According to Prophecy Market Insights Digital Health Market accounted for S$ 94.5 billion in 2020 and is estimated to be US$ 281.1 billion by 2030 and is anticipated to register a CAGR of 11.5%.
Digital health helps to track, manage and improve the healthcare facilities and includes categories such as mobile health, wearable devices, telehealth, information technology, personalized medicine and telemedicine. The digital health market also reduces the costs of treatment due to personalized and precise medicine which in turn, facilitated the Digital Health Market growth.
Growing prevalence of chronic diseases due to unhealthy lifestyle and consumption of processed food has provided lucrative opportunities in market growth. Adoption of digital technologies such as tablets, smartphones across globe has further, driven the Digital Health market growth. Government initiative in expanding digitalization across healthcare sector is expected to fuel the demand for Digital Health market growth in coming years.
The digital health market refers to the application of digital technologies and solutions in the healthcare industry. It encompasses a wide range of technologies, including telemedicine, wearable devices, mobile health apps, artificial intelligence, and electronic health records, among others. The goal of digital health is to leverage technology to improve patient care, enhance healthcare delivery, and empower individuals to take an active role in managing their health.
Prominent players:
- The key players operating in the global market of Digital Health include
- Allscripts Health Solutions, Inc
- McKesson Corporation
- Cerner Corporation
- Siemens Healthineers
- GE Healthcare
- Koninklijke Philips N.V.
- Qualcomm Inc.
- Proteus Digital Health, Inc
- Athenahealth, Inc.
- Cisco Systems.
Key Highlights:
- In March 2023, Fujitsu launched new cloud-based platform for healthcare sector in Japan which help the user to allow securely to collect data and to leverage health-related data for promoting digital transformation in medical sector.
- In July 2020, DayToDay Health launched new digital healthcare platform for new Smiles Institute of Coloproctology, Bengaluru. New launched platform educates and enable care-giver of patients to address the requirement of patients more effectively.
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Detailed Segmentation analysis of Digital Health Market:
Segmentation analysis of the digital health market involves dividing the market into distinct segments based on various factors such as product type, technology, end-user, and geography. Here is a typical segmentation analysis of the digital health market:
Product Type:
- Healthcare Information Systems: Electronic Health Records (EHR), Computerized Physician Order Entry (CPOE), Clinical Decision Support Systems (CDSS), Telehealth Solutions, and others.
- Wearable Devices: Fitness and Wellness Devices, Remote Patient Monitoring (RPM) Devices, and others.
- Digital Therapeutics: Mobile Apps, Software Programs, and others.
- Healthcare Analytics: Big Data Analytics, Predictive Analytics, and others.
Technology:
- mHealth (Mobile Health): Mobile Apps, Wearable Devices, and others.
- EHR/EMR (Electronic Health Records/Electronic Medical Records) Systems.
- Telehealth and Telemedicine Solutions.
- Health Information Exchange (HIE) Systems.
- Artificial Intelligence (AI) and Machine Learning (ML) Solutions.
- Blockchain Technology in Healthcare.
End-User:
- Hospitals and Clinics.
- Diagnostic Laboratories.
- Patients and Individuals.
- Healthcare Payers (Insurance Companies).
Geography:
- North America (United States, Canada, and Mexico).
- Europe (United Kingdom, Germany, France, Italy, Spain, and others).
- Asia Pacific (China, India, Japan, South Korea, Australia, and others).
- Latin America (Brazil, Mexico, Argentina, and others).
- Middle East and Africa.
These segments provide a framework for analyzing the digital health market, understanding the specific needs and preferences of different customer groups, and tailoring products and services accordingly. It helps stakeholders identify growth opportunities, assess market potential, and devise effective marketing and business strategies.
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Digital Health Market growing factor:
There are several growing factors contributing to the expansion of the digital health market. These factors include:
Increasing Adoption of Digital Technologies: There has been a significant rise in the adoption of digital technologies across various industries, including healthcare. The proliferation of smartphones, wearable devices, and internet connectivity has created a conducive environment for the growth of digital health solutions. Patients and healthcare providers are increasingly embracing digital tools for improved access to healthcare services, remote monitoring, and self-management of health conditions.
Advancements in Healthcare Information Systems: Healthcare information systems, such as electronic health records (EHR) and clinical decision support systems (CDSS), have undergone substantial advancements. These systems enable efficient storage, retrieval, and sharing of patient data, leading to enhanced clinical decision-making, care coordination, and patient engagement. The integration of digital health solutions with existing healthcare information systems has facilitated the seamless exchange of health information, contributing to the growth of the market.
Demand for Remote and Telehealth Services: The need for remote healthcare services has been accentuated by factors such as limited access to healthcare facilities, an aging population, and the ongoing COVID-19 pandemic. Telehealth solutions, including video consultations, remote monitoring, and virtual care platforms, have gained traction as viable alternatives to in-person visits. These digital health solutions enable healthcare providers to deliver care remotely, expand their reach, and improve patient outcomes, thereby driving market growth.
Emphasis on Data Analytics and Artificial Intelligence: The growing volume of healthcare data has led to increased focus on data analytics and artificial intelligence (AI) in the digital health industry. AI algorithms can analyze large datasets to identify patterns, predict outcomes, and assist in clinical decision-making. Healthcare organizations are leveraging AI and machine learning techniques to improve diagnostics, personalize treatment plans, and optimize healthcare operations. The integration of data analytics and AI capabilities within digital health solutions is a significant driver of market growth.
Analyst View on Digital Health Market:
Presence of major key players and strategic partnerships to expand the business growth has become a key factor in market growth. Technological innovation with emergence of 4G/5G and growing prevalence of chronic diseases is anticipated to increase the demand for Digital Health market growth over the forecast period.
| Attributes
|
Details |
| Digital Health Market Value (2020)
|
US$ 94.5 billion |
| Digital Health Market Projected Value (2030)
|
US$ 281.1 Billion |
| Digital Health Market CAGR (2020-2030)
|
11.5%. |
| Segments Covered | By Type , Application, By Region |
| Geographies Covered
|
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Report Covered
|
Trends, Analysis ,Forecast, Drivers,
Opportunities |
| Opportunities | · Telehealth and Telemedicine
· Mobile Health (mHealth) Applications
· Wearable Devices and Remote Monitoring · Blockchain in Healthcare |
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