Westford, USA, Dec. 02, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the digital health market size will attain a value of USD 881 billion by 2031, with a CAGR of 18.6% over the forecast period (2024-2031). Surging demand for medical implants and the growing use of digital health in automotive and aerospace industries are estimated to bolster digital health market growth in the future. Rapid industrialization and urbanization are also forecasted to create new opportunities for digital health companies in the long run.
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Browse in-depth TOC on "Digital Health Market"
- Pages - 197
- 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, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | High investments in healthcare digitization |
| Key Market Opportunities | Increasing emphasis on consumerization of healthcare |
| Key Market Drivers | Rising use of big data and artificial intelligence in healthcare |
Digital Health Market Segmental Analysis
The Global Digital Health Market is segmented by Component, Technology, Application, End User, and Region.
Based on Component, the market is segmented into Hardware, Software, Services.
Based on Technology, the market is segmented into Tele Healthcare (Telecare/Rpm, Activity Monitoring, Remote Medication Management), Telehealth (LTC Monitoring, Video Consultation), Mhealth(Wearables [Vital Signs Monitors, Peak Flow Meters, Fetal Monitors, Sleep Apnea Monitors, Neurological Monitors, Other wearables], Mhealth Apps [Medical Apps, Fitness Apps]), Digital Therapeutics (Preventive Applications, Treatment Applications), Health Management Solutions (Electronic Health Records, Healthcare Analytics, E-prescribing).
By Application, the market is segmented into Chronic Disease Management, Behavioral Health, Health & Fitness, and Other Applications.
By End User, the market is segmented into Providers (Hospitals & Clinics, Long-Term Care Centers & Assisted Living Centers), Payers (Public, Private), Patients & Consumers.
By Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Rising Use of Telehealth Practices Helps Services Segment Lead Market Development
Growing demand for remote patient monitoring and increasing use of telehealth, telemedicine, and teleconsultation are driving up the demand for services in this market. Rising adoption of virtual care and home care practices are also expected to create new business scope for digital health companies and contribute to the dominant digital health market share as well.
High Smartphone Penetration Makes mHealth an Opportune Segment Going Forward
Rapidly surging use of smartphones and mobile devices around the world and high emphasis on convenience in healthcare are slated to bolster the demand for mHealth in the future. Efforts to improve healthcare accessibility and improve health data tracking are also creating new opportunities for market players operating in the global digital health industry.
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Rapid Advanced Technology Adoption Helps North America Spearhead Digital Health Demand
The presence of a developed healthcare infrastructure coupled with quick adoption of advanced healthcare technologies makes North America a leading market in the world. Moreover, the presence of key digital health providers such as Allscripts, McKesson Corp, Cerner Corp., and GE HealthCare also aids the dominance of this region. Canada and the United States remain the top markets for digital health companies in North America.
Digital Health Market Insights:
Drivers
- Increasing investments in the digitization of the healthcare industry
- Rising use of big data and artificial intelligence in healthcare
- Growing demand for personalized healthcare
Restraints
- Issues in integration with legacy systems and interoperability challenges
- Data security and privacy concerns
- Concerns regarding the reliability and accuracy of information
Prominent Players in Digital Health Market
- Allscripts (US)
- McKesson Corporation (US)
- Apple Inc. (US)
- Alphabet Inc. (Google) (US)
- Microsoft Corporation (US)
- International Business Machines Corporation (IBM) (US)
- Athenahealth Inc. (US)
- Philips Healthcare (Netherlands)
- GE Healthcare (US)
- Siemens Healthcare (Germany)
- Qualcomm Life Inc. (US)
- Teladoc Health Inc. (US)
- Epic Systems Corporation (US)
- Johnson & Johnson (US)
- Agfa-Gevaert Group (Belgium)
- Infosys Limited (India)
- Wipro Limited (India)
- Tata Consultancy Services Limited (India)
- ECLINICALWORKS (US)
- MY MHEALTH LIMITED (UK)
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Key Questions Answered in Digital Health Market Report
- How does big data influence the adoption of digital health?
- Which region brings in the most revenue as per this digital health market forecast?
- Can data privacy and security concerns impede industry development?
- Which segment holds a dominant stance as per this digital health market analysis?
This report provides the following insights:
Analysis of key drivers (emphasis on improving reimbursement efficiency, growing use of electronic health records), restraints (data privacy and security concerns, reluctance to change, high costs for installation and maintenance), and opportunities (use of artificial intelligence, standardization of medical terminology) influencing the growth of digital health market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the digital health market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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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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