Digital Health Market Size is Expected to Reach USD 651,924 Million Growing at a CAGR of 17.92% by 2030: Straits Research

The access to various digital healthcare technology for wireless monitoring and treatment of patients with various chronic illnesses, like asthma, cancer, blood pressure, heart rate, diabetes, respiratory infections, and chronic obstructive pulmonary diseases, is one of the most critical factors driving the market growth.

New York, United States, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Digital health is the healthcare sector technology that enables universal health care access, enhances healthcare quality, and improves consumers' physical and emotional wellbeing. Digital health is the interaction of technology with the healthcare system. It consists of software, hardware, and services for implementing a digital health transition in the healthcare industry. It offers numerous opportunities to accelerate the process of achieving the sustainable development goal of health and wellbeing. Mobile health, health information technology, health information technology, wearable devices, personalized medicine, telehealth, and telemedicine are all encompassed by digital health. This system utilizes computing platforms, software, connectivity, and sensors for various healthcare-related applications. To provide an individual with high-quality medical care, making an accurate diagnosis of the disease and administering effective treatment is necessary.

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According to Straits Research, “Global digital health market size was valued at USD 174,380 million and is envisioned to reach USD 651,924 million growing at a CAGR of 17.92% during the forecast period.” The primary factors driving the global digital health market are the rise in internet users and the demand for remote patient and service monitoring. The market is also driven by an alarming rise in the prevalence of diseases such as cancer, diabetes, cardiovascular disease, and hypertension, an increase in government initiatives for digital health, a surge in demand for mHealth, advances in healthcare technology, and a rise in smartphone adoption. In May 2020, MyMedicNow, a company specializing in healthcare technology, released a new mobile healthcare app designed to bridge the gap between physicians and patients. This application allows the patient to search for a medical condition and associated healthcare providers quickly and efficiently. Consequently, the increase in demand for mobile healthcare applications and the prevalence of diabetes and cancer are anticipated to propel the growth of the digital healthcare market.

The Growing Incidence of Chronic Disease to Drive the Global Digital Health Market
Access to digital healthcare technology for wireless monitoring and treating patients with various chronic illnesses, such as asthma, cancer, blood pressure, heart rate, diabetes, respiratory infections, and chronic obstructive pulmonary disease, is one of the most critical factors driving the digital health market growth. Chronic conditions, such as cardiovascular disease, are the leading global causes of death and disability. According to the World Health Organization (WHO), cardiovascular diseases, cancer, respiratory diseases, and diabetes will be responsible for approximately 17.9 million, 9.3 million, 4.1 million, and 1.5 million deaths in 2021. Observations indicate that 77% of deaths from chronic disease occur in low- and middle-income nations.

Chronic care management accounts for 75% of the world's healthcare expenditures, placing a financial burden on the caregivers of patients. With the aid of digital healthcare technologies such as wearable devices, health information technology (IT), mobile health (mHealth), personalized medicine, telehealth, and telemedicine, chronic diseases can be managed and prevented from becoming severe. A patient can continuously monitor his or her blood glucose level and blood pressure using blood-glucose and blood-pressure monitors. In addition, passive lifestyle factors, such as tobacco use, unhealthy diet, physical inactivity, and harmful alcohol consumption, increase the prevalence of chronic disease in the population. Approximately 7.2 million, 1.6 million, and 4.1 million deaths annually are attributable to tobacco use, physical inactivity, and excessive sodium/salt consumption. As a result, the increase in the prevalence of chronic diseases and the increase in lifestyle disorders are the primary factors driving the rise in demand for digital health services.

Regional Insights
North America will command the market with the largest share during the forecast period and grow at a CAGR of 15.82%. The digital health market in the region is fueled by an increase in smartphone usage, a massive increase in demand for telehealth services, and ease of access to health information. According to data from the Pew Research Center published in April 2021, 97% of adults in the United States own cell phones, and 85% own smartphones. The demand for digital health devices and services for earlier detection, monitoring, and management of symptoms is bolstered by the continued development of healthcare technology and the increase in the prevalence of chronic diseases, which contribute to the expansion of the digital health market.

Asia Pacific will expand at the highest CAGR of 21.12% and reach USD 2,06,696 million. China and India have a large population of chronically ill patients, making them highly lucrative investment markets. In addition, the rise in healthcare expenditures for treating chronic and other diseases is one of the most significant factors driving market expansion. Digital health devices and services, for instance, can reduce the patient's hospital expenses and the complexity of hospital services. In addition, the tools offer self-care in addition to portability and versatility of application. Due to these advantages, the demand for digital health technology and services, such as wearable devices, mHealth, telehealth, and telemedicine. Increasing internet usage and connectivity also contribute to the growth of the digital health market.

Key Highlights

  • Based on product & service, the eHealth segment will likely hold the largest share during the forecast period and grow at a CAGR of 14.92%.
  • Based on components, the service segment will most likely hold the largest share during the forecast period and grow at a CAGR of 19.12%.
  • Based on end-user, the healthcare provider segment will grow at a CAGR of 18.92% and hold the largest share during the forecast period.
  • Based on regional analysis, North America will command the market with the largest share during the forecast period and grow at a CAGR of 15.82%.

Competitive Players in the Market

  • Allscripts Healthcare Solution, Inc.
  • Cerner Corporation
  • Cisco Systems
  • General Electric Company
  • Koninklijke Philips N.V.
  • Honeywell International Inc.
  • Mckesson Corporation
  • Siemens Healthcare AG
  • Qualcomm Technologies, Inc.

Market News

  • In 2022, Allscripts Healthcare Solution, Inc announced the relaunch of its application store as the Allscripts App Expo. The clients can now have an engaging way to identify all applications built and certified through the Allscripts Developer Program.

Global Digital Health Market: Segmentation

By Product & Service

  • mHealth
    • mHealth Devices
    • mHealth Services
  • eHealth
    • Electronic Health Records (HER)
    • Vendor Neutral Archive (VNA) and Picture Archiving & Communications Systems (PACS)
    • Laboratory Information Systems (LIS)
    • Telehealth
    • Prescribing Solutions
    • Medical Apps
    • Clinical Decision Support Systems (CDSS)
    • Pharmacy Information Systems
    • Others

By Component

  • Software
  • Hardware
  • Services

By End-User

  • Healthcare Providers
  • Payers
  • Healthcare Consumers
  • Others

By Regions

  • North America
  • Europe
  • APAC
  • Middle East and Africa

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About Straits Research Pvt. Ltd.
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