Digital Health Market Size, Share, Forecast & Trends by 2030

[Research Report] The digital health market is expected to grow from US$ 306,443.04 million in 2022 to US$ 1,909,524.56 million by 2030; the market is estimated to register a CAGR of 25.7% from 2022 to 2030.

Analyst’s Viewpoint:

The digital health market forecast can help stakeholders in this marketplace plan their growth strategies. Factors such as growth of the digital health market are increasing internet connectivity and smart device penetration, rising government regulatory support and policy initiatives, and technological development in healthcare IT infrastructure propel the digital health market growth. However, the safety concerns associated with data and privacy breaches hinder market growth.

Digital health entails using information and communication technology in the healthcare industry to manage chronic diseases remotely. The digital health market encompasses mobile health (mHealth), wearable devices, telehealth and telemedicine, health information technology (IT), and customized medicine. It provides various services to consumers, including early identification of life-threatening diseases and chronic illness management. Benefits offered by digital health will positively impact the digital health market size

Market Insights:

Rising Government Regulatory Support and Policy Initiatives to Drive Digital Health Market Growth

Regulatory support and government initiatives are crucial in shaping and advancing digital health. These efforts encompass various policies, regulations, funding mechanisms, and strategic initiatives to improve the adoption, integration, and effectiveness of digital health solutions. For instance, the US Agency for International Development (USAID) envisions utilizing digital technologies to enable individuals to access crucial information and services, leading to healthy and prosperous living. The agency has designed a dedicated policy guideline, "Vision for Action in Digital Health," which directs its investments in digital technologies supporting health programs in partner countries. Similarly, in 2022, the Government of India launched the Ayushman Bharat Digital Health Mission (ABDM) to create a digital health ecosystem. Similarly, in October 2021, the French government invested over US$ 650 million to enhance its national digital health infrastructure.

Moreover, the World Health Organization (WHO) defines Digital Health as "the application of Information and Communication Technologies (ICT) to Health" in its National Strategy for e-Health or Digital Health Toolkit. According to WHO, in 2020, more than 75% of eligible providers and 90% of eligible hospitals received funds for participating in the government program encouraging hospitals to allow patients to view, download, and transmit their health information. In May 2020, the Federal Health IT Strategic Plan 2020–2025 was proposed by the US federal government to mandate the use of EHR by healthcare providers.

Thus, the factors mentioned above will facilitate the digital health market share expansion

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Digital Health Market: Strategic Insights

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Report Segmentation and Scope:

The “digital health market analysis” has been carried out by considering the following segments: offerings, technology, application, and end user.

The global digital health market is segmented based onoffering, technology, application, end user, and geography. The digital health market, by offering, is segmented into software, services, and hardware. The digital health market, by technology, is segmented into mHealth, tele-healthcare, digital health systems, and others. The digital health market, by application, is segmented into chronic disease management, behavioral health, health and fitness, and others. The digital health market, by end user, is segmented into hospitals and clinics, patients and consumers, and others. Hospitals and clinics held the largest digital health market share.

Geographically, the global digital health market report is segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

Offering-Based Insights

The digital health market, based on offering, is segmented into software, services, and hardware. The services segment held the largest market share in 2022 and is anticipated to register the highest CAGR during 2022–2030.

Technology-Based Insights

The digital health market, by technology, is segmented into mHealth, tele-healthcare, digital health systems, and others. The mHealth segment held the largest market share in 2022. The tele-healthcare segment is anticipated to grow fastest from 2022 to 2030.

Application–Based Insight

The digital health market, by application, is segmented into chronic disease management, behavioral health, health and fitness, and others. In 2022, the chronic disease management segment held the largest market share.

End User-Based Insights

Based on end users, the digital health market is segmented into hospitals and clinics, patients and consumers, and others. The hospitals and clinics segment held the largest market share in 2022.

Regional Analysis:

Based on geography, the global digital health market is segmented into Asia Pacific, Europe, the Middle East & Africa, North America, and South & Central America. In 2022, North America held the largest share of the global market. Asia Pacific is expected to register the highest CAGR from 2022 to 2030.

The digital health market in North America is segmented into the US, Canada, and Mexico. The transformation of digital healthcare and the increasing adoption of smart healthcare solutions, including various technologies such as mobile apps, smart wearables, and eHealth services such as EHR and telemedicine services, which allow remote patient monitoring, majorly drive the market. Other factors such as the introduction of advanced software technologies in healthcare, a higher number of hospitals, and the implementation of strategic government policies also aid in promoting the digital health market.

The US is the largest contributor to the digital health market in North America and the world. In September 2020, the Digital Health Center of Excellence was launched by the US Food and Drug Administration (FDA). This establishment is a significant move toward the agency's commitment to promoting the progress of digital health technology. This includes mobile health devices, software as a medical device (SaMD), wearables used as medical devices, and technologies utilized to study medical products. Additionally, the presence of leading market players in the country and their developments will likely favor the market's growth.

Digital Health Market Regional Insights

The regional trends and factors influencing the Digital Health Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Digital Health Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Digital Health Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Digital Health Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Digital Health Market are:

1. Cerner Corporation
2. Eclinicalworks
3. Allscripts Healthcare Solutions Inc.
4. Honeywell International Inc.
5. Cisco Systems

Disclaimer: The companies listed above are not ranked in any particular order.

Industry Developments and Future Opportunities:

• In October 2022, Medulance partnered with Reliance Jio to launch a 5G ambulance. The vehicle has smart devices and cameras and features two-way audio and video communication, HD-footage transmission, location tracking, and real-time streaming of patient health data to a distant doctor over the high-speed internet network.
• In June 2021, Amazon launched a digital health accelerator, AWS Healthcare Accelerator, to support startups in healthcare's virtual care and analytics sectors. The program prioritizes remote patient monitoring, data analytics, patient engagement, voice technology, and virtual care.
• In October 2021, Deloitte and Vodafone announced a strategic alliance to enable greater access to healthcare across Europe through the Vodafone Centre for Health with Deloitte. This collaboration aimed at speeding up the adoption of connected healthcare. This virtual center unites Vodafone's connected health solutions with Deloitte's healthcare consulting expertise to make healthcare more accessible for individuals, regardless of when and where they require it.

Cerner Corporation; Eclinicalworks; Allscripts Healthcare Solutions Inc.; Honeywell International Inc.; Cisco Systems; GE Healthcare; Koninklijke Philips N.V.; Siemens Healthineers AG; Qualcomm Technologies, Inc.; and Fitbit, Inc. are among the prominent companies profiled in the digital health market report. These leading players focus on expanding and diversifying their market presence and clientele, tapping business opportunities in the digital health market.