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

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, growing at a CAGR of 18.6% in the forecast period (2024-2031). 

The digital health market players are using innovative strategies along with collaborations, mergers, and acquisitions deploying ways for enhancing the Healthcare Infrastructure and equipping it with future-ready digital advancements. Cloud computational technology and artificial intelligence (AI) are among the top used technologies among market players to generate high market share and have a competitive edge.  'Allscripts (US) ', 'McKesson Corporation (US) ', 'Apple Inc. (US) ', 'Alphabet Inc. (Google) (US) ', 'Microsoft Corporation (US) ', 'International Business Machines Corporation (IBM) (US) ', 'Athenahealth Inc. (US) ', 'Philips Healthcare (Netherlands) ', 'GE Healthcare (US) ', 'Siemens Healthcare (Germany) ', 'Qualcomm Life Inc. (US) ', 'Teladoc Health Inc. (US) ', 'Epic Systems Corporation (US) ', 'Johnson & Johnson (US) ', 'Agfa-Gevaert Group (Belgium) ', 'Infosys Limited (India) ', 'Wipro Limited (India) ', 'Tata Consultancy Services Limited (India) ', 'ECLINICALWORKS (US) ', 'MY MHEALTH LIMITED (UK)'

The adoption of smartphones, tablets, and PDAs has surged recently, becoming the primary source of internet connectivity in developed regions like North America and Europe. This trend is also rising in emerging areas due to affordable devices and expanding high-speed mobile networks. The widespread use of these mobile platforms significantly drives the digital health market, providing easy access to health apps, telemedicine, and wearable health tech. This technology enables proactive healthcare through remote consultations and real-time health monitoring. 

Rising Demand Spurs Growth in mHealth Services:  The surge in demand to enhance workflow efficiency across clinics, hospitals, and healthcare facilities propels the market for mHealth services. Additionally, continual technological advancements in developing advanced digital solutions, coupled with growing government and commercial initiatives, contribute to overall market expansion. For instance, scientists at the University of Illinois developed a camera to enhance smartphone diagnostic capabilities. In 2020, the mHealth technology sector dominated with the highest revenue share.

In 2023, North America led the market with a substantial revenue share of 38.2%, driven by technological advancements, increased healthcare IT spending to enhance infrastructure, favorable government initiatives, the rise of startups, and a readiness to embrace advanced technological solutions. Additional contributing factors include growing smartphone penetration, improved internet connectivity, and substantial funding opportunities. Furthermore, advancements in coverage networks, the rapid growth of smartphone adoption, an aging population, the prevalence of chronic diseases, and a shortage of primary caregivers also bolstered industry growth.