europe (By Product Type, Component, End-User, and Country)
- U.K. (By Component)
- Germany (By Component)
- France (By Component)
- Italy (By Component)
- Spain (By Component)
- Rest of Europe (By Component)
Asia Pacific (By Product Type, Component, End-User, and Country)
- China (By Component)
- Japan (By Component)
- India (By Component)
- Australia (By Component)
- Southeast Asia (By Component)
- Rest of the Asia Pacific (By Component)
Latin America (By Product Type, Component, End-User, and Country)
- Brazil (By Component)
- Mexico (By Component)
- Rest of Latin America (By Component)
Middle East & Africa (By Product Type, By Component, By End-User, and By Country)
- GCC (By Component)
- South Africa (By Component)
- Rest of the MEA (By Component)
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