Westford, July 02, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Digital Health Market will attain a value of USD 881 Billion by 2031, with a CAGR of 18.6% during the forecast period (2024-2031). Digital health adopts digital platforms and tools to enhance patient quality by offering personalized care to patients, using neural networks to treat diseases, and expanding healthcare access via mobile applications. With the growing awareness of digital health, consumers across the globe are seeking well-being solutions and digital health fitness to enhance their health. Moreover, online consultation of physicians has witnessed major growth since people prefer more timely and convenient medical counseling.
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Browse in-depth TOC on the "Digital Health Market"
Pages - 165
Tables - 64
Figures – 75
Digital Health Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 211 Billion |
| Estimated Value by 2031 | $ 881 Billion |
| Growth Rate | Poised to grow at a CAGR of 18.6% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Technology, Application, and End User |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Use of Big Data and Artificial Intelligence to support patient Treatment and Diagnosis |
| Key Market Opportunities | Growing adoption and advancements in Digital Health |
| Key Market Drivers | Escalating use of Mobiles, Tablets, and other devices |
Growing Use of Smartphones and Availability of Improved Technology to Boost Market
Based on technology type, the tele-healthcare domain held the major share of the market in the past years and is projected to lead over the coming years due to improving internet connectivity, better availability of technology, and mounting use of smartphones worldwide. Furthermore, speedy innovations and continuous advancements in telehealth applications will propel the segment growth. The mHealth segment is anticipated to be the second largest growing due to the growing adoption of mHealth technologies by patients and doctors. Compared to other countries, nearly 55% of the physicians in the United Kingdom have adopted mHealth technologies.
Increasing Demand for Services like Installation, Training and more to Support the Market Growth
Based on component, the service segment registered a majority share of the market in the previous years due to increased demand for services like installation, maintenance, and training. The industry players either provide these services in a package or as standalone. Nonetheless, the software segment is forecasted to be the fastest-growing due to the speedy acceptance of software systems by healthcare facilities, providers, and patients. Growing patient demand for personalized medicine is also impelling the segment growth.
Heavy Investments along with Speedy Industrialization to Support Asia-Pacific Countries to Lead the Market
North America dominated the Digital Health Market in the past years owing to growing advancements, increasing healthcare expenditure for infrastructure improvement, supportive government initiatives, willingness to adopt improved technological solutions, and more. Mainly, the United States and Canada are the major adopters of digital health solutions and telemedicine, driving the growth in the region. Asia Pacific is projected to be the fastest growing region backed by rising adoption of eHealth platforms and growing spending in healthcare. Also, rising demand for telehealth services and remote monitoring of patients, and investments by the government to drive the market in the region.
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Digital Health Market Insight
Drivers:
- Increasing Investments by the Government
- Upgradations in the Healthcare Infrastructure
- Growing Demand for Mobile Healthcare Applications
Restraints:
- Technical and Infrastructure Issues
- Security and Privacy Concerns
- Possibility of Data Overload
Prominent Players in the Digital Health Market
The following are the Top Digital Health Companies
- AT & T
- Honeywell International Inc
- Oracle Cerner
- Cisco Systems
- McKesson Corporation
- Koninklijke Philips N.V.
- Samsung Electronics Co. Ltd.
- QSI Management LLC
- IBM Corporation
- CISCO Systems Inc.
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Key Questions Answered in Global Digital Health Market Report
- What is the calculated CAGR of Digital Health by SkyQuest?
- Which segment is leading in the global Digital Health Market?
- Which region will register a major market share in the coming years?
This report provides the following insights:
- Analysis of key drivers (growing number of high-end mobile applications, increasing government initiatives, growing cases of chronic conditions), restraints (reliability and technical challenges, ethical or legal issues, inequalities for accessibility), opportunities (fresh developments in digital health, growing use of digital health in the developing economies, investments in mHealth for more advancements), and challenges (growing need for suitable regulatory errors, privacy issues, focus on cybersecurity risks) influencing the growth of digital health market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the digital health market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the digital health market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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