USD 178 billion
Digital Health Market Size, Share, Growth Analysis, By Component(Hardware, Software, Services), By Technology(Tele Healthcare (Telecare/Rpm, Activity Monitoring, Remote Medication Management), Telehealth (LTC Monitoring), By Application(Chronic Disease Management, Behavioral Health, Health & Fitness, Other Applications), By End User(Providers (Hospitals & Clinics, Long-Term Care Centers & Assisted Living Centers), Payers (Public, Private)), By Region - Industry Forecast 2024-2031
Report ID:
SQSG35G2001 |
Region:
Global |
Published Date: August, 2024
Pages:
165
|Tables:
64
|Figures:
75
Digital Health Market Insights
The Global Digital Health Market size was valued at USD 178 Billion in 2022 and is poised to grow from USD 211 Billion in 2023 to USD 881 Billion by 2031, at a CAGR of 18.6% over the forecast period (2024–2031).
The digital health market is driven by key factors like growing technological advancements, increased health awareness, and aging population among others. Speedy technological advancements like wearable devices, mobile health applications, AI-enabled diagnostics, and telemedicine platforms are fueling the growth of digital health services. Moreover, the growing geriatric population that need constant health management and rising health awareness among people regarding health and wellness along with the need for proactive and personalized healthcare is surging the adoption of digital health technologies, thereby driving the market. However, the market is hampered by growing privacy and data security concerns and high implementation costs associated with deployment and maintenance of digital health tools. Still, the growing number of wearable devices and expansion of technologies are creating opportunities for the digital health market growth.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
Mobile Health Technology
Fastest Growth
Health Information Technology
Growth Rate
18.6% CAGR
Global Digital Health Market ($ Bn)
Country Share for North America Region (%)
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Digital Health Market Segmental Analysis
The Global Digital Health Market is segmented by Component, Technology, Application, End User, and Region. Based on Component, the market is segmented into Hardware, Software, Services. Based on Technology, the market is segmented into Tele Healthcare (Telecare/Rpm, Activity Monitoring, Remote Medication Management), Telehealth (LTC Monitoring, Video Consultation), Mhealth (Wearables [Vital Signs Monitors, Peak Flow Meters, Fetal Monitors, Sleep Apnea Monitors, Neurological Monitors, Other wearables], Mhealth Apps [Medical Apps, Fitness Apps]), Digital Therapeutics (Preventive Applications, Treatment Applications), Health Management Solutions (Electronic Health Records, Healthcare Analytics, E-prescribing). By Application, the market is segmented into Chronic Disease Management, Behavioral Health, Health & Fitness, and Other Applications. By End User, the market is segmented into Providers (Hospitals & Clinics, Long-Term Care Centers & Assisted Living Centers), Payers (Public, Private), Patients & Consumers. By Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Component
Based on components, the digital health market is categorized into hardware, software and services. The services segment held majority share of the market in the past years and is expected to lead over the estimated period as well owing to increased adoption of telehealth services in the recent years and growing demand for remote monitoring and management services. Telehealth services are increasingly adopted for remote diagnosis, consultations, and virtual care, thus impacting the segmental growth. The growing senior population is aggressively demanding remote monitoring services that offer constant management and monitoring of chronic illnesses, enhancing patient lives, leading to segment growth.
On the other hand, the software segment is expected to hold steady growth in the coming years owing to increasing use of advanced health tech solutions and telemedicine platforms. Recent years have experienced major developments in health IT like EHRs, HIEs, and clinical decision support systems, propelling the segment growth.
Analysis by Technology
Based on technology, the tele healthcare segment dominated the market in the past years and is expected to lead over the forecast period owing to increased accessibility and flexibility and convenience offered by tele healthcare services. Tele healthcare provides remote access to different healthcare services, increasing accessibility in rural locations. Moreover, it offers convenient access to doctors and specialists without traveling long distances to receive medical treatment. These factors are remarkably driving the segment growth.
Conversely, the mHealth segment is anticipated to grow considerably in the forthcoming years owing to increasing penetration of smartphones and the internet. The widespread use of mobile devices and smartphones offers greater convenience to patients for mHealth applications. They streamline accessing health data, track health metrics, and use healthcare services from anywhere. These factors are fueling the segment growth, thus the market growth.
Global Digital Health Market Size By Component
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Digital Health Market Regional Insights
Geographically, the digital health market is dominating in North America due to key factors like advanced healthcare infrastructure and high technology adoption. North America, especially the United States holds a well-established healthcare sector with advanced infrastructure and extensive use of EHRs and several other health techs. The region also has greater levels of innovation and technology adoption with heavy investments in digital health services comprising wearable devices, telehealth, and mobile health applications. These factors are driving the digital health market in the region. Moreover, the presence of most players like Allscripts, McKesson Corp, Cerner Corp, GE HealthCare, Epic Systems, AT&T, and others is impacting the market growth.
Asia-Pacific is projected to be the fastest-growing region among others due to the growing healthcare needs and speedy adoption of digitalization. Ever-increasing population, growing urbanization, and rising cases of chronic illnesses, ultimately demand improved healthcare services. Most nations in Asia-Pacific are witnessing speedy transformation that comprises adoption of digital health tools. This also includes explosive use of mobile health applications, smartphones, and wearable devices. These factors are expected to fuel the digital health market in the coming years.
Global Digital Health Market Size By Region
- Largest
- Fastest
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Digital Health Market Dynamics
Drivers
Integration of Big Data and Artificial Intelligence
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Integration of modernized technologies is significantly impacting nearly every industry, and the healthcare industry is leading among others. The incorporation of big data and artificial intelligence in healthcare allows precise diagnosis, predictive analytics, and personalized treatments by healthcare experts for their patients. This encourages further innovations and improvements in digital health.
Growing Convenience Offered and Enhanced Internet Connectivity
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Increasing shift for on-demand services and higher convenience offered by digital health is driving the use of digital health services. They offer enhanced access to healthcare data and services. Moreover, improved internet infrastructure is another key driver of the digital health market. Growing proliferation of smart devices and smartphones facilitates higher adoption of digital health apps and tools.
Restraints
Technology Integration Concerns and Restricted Interoperability
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Integrating new digital health services with the current electronic health systems and healthcare systems could be resource intensive and challenging. Moreover, lack of interoperability and standardization among different digital health solutions might hamper smooth exchange of health information.
Legal & Ethical Issues and Concerns with Reliability & Data Accuracy
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Potential legal implications and ethical considerations associated with digital health like liability and consent might create obstacles. Moreover, concerns regarding reliability and accuracy of information produced by digital health technologies could negatively impact adoption and trust.
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Digital Health Market Competitive Landscape
Digital health market providers need to focus on maximizing their business scope by reaching into new markets and developing digital health for different industrial and personal uses. Raising new capital to fund their R&D and business expansion efforts will be essential for new digital health companies going forward. The development of custom robots for specific applications across different industry verticals will also help companies expand their sales potential in the future.
Top Player’s Company Profiles
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Allscripts (US)
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Apple Inc. (US)
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Alphabet Inc. (Google) (US)
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Microsoft Corporation (US)
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International Business Machines Corporation (IBM) (US)
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Athenahealth Inc. (US)
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Philips Healthcare (Netherlands)
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GE Healthcare (US)
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Siemens Healthcare (Germany)
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Qualcomm Life Inc. (US)
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Teladoc Health Inc. (US)
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Epic Systems Corporation (US)
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Johnson & Johnson (US)
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Agfa-Gevaert Group (Belgium)
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Infosys Limited (India)
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Wipro Limited (India)
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Tata Consultancy Services Limited (India)
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ECLINICALWORKS (US)
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MY MHEALTH LIMITED (UK)
Recent Developments
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In April 2024, Cohere Health announced a novel capability to improve payer-provider alliance through Epic’s Payer Platform. By using Cohere Health’s AI-enabled prior authorization services, the capability streamlines and accelerates prior authorization requirements by allowing providers direct submission in their electronic health record workflow.
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In July 2024, AliveCor recently announced the launch of InstantQT platform that enables doctors to record point-of-care ECG remotely and evaluate patients for possible cardiac irregularities within a minute.
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In May 2024, Athenahealth announced the accessibility and readiness of athenaOne for Urgent Care and athenaOne for Women’s Health as an element of the company’s initiative to create purpose-built services for specialty medical sites of care and medical practices.
Digital Health Key Market Trends
- Consumerization of Healthcare: The retail healthcare approach is currently being underlined as the future of care. While some patients seek a digital health application-based experience for prescription of diagnosis, it is essential to consider diversity of patients irrespective of age, socio-economic status, and other attributes. Healthcare companies, today, are trying modernized approaches for patient-centricity. This is mainly targeted to the youth and the age group vulnerable to chronic diseases.
Digital Health Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, technological advancements and increased health awareness among a large consumer base are driving the digital health market growth. However, regulatory challenges and high implementation costs could hinder market growth. North America is expected to lead the market due to advanced healthcare infrastructure, strong investment and funding, and high adoption of technology. Moreover, the expansion of telemedicine and the rise of personalized medicine are creating opportunities for the market's growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 178 Billion |
| Market size value in 2031 | USD 881 Billion |
| Growth Rate | 18.6% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered | ’s Company Profiles
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Digital Health Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Digital Health Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Digital Health Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Digital Health Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Digital Health Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Digital Health Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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