Pune, India, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The global digital health market size was estimated at USD 742.72 billion in 2022 and is expected to increase by USD 4,547.70 billion by 2029, representing a CAGR of 29.5% over the forecast period. The rising demand for personalized healthcare is also contributing to the growth of the market. Personalized healthcare is the tailoring of healthcare services to the individual needs of each patient. This can be done using data collected from wearable devices, telemedicine, and other sources.
Fortune Business Insights™ stated this in a report titled, "Digital Health Market, 2022-2029."
Industry Developments:
- November 2021- Gilead Sciences, Inc. teamed up with Amazon Web Services Inc. with an aim to deliver advanced innovative medicines for patients using machine learning and AWS analytics.
- December 2021- CVS Health joined hands with Microsoft to promote digital transformation and develop smart solutions for end-users to improve their health.
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Key Takeaways:
- In order to give simple and quick access to patient information, MEDITECH worked with Google Health.
- With the help of the National Rural Health Association (NRHA) and FUJIFILM Holdings Corporation, rural communities can now access products and services including digital radiography and in-vitro diagnostics.
- Gilead Sciences, Inc. and Amazon Web Services, Inc. worked together to create and deliver cutting-edge, revolutionary medications for patients utilizing AWS analytics and machine learning.
- Innovative consumer health and digital transformation solutions were created via a collaboration between Microsoft and CVS Health.
- The 'App Orchard' platform of Epic Systems is now accepting applications for Validic's remote patient monitoring (RPM) product, Validic Impact. For the use of the Epic Systems community, developers can publish their apps on The App Orchard.
Discover the Leading Players Featured in the Report:
Major players in the digital health market are General Electric Company (U.S.), Koninklijke Philips N.V. (Netherlands), Allscripts Healthcare, LLC (U.S.), Cerner Corporation (U.S.), Epic Systems Corporation (U.S.), McKesson Corporation (U.S.), Medical Information Technology, Inc. (U.S.), Siemens Healthcare GmbH (Germany), Boston Scientific Corporation (U.S.), FUJIFILM Holdings Corporation (Japan), Medtronic (Ireland), IBM (U.S.), Validic (U.S.)
Report Scope
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 29.5% |
| 2029 Value Projection | USD 4,547.70 Billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 742.72 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 181 |
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Drivers and Restraints
Growing Penetration of the Internet in the Healthcare Industry to Augment Product Demand
The rising demand for Artificial Intelligence and the growing internet penetration in healthcare departments has surged the connected drug delivery devices market. Another reason for the growing product demand is the increasing adoption of digital devices for better treatment. For example, the Arogya Setu App was launched by the Indian government for syndrome mapping and self-assessment to diagnose patients. Meanwhile, protecting the data from malware attacks could hamper the digital health market growth.
Segmentation
Rising Need for Accurate diagnosis drives the Telehealthcare Segment
In terms of product type, the market is segmented into healthcare analytics, digital health systems, telehealthcare, and mHealth. The telehealthcare segment will gain traction due to the rising advantages of telemedicine, including faster and more accurate diagnosis of diseases.
Growing Popularity of New Product Launches to Propel Livestock Segment
Based on Components, the market is fragmented into hardware, software, and services. The software segment will gain popularity due to new product launches to support the best healthcare services.
Growing Partnerships Among Key Players will Favor Development
With regard to end users, the market is bifurcated into business-to-consumer and business-to-business. The business-to-business segment is anticipated to maintain its leadership due to the growing partnerships among key players for a better digital solution.
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By Product Type
- mHealth
- Apps
- Wearables
- Healthcare Analytics
- Digital Health Systems
- Telehealthcare
By Component
- Services
- Software
- Hardware
By End User
- Business to Business
- Business to Consumer
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Report Coverage
The report provides insights into the regional analysis covering different regions, contributing to the market's growth. The report includes qualitative and quantitative analysis of several factors, such as the key drivers and restraints that will impact the market. Adopting strategies by major players to introduce partnerships, collaboration, and new products will contribute to the market's growth.
Regional Insights
Strong IT Healthcare Infrastructure Promotes Growth in North America
North America holds a considerable digital health market share and is expected to lead the global market due to the robust IT healthcare infrastructure, adoption of smartphone users, and presence of major players in the marketplace.
Investors have anticipated amazing growth in regions such as China, Japan, and India during the forecast period due to the increased demand for remote monitoring services and varying regulatory strategies for digital healthcare across the region.
Europe is expected to showcase substantial growth due to the rapidly growing digitalization in industrialized nations to enhance the patient experience.
Competitive Landscape
Soaring Investments In Innovation to Promote Global Market
Top companies will likely invest in product rollouts, R&D activities, and technological advancements to expand their geographical presence. With increasing investments in advanced design, stakeholders could inject funds into mergers and acquisitions.
FAQ’s
How big is the Digital Health Market?
Digital Health Market size was USD 742.72 Billion in 2022.
How fast is the Digital Health Market growing?
The Digital Health Market will exhibit a CAGR of 29.5% during the forecast period, 2022-2029
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