The global digital health market size is expected to reach $780,49-billion by 2030, registering a CAGR of 18,3% from 2024 to 2030, according to a new report by Grand View Research.
Growing smartphone penetration, advancements in internet connectivity, developing IT infrastructure, rising healthcare IT expenses, overburdened healthcare facilities, a growing shortage of healthcare providers, increasing demand for remote patient monitoring services, rising medical expenses, increasing accessibility of virtual care services, and growing prevalence of chronic diseases are driving market growth.
The growing trend of digitalisation of healthcare is being supported by growth in public-private partnerships, emergence of startups, and favourable government initiatives.
Smartphones have evolved from devices of communication and entertainment to devices that can monitor health and fitness. Mobile applications for smartphones have made life easy by making it convenient to perform daily activities. Some companies are developing Chatbot services for one-time consultations or basic medical inquiries.
In addition, with the widespread use of smartphones and availability of advanced technology, investors are investing in developing innovative solutions for delivering high-quality healthcare and convenience to patients through mobile platforms. These platforms enable patients to monitor their fitness routines and get medical advice through mobile applications, phone calls, or WhatsApp messaging.
Several apps have been introduced globally, allowing patients to book appointments, track their medical consultations and prescriptions, and store their health-related data throughout their treatment process.
Furthermore, mHealth apps are prescribed by physicians for self-management of chronic illnesses, such as diabetes. The availability of such apps on smartphones makes it easier for healthcare professionals to access patient information and diagnose diseases. Increasing availability of mHealth apps and rising number of providers of wellness and fitness applications are driving product demand.
Highlights from the Digital Health Market report include:
* The digital health market size is estimated to be $780,49-billion by 2030 owing to improving internet coverage, growing chronic disease prevalence, increasing smartphone penetration, growing demand for virtual care, and increasing accessibility to healthcare.
* The tele-healthcare segment dominated the market with revenue share of 43,2% in 2023 due to increasing preference for remote patient monitoring services and shortage of healthcare professionals.
* Based on the component, the services segment dominated the global market with largest revenue share in 2023, due to the growing demand for pre-installation and post-installation services.
* Based on the application, the diabetes segment dominated the market with the largest share in 2023 and is expected to register the fastest growth over the forecast period. The obesity segment is the second largest in applications of the digital health market.
* Based on the end-use, the patient segment held the largest market share in 2023 and is expected to witness the fastest growth from 2024 to 2030.
* North America dominated the market with a revenue share of 43,9% in 2023 due to the rapidly developing healthcare IT infrastructure, emergence of startups, growing funding options, and improving technological literacy.