Digital Health Market in terms of revenue was estimated to be worth $180.2 billion in 2023 and is poised to reach $549.7 billion by 2028, growing at a CAGR of 25.0% from 2023 to 2028 according to a new report by MarketsandMarkets. The growth of this market is driven by the expansion of telemedicine and telehealth services, enhanced patient engagement and empowerment and increased investment in health tech startups. On the other hand, variability in healthcare infrastructure and digital literacy, reimbursement and payment issues are some of the factors challenging the growth of the market.
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"Hardware segment is expected to grow at the highest rate during the forecast period"
Based on offering, the digital health market is segmented into hardware, software, services and applications. In 2022, the hardware segment is expected to grow at the highest CAGR during the forecast period. The highest growth rate is attributed to increased patient demand for convenient healthcare solutions, healthcare provider adoption for improved care and operations, and expansion of telehealth & chronic disease management.
"Telehealthcare technology segment accounted for the largest share of the global digital health market"
Based on technology, the digital health market is segmented into telehealthcare, mHealth, health management solutions and digital therapeutics. The telehealthcare segment accounted for the largest share of the global market in 2022. Factors such as increased demand for remote healthcare services, especially due to the COVID-19 pandemic, accelerated telehealthcare adoption.
"The chronic disease management application segment accounted for the largest share of the digital health market in 2022"
On the basis of application, the digital health market is segmented into chronic disease management, behavioral health, health & fitness and others. The chronic disease management segment accounted for the largest share of the market in 2022 period, owing to the increasing prevalence of chronic conditions, an aging population, and lifestyle-related health issues.
"Patients & Consumers segment is expected to grow at highest groeth rate in the global digital health market"
On the basis of end user, the digital health market is segmented into providers, payers and patients & consumers. The high growth of this segment is attributed to increasing awareness of self-health management, proliferation of smartphones and wearable devices that has made health tracking and monitoring more accessible and convenient.
"Asia Pacific is expected to register highest growth rate in the digital health market during the forecast period"
Asia Pacific is expected to grow at the highest CAGR during the forecast period. The highest growth rate can be attributed to large population, increasing healthcare expenditure, mobile technology proliferation and rising chronic diseases. Governments in the region are implementing initiatives to promote digital health solutions, such as funding for research and development, and regulatory frameworks to ensure patient safety and privacy.
North America accounted for the largest share of the global Digital Health Industry in 2022.
The Digital Health market is segmented into four key regions—North America, Europe, APAC, and the Rest of the World (RoW). North America, being the early adopter of advanced technologies, has captured the largest share of the Digital Health market in 2022, followed by Europe and APAC. It is also projected to register the highest CAGR. North America is the fastest-growing regional segment for digital health due to its technological development, expansion in the healthcare industry, favorable regulatory environment, and the presence of key players and innovation hubs.
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Digital Health Market Dynamics:
Drivers:
- Increasing penetration of smartphones, tablets, and other mobile platforms
Restraints:
- High cost of deployment of digital health solutions
Opportunities:
- Increasing advancements and adoption in digital health
Challenge:
- Privacy and security concerns
Key Market Players of Digital Health Industry:
Prominent players in the digital health market include Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE HealthCare (US), Abbott (US), OMRON Corporation (Japan), Fitbit, Inc. (A google company) (US), Johnson & Johnson Private Limited (US), Siemens Healthineers AG (Germany), Masimo (US), Apple, Inc. (US), Merative (US), AT & T, Inc. (US), Veradigm LLC (US), Noom, Inc. (US), Teladoc Health, Inc. (US), Omada Health Inc. (US), Dexcom, Inc. (US), Biotricity (US), iHealth Labs Inc (US), my mhealth Limited (UK), athenahealth (US), eClinicalWorks (US), AirStrip Technologies, Inc (US), AdvancedMD, Inc. (US) and Qardio, Inc. (US). Players adopted organic as well as inorganic growth strategies such as product upgrades, collaborations, agreements, partnerships, and acquisitions to increase their offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.
Breakdown of supply-side primary interviews, by company type, designation, and region:
- By Supply Side: Tier 1 (31%), Tier 2 (28%), and Tier 3 (41%)
- By Demand Side: Purchase Managers (45%), Head Of AI, ML, Drud Discovery & Computational Molecular Design (30%), Research Scientists (25%)
- By Designation: C-level (31%), Director-level (25%), and Others (44%)
- By Region: North America (45%), Europe (20%), Asia Pacific (28%), and RoW (7%)
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Recent Developments:
- In May 2023 Medtronic (Ireland) acquired EOFlow Co. Ltd. (South Korea) to expand its ability to treat patients with diabetes.
- In March 2023, GE HealthCare (US) partnered with Advantus Health Partners (US) to sign a multi-year contract to expand access to Healthcare Technology Management Services.
- In April 2023, Abbott (US) acquired Cardiovascular Systems, Inc. (CSI) (US) to gain a complementary treatment option for vascular illness. The highly advanced atherectomy technology from CSI prepares vessels for angioplasty or stenting to restore blood flow.
Digital Health Market - Key Benefits of Buying the Report:
The report can help established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or a combination of the below-mentioned five strategies.
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