Digital Health Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Digital Health Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global digital health market size reached US$ 353 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,039 Billion by 2028, exhibiting a growth rate (CAGR) of 19.4% during 2023-2028.

Digital health relies on the latest technologies and electronic communication methods to remotely monitor the health update of patients. It includes computing platforms, medical wearables, digital healthcare systems, medical apps, healthcare analytics, and sensors. It helps improve patient care, disease management, and the healthcare experience of individuals. It also assists healthcare professionals in preparing a diagnosis history, minimizing the need for duplicate tests, accessing health records, and making efficient decisions. Besides this, it aids in lowering overall healthcare costs and provides easy management of payment procedures, clinical data, and claims. As a result, the digital health solution is gaining immense traction across the globe.

Digital Health Market Trends:
The growing global geriatric population, along with the rising prevalence of various chronic medical issues, such as diabetes, hypertension, cardiovascular, and neurological disorders, represents one of the key factors positively influencing the market. The increasing occurrence of Alzheimer’s disease, cancer, and numerous long-term care (LTC) conditions is driving the need for digital health solutions for remote patient monitoring despite geographical constraints. In addition, significant developments in the healthcare IT infrastructure and the adoption of cloud-based storage systems are contributing to the market growth. In line with this, the rising internet penetration and shifting consumer reliance on smartphones, tablets, laptops, and personal computers (PCs) are creating a positive outlook for the market. Additionally, the widespread adoption of mHealth apps in the field of radiology, cardiology, and online video consultation for numerous medical problems that require continual medical supervision, is strengthening the market growth. Furthermore, governments of various countries are implementing favorable policies to encourage the adoption of digital health solutions, which is offering a favorable market outlook. For instance, the incorporation of electronic intensive care units (e-ICUs) installed with two-way cameras, high-speed internet, and electronic devices is propelling market growth. Apart from this, ongoing research and development (R&D) activities in the field of telecommunication technologies and medical sciences are anticipated to drive the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global digital health market report, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on type and component.

Breakup by Type:

Telehealth
Medical Wearables
EMR/EHR Systems
Medical Apps
Healthcare Analytics
Others

The telehealth segment currently dominates the market due to the shifting consumer preferences toward tech-driven medical approaches and remote patient monitoring facilities. In addition, telehealth provides real-time health updates and minimizes hospital visits.

Breakup by Component:

Software
Hardware
Service

The services segment accounts for the majority of the market share due to the rising awareness among individuals about the benefits of digital health-related services.

Breakup by Region:

North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

North America enjoys the leading position in the market due to various initiatives undertaken by governing agencies operating in the region.

Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being iHealth Lab Inc., AllScripts Healthcare Solutions Inc., AirStrip Technologies, Qualcomm Technologies, Cerner Corporation, McKesson Corporation, Kininklijke Philips N.V., LifeWatch AG, Biotelemetry Inc., eClinicalWorks, Omron Healthcare, Athenahealth Inc., AT&T, etc.

Key Questions Answered in This Report

1. What was the size of the global digital health market in 2022?
2. What is the expected growth rate of the global digital health market during 2023-2028?
3. What are the key factors driving the global digital health market?
4. What has been the impact of COVID-19 on the global digital health market?
5. What is the breakup of the global digital health market based on the type?
6. What is the breakup of the global digital health market based on the component?
7. What are the key regions in the global digital health market?
8. Who are the key players/companies in the global digital health market?