Digital Health Market Size, Share, Trends and Growth Report – Global Opportunities & Forecast, 2023-2030
Analysts at GMI Research estimates that the Digital Health Market was worth USD 270.1 billion in 2022, and forecast to touch USD 832.1 billion in 2030, growing at a CAGR of 15.1% from 2023-2030.
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Major Digital Health Market Drivers
Digital health allows the healthcare providers to access health records and develop a diagnosis history, which minimizes the need for duplicate tests and make efficient decisions, which stands to be one of the major factors fuelling the digital health market. Increasing allowances for digital health is also projected to boost the market growth. In accordance with the Mercom Capital Group, Digital health companies raised an allowance of USD 14.8 billion in venture capital (VC) funding during 2020. The allowance was distributed across 40 different digital health categories. Other pivotal factors such as development in healthcare IT infrastructure, increasing expenditure on healthcare, and rising availability of virtual care are projected to bolster the digital health market share.
Further, increasing adoption of cloud-based storage systems by professionals, is another factor proliferating the market growth. Additionally, increasing government support and the enforcement of favorable policies to encourage the adoption of digital health solutions are propelling the market growth. For instance, governments of different countries have encouraged the integration of electronic intensive care units (e-ICU), which helps with remote patient monitoring via two-way cameras, high-speed internet and electronic devices. Other factors, including accelerating geriatric population, increasing healthcare expenditure levels and strategic government programs and increasing research and development funding for healthcare IT, will expand the market growth.
The increasing adoption of digital health solutions across telehealth, clinical decision support, mHealth, and healthcare platforms has strengthened the market size. Moreover, with the sudden outburst of coronavirus, the market is forecast to witness enormous growth opportunities, because of the increasing adoption of telehealth solution by healthcare professionals to avoid in-person contact.
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Technology segment Analysis
mHealth segment is predicted to lead the digital health market, because of the ongoing advancements in technology, growing awareness about the health of technologies, and increasing adoption of mHealth technologies across physicians and patients. The strategic initiatives enforced by the government is driving the segment’s growth. As per the Mercom Capital Group, mHealth Apps emphasized on wellness, fitness, and care & communication raised a funding of USD 1.4 billion in 2020, a 17% rise in funding, as compared to USD 1.2 billion in 2019. Moreover, the emerging trend of preventive healthcare, increasing funding for mHealth startups, accelerating penetration of smartphones, and internet, and increasing availability of mHealth applications, are other factors propelling the market growth.
On the other hand, as per the digital health market analysis, tele-healthcare segment is estimated to hold a larger share over the forecast period, owing to the improvement in internet connectivity, rising smartphone penetration, lack of healthcare providers, increasing availability of tele health applications, and growing adoption of tele-health solutions by patients & physicians.
Component Segment Analysis
Service component is expected to hold a larger CAGR in the Digital Health market over the forecast period, owing to the increasing investment in digital infrastructure across developing nations and growing adoption of wearable devices. The increasing demand for latest software solutions and platforms including electronic medical records and the emerging need for upgradation and training required to operate these software solutions has driven the segment growth.
Software segment is expected to hold a higher share in coming years because of the growing adoption of software systems healthcare facilities, amongst patients, providers, and insurance payers. The increasing healthcare expenditure and increasing trend of healthcare digitalization is contributing to the growth.
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Regional – Segment Analysis:
North America is expected to hold a larger share during the forecast period, because of the increasing globalization, accelerating ageing population, and increasing demand for value-based care. Increasing incidences of chronic diseases including diabetes, and cardiovascular diseases, accelerating number of smartphone users, and innovations in network coverage are projected to boost the market growth. Moreover, the strategic government support and collaboration has encouraged application developer and healthcare vendor to encourage innovations in digital health and develop better digital health solutions, will bolster the market size. Besides this, a significant surge in IT expenditure to advance infrastructure, inclination towards the adoption of advanced technological solutions, strategic government initiatives, and lucrative investment are driving the regional growth.
Asia Pacific is expected to hold a larger share owing to the growing demand for healthcare analytics and advancements in IT infrastructure. Accelerating smartphone penetration and rising demand of activity trackers & wearables, are projected to expand the market. Strategic government support in areas of remote patient supervision to provide cost-effective and accessible services to communities will further strengthen the regional growth.
Top Market Players
Various notable players in the Digital Health market include AT&T Inc., Apple Inc., AirStrip Technologies LP, Alcatel-Lucent Corporation, Cisco Systems, Inc.Cerner Corporation, Symantec Corporation, Aruba Networks, Inc., Qualcomm Technologies, Inc., Samsung Electronics Co., Ltd., NextGen Healthcare, Inc. (QSI Management, LLC), IBM Corporation, Google LLC, among others.
Key Developments:
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- In 2022, Blessing Health System selected Biofourmis to introduce its own home hospital services. Under Rural Home Hospital project, the company will be helping the health system to provide end to end home hospital solution for participation.
- In 2021, Philips acquired BioTelemetry, provider of remote cardiac diagnostic & monitoring. The company planned to expand its product portfolio in the market.
- In 2020, AT&T announced a partnership with LifedMedID and Elo Self-Service Solutions. The partnership aimed to streamline patient registrations and check-in-solution. This strategic alliance extends AT&T’s edge-to-edge digital healthcare solutions to enhance the patient outcome, thereby strengthening its market presence.
- In Nov 2019, Google acquired Fitbit, a wearable company for USD 2.1 billion. With this acquisition, Google aimed to enhance their position in the wearables market with its Wear OS platform.
In May 2019, Apple acquired Asthma-Monitoring Startup Tueo Health to monitor asthma symptoms in sleeping children. With this acquisition, Apple will expand its healthcare tech footprint. - In 2018, Commonwealth Medical Association introduced the Commonwealth Center for Digital Health to encourage the digital health in commonwealth nations.
- In 2018, Hifinite entered into a strategic collaboration with Indie Health to launch the prosed plan to introduce a hiCare 3.0 telehealth and remote monitoring platform at Connected Healthcare Conference.
Segments covered in the Report:
The Global Digital Health market has been segmented based on the technology, component, and region. Based on the technology market is categorized into Tele Healthcare, and mHealth. Based on Tele Healthcare, the market is segmented into Tele-care and Tele-health. Based on the component, the market is segmented into hardware, software, and services.
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Report Coverage |
Details |
Market Revenues (2022) |
USD 270.1 billion |
Market Base Year |
2022 |
Market Forecast Period |
2023-2030 |
Base Year & Forecast Units |
Revenues (USD Billion) |
Market Segment | By Technology, By Component, By Region |
Regional Coverage | Asia Pacific, Europe, North America, and RoW |
Companies Profiled | AT&T Inc., Apple Inc., AirStrip Technologies LP, Alcatel-Lucent Corporation, Cerner Corporation, Symantec Corporation, Aruba Networks, Inc., Cisco Systems, Inc., Qualcomm Technologies, Inc., Samsung Electronics Co., Ltd., NextGen Healthcare, Inc. (QSI Management, LLC), IBM Corporation, Google LLC, among others; A total of 13 Companies Covered. |
25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
Market Segmentation
Global Digital Health Market by Technology
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- Tele Healthcare
- Tele-care
- Activity Monitoring
- Remote Medication Management
- Tele-health
- LTC Monitoring
- Video Consultation
- Tele-care
- mHealth
- Wearables
- BP Monitors
- Glucose Meters
- Pulse Oximeters
- Sleep Apnea Monitors (PSG)
- Neurological Monitors
- Activity Trackers/ Actigraphs
- mHealth Apps
- Medical Apps
- Fitness Apps
- Healthcare Analytics
- Digital Health Systems
- EHR
- E-prescribing Systems
- Wearables
- Tele Healthcare
Global Digital Health Market by Component
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- Hardware
- Software
- Services
Global Digital Health Market by Region
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North America Digital Health Market (Option 1: As a part of the free 25% customization)
- By Technology
- By Component
- US Market All-Up
- Canada Market All-Up
-
Europe Digital Health Market (Option 2: As a part of the free 25% customization)
- By Technology
- By Component
- UK Market All-Up
- Germany Market All-Up
- France Market All-Up
- Spain Market All-Up
- Rest of Europe Market All-Up
-
Asia-Pacific Digital Health Market (Option 3: As a part of the free 25% customization)
- By Technology
- By Component
- China Market All-Up
- India Market All-Up
- Japan Market All-Up
- Rest of APAC Market All-Up
-
RoW Digital Health Market (Option 4: As a part of the free 25% customization)
- By Technology
- By Component
- Brazil Market All-Up
- South Africa Market All-Up
- Saudi Arabia Market All-Up
- UAE Market All-Up
- Rest of world (remaining countries of the LAMEA region) Market All-Up
-
Major Players Operating the Digital Health (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
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- AT&T Inc.
- Apple Inc.
- AirStrip Technologies LP
- Alcatel-Lucent Corporation
- Cerner Corporation
- Symantec Corporation
- Aruba Networks, Inc.
- Cisco Systems, Inc.
- Qualcomm Technologies, Inc.
- Samsung Electronics Co., Ltd.
- NextGen Healthcare, Inc. (QSI Management, LLC)
- IBM Corporation
- Google LLC
Frequently Asked Question About This Report
Digital Health Market [UP809A-00-0620]
Digital health Market is predicted to reach at USD 832.1 Billion by 2030.
The major factors that are driving the growth of the Digital Health market are the increasing penetration of smartphone worldwide, along with the growing adoption of mobile health application, rising adoption of digital healthcare, increasing integration of advanced technologies.
North America is expected to grow at a higher rate during the forecast period owing to the rising prevalence of chronic diseases such as diabetes, and cardiovascular diseases, increasing geriatric population, rapid growth in smartphone users, and network coverage advancement.
The leading market players in Digital health market include AT&T Inc., Apple Inc., AirStrip Technologies LP, Alcatel-Lucent Corporation, Cisco Systems, Inc.Cerner Corporation, Symantec Corporation, Aruba Networks, Inc., Qualcomm Technologies, Inc., Samsung Electronics Co., Ltd., NextGen Healthcare, Inc. (QSI Management, LLC), IBM Corporation, Google LLC, among others.
- Published Date: Nov-2023
- Report Format: Excel/PPT
- Report Code: UP809A-00-0620
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Digital Health Market Size, Share, Trends and Growth Report – Global Opportunities & Forecast, 2023-2030
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