The global digital health market size is anticipated to reach $946-billion by 2030 and it is projected to grow at a CAGR of 21,9% from 2024 to 2030, according to a new report by Grand View Research.
The market growth driven by various factors, including the proliferation of smartphones, advancements in internet connectivity, the development of IT infrastructure, increasing healthcare IT expenditures, overburdened healthcare facilities, a growing shortage of healthcare providers, rising demand for remote patient monitoring services, escalating medical costs, improved accessibility of virtual care services, and the increasing prevalence of chronic diseases.
This growth is further propelled by the ongoing trend of digitalization in healthcare. This trend finds support in expanding public-private partnerships, emerging startups in the healthcare sector, and favorable initiatives undertaken by governments to promote digital health solutions.
Digital health encompasses diverse technologies such as telehealth services, health information technology, and mobile health (mHealth) to enhance communication within healthcare systems, fostering improved interactions between doctors and patients.
The relevance of digital health technology has grown significantly, especially during the Covid-19 pandemic. These contemporary solutions enhance the patient-doctor relationship and extend preventive disease strategies. Furthermore, they contribute to a shift in healthcare towards value-based treatment, amplifying the accessibility of health information for both patients and healthcare providers.
Furthermore, integrating wearable devices into healthcare reshapes how individuals manage their health. Wearables like fitness trackers and smartwatches enable continuous monitoring of vital signs, physical activity, and other health metrics.
This real-time data empowers individuals to take a proactive role in their well-being and allows healthcare providers to offer personalized preventive care. Companies such as Apple and Fitbit exemplify the success of wearables in the digital health market, emphasising the fusion of technology and health monitoring.
Many nations have adopted telemedicine, remote monitoring platforms, and telehealth services to enable physical interactions among physicians and the patient population. Therefore, digital health industry experienced a boost in terms of revenue in 2020-2021 and is expected to maintain an upward trajectory in the projected technology life cycle.
Government initiatives to promote global digitalisation in the healthcare sector are playing a significant role in propelling the market’s growth.
The digital health industry is a dynamic space where both established entities and startups compete for prominence, driven by the prospect of improving healthcare accessibility, affordability, and outcomes. Tech and healthcare giants are making ventures into this industry, coexisting with emerging local startups that address specific regional needs, attracting global investment.
The growth of AI-powered solutions for patient monitoring and personalized care is evident, with the increasing involvement of healthcare professionals in their development and adoption. Moreover, various players are actively adopting strategies such as mergers, acquisitions, collaboration, partnerships, and product launches to maintain a competitive edge.
Highlights from the digital health market report include:
* Based on component, the services segment accounted for largest revenue share in 2023, owing to the growing demand for services, such as installation, staffing, training, maintenance, and other services.
* Based on technology, the tele-healthcare segment led the market with the largest revenue share of 43,2% in 2023, due to increasing preference for remote patient monitoring services and shortage of healthcare professionals.
* Based on the application, the diabetes segment led the market with the largest share of 24,3% in 2023 and is expected to register the fastest CAGR 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 of 34,1% in 2023 and is expected to witness the fastest CAGR during the forecast period.
* North America dominated the market with a revenue share of 38,2% in 2023 due to the rapidly developing healthcare IT infrastructure, emergence of startups, growing funding options, and improving technological literacy.