Digital Health Market Outlook 2031:
The global digital health market size was valued at USD 211 Billion in 2022 and is projected to reach USD 979.57 Billion by 2031, expanding at a CAGR of 18.6% during the forecast period 2023 - 2031. The market growth is attributed to rising process of digitalization in the healthcare industry and wide spending on development of advanced healthcare infrastructure.
Digital health or healthcare include a range of integrated technology and services that facilitate easy communication process between medical professional and patients or better decision making for treatment. It allows patients to establish easy connection with doctors for various medical advice without the need for visiting hospitals or meeting them personally in clinics.
Moreover, the technology primarily store all information regarding the health issues of a patient and keep personalized data for the patient, which can be easily accessed by doctors whenever needed using the digital platforms. Several equipment, services, and tools including smartphone applications, wearables, telemedicine, and Virtual & Augmented Reality are required to offer effective functioning of the technology.
The digital health sector broadly includes digital care programs, technologies related to healthcare services, and an enhanced system for the healthcare delivery. Moreover, the digital health system allows to improve healthcare service by providing quality solutions and better treatment methods for the overall wellbeing of a patient.
Digital Health Market Trends, Drivers, Restraints, and Opportunities:
- Increasing use of smartphones, tablets, and other online platforms for communication between patients and medical professionals are expected to fuel the market during the forecast period.
- Growing government initiative for expanding the healthcare sector at digital level and rising adoption of digital platforms in hospitals and clinics are projected to drive the market in the coming years.
- Rising number of the global population, growing incidences of life threatening diseases, and increasing demand for advanced healthcare facilities are expected to spur the market during the projected timeline.
- Security and privacy concerns regarding the data of patients, requirement of high capital expenditure, and expensive maintenance are major challenges expected to hamper the market growth.
- Growing healthcare IT infrastructure in industrialized nations is anticipated to provide lucrative opportunities for market players during the forecast period.
Scope of Digital Health Market report:
The report on the global digital health market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Digital Health Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Technology (Telehealthcare, mHealth, Health Analytics, Digital Health Systems, and Others) and Components (Hardware, Software, and Services)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Agfa-Gevaert N.V.; Cerner Corporation; Allscripts Healthcare Solutions, Inc.; McKesson Corporation; Philips Healthcare; GE Healthcare; Siemens Healthineers; and Epic Systems Corporation
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Global Digital Health Market Segment Insights:
Telehealthcare segment is projected to hold large market share
On the basis of technology, the digital health market is segmented into telehealthcare, mHealth, health analytics, digital health systems, and others. The telehealthcare segment is projected to hold large market share during the forecast period owing to increasing demand for efficient management of workflows in healthcare organizations and rising consumption of reliable healthcare technologies.
However, the health analytics segment is anticipated to expand at a significant rate due to the growing demand for the safety of both patients and healthcare providers.
Software segment is anticipated to grow at a significant rate
Based on components, the market is segregated into hardware, software, and services. The software segment is anticipated to grow at a significant rate in the coming years owing to the increasing demand for smartwatches and rising demand for track services providing software.
Furthermore, the rising technological advancements, growing new product launches, and rising research and development activities for advanced software development are some key factors driving the segment.
On the other hand, the services segment is projected to expand at a considerable rate due to the availability of several healthcare applications and growing adoption of advanced services by physicians and patients.
North America is expected to dominate the market share
In terms of regions, the digital health market is categorized as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market share owing to the availability of well-established healthcare sector in the region.
Moreover, the rising disposable income, growing venture capital investments, and increasing health disorders among geriatric population are some key factors anticipated to expand the market in the coming years. The market in Asia Pacific, however, is projected to expand at a significant CAGR during the forecast period due to the growing population, rising urbanization, and increasing demand for remote patient monitoring services in the region.
Segments
The global digital health market has been segmented on the basis of
Technology
- Telehealthcare
- mHealth
- Health Analytics
- Digital Health Systems
- Others
Components
- Hardware
- Software
- Services
Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
Key Players
Competitive Landscape
Key players in the global digital health market are Agfa-Gevaert N.V.; Cerner Corporation; Allscripts Healthcare Solutions, Inc.; McKesson Corporation; Philips Healthcare; GE Healthcare; Siemens Healthineers; and Epic Systems Corporation. The companies are engaged in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
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