BURLINGAME, Calif., Feb. 26, 2024 /PRNewswire/ — Coherent Market Insights published a report, titled, Global Digital Health Market, By Technology (Telehealthcare, mHealth, Health Analytics, Digital Health Systems, Telemedicine, and Others), By Component (Software, Hardware, Services, Connected Devices, and Others), By End User (Hospitals & Clinics and Health Insurance Firms), and By Geography: Size, Share, Outlook, and Opportunity Analysis, 2023-2030. According to the report, the global digital health market was valued at US$ 249.97 Bn in 2023 and is expected to reach US$ 815.35 Bn by 2030, growing at a compound annual growth rate (CAGR) of 18.4% from 2023 to 2030.
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Market Dynamics:
The digital health market is witnessing high growth due to the increasing adoption of telemedicine services. Telemedicine is a technology that allows patients to remotely acquire healthcare services, such as consultations with doctors, virtual diagnoses, and remote monitoring of patients. This can significantly improve accessibility to healthcare services, especially for patients in remote areas or those with limited mobility. Telemedicine also reduces healthcare costs, as it eliminates the need for in-person visits and reduces the burden on healthcare infrastructure.
Digital Health Market Report Coverage
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Report Coverage |
Details |
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Market Revenue in 2023 |
$249.97 billion |
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Estimated Value by 2030 |
$815.35 billion |
|
Growth Rate |
Poised to grow at a CAGR of 18.4% |
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Historical Data |
2018–2021 |
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Forecast Period |
2023–2030 |
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Forecast Units |
Value (USD Million/Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Technology, By Component, By End User |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Restraints & Challenges |
• Lack of Awareness in Developing Nations |
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Growth Drivers |
• Growing Geriatric Population • Rising Investment in Telehealth and Telemedicine |
Another driver contributing to the growth of the digital health market is the rising popularity of wearable devices. Wearable devices, such as smartwatches and fitness trackers, are equipped with sensors that monitor various health parameters, including heart rate, sleep patterns, and physical activities. These devices provide real-time data to individuals and healthcare providers, enabling them to track and manage their health effectively. The convenience and personalized insights offered by wearable devices are boosting their adoption among consumers.
Market Trends:
One of the key trends in the digital health market is the integration of artificial intelligence (AI) in healthcare technologies. AI has the potential to revolutionize healthcare by enabling predictive analytics, personalized medicine, and efficient diagnosis of diseases. AI algorithms can analyze massive amounts of healthcare data and provide valuable insights that can aid healthcare professionals in making accurate diagnoses and developing effective treatment plans.
Another trend in the digital health market is the increasing focus on data security and privacy. As digital health technologies collect and store sensitive patient data, ensuring the security and privacy of this information is of utmost importance. Healthcare organizations are adopting advanced security measures, such as encryption techniques and secure cloud storage, to protect patient data from unauthorized access or cyber-attacks. Additionally, there is a growing emphasis on compliance with data protection regulations to maintain patient trust and confidence.
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Market Opportunities
Telehealthcare technology is expected to hold a dominant position in the digital health market. With the increasing adoption of telehealthcare solutions, it is anticipated that the market will witness a significant growth rate during the forecast period of 2023-2030. Telehealthcare enables remote diagnosis, monitoring, and consultation using telecommunications technology. This technology is particularly beneficial for individuals who live in remote areas with limited access to healthcare services.
Software is projected to be the dominating component in the digital health market. The increasing demand for electronic health records (EHR) systems, telemedicine platforms, and other healthcare software applications is driving the growth of this segment. The software component provides healthcare professionals with the necessary tools to manage patient data, track treatment progress, and enhance overall efficiency in healthcare delivery.
Recent Development:
On September 5, 2023, Apollo Telehealth, a medical center in Hyderabad, India, launched tele-emergency, ICU services at nine NTPC plants
On September 1, 2022, RxDefine, an engagement platform dedicated to educating and empowering healthcare consumers and healthcare practioners, announced the launch of RxTelehealth, its telehealth solution for life sciences brands
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Market Takeaways
Key Market Takeaways: Digital Health Market is anticipated to witness a CAGR of 18.4% during the forecast period 2023-2030, owing to the increasing adoption of telehealthcare and software solutions in the healthcare industry.
On the basis of Technology, the Telehealthcare segment is expected to hold a dominant position. Telehealthcare provides a convenient and cost-effective way for patients to engage with healthcare providers, resulting in increased access to healthcare services. The ability to remotely monitor patients and provide remote consultations has proven to be invaluable, especially during times of crisis such as the COVID-19 pandemic.
On the basis of Component, the Software segment is expected to dominate the market. The software component offers various applications and platforms that enable healthcare organizations to streamline their operations, enhance patient care, and improve overall efficiency. The demand for electronic health records (EHR) systems, telemedicine platforms, and health analytics software is expected to drive the growth of this segment.
On the basis of End User, Hospitals & Clinics are anticipated to dominate the digital health market. As healthcare providers continue to embrace digital solutions to improve patient care and reduce costs, hospitals and clinics are increasingly adopting telehealthcare, health analytics, and digital health systems. These technologies enable healthcare professionals to provide remote care and monitor patient health, resulting in improved outcomes and increased patient satisfaction.
In terms of Region, North America is expected to hold a dominant position over the forecast period. The region’s advanced healthcare infrastructure, increased adoption of digital technologies, and favorable government initiatives contribute to its leadership in the digital health market. The presence of key players and ongoing technological advancements further propel the growth of this market in North America.
Key players operating in the Digital Health Market include Teladoc Health, American Well Corporation, Doctor on Demand, and MDLIVE. These companies offer a wide range of telehealthcare, telemedicine, and digital health solutions. They play a significant role in driving market growth through product innovation, strategic partnerships, and geographic expansions.
Overall, the Digital Health Market presents significant opportunities for telehealthcare technology and software components. The increasing adoption of these technologies, along with the dominance of hospitals and clinics as end users, contribute to the rapid growth of this market. North America continues to lead the market, supported by key players that are driving innovation and expansion in the industry.
Read complete market research report, “Global Digital Health Market, By Technology, By Component, By End User, By Geography, Market Size And Share Analysis – Growth Trends And Forecasts 2023-2030“, Published by Coherent Market Insights.
Market Segmentation:
By Technology:
- Telehealthcare
- mHealth
- Health Analytics
- Digital Health Systems
- Telemedicine
- Others
By Component:
- Software
- Hardware
- Services
- Connected Devices
- Others
By End User:
- Hospitals & Clinics
- Health Insurance Firms
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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