Digital Health Market - By Technology [Telehealthcare {Telecare, mHealth (Wearables, Apps (Medical, Fitness))}, Health Analytics], By Component (Hardware, Software, Services), By Region, Competitive Landscape, Pricing Analysis - Global Forecast to 2032.
Published on: 2024-08-01 | No of Pages : 240 | Industry : Healthcare
Publisher : MIR | Format : PDF&Excel
Digital Health Market - By Technology [Telehealthcare {Telecare, mHealth (Wearables, Apps (Medical, Fitness))}, Health Analytics], By Component (Hardware, Software, Services), By Region, Competitive Landscape, Pricing Analysis - Global Forecast to 2032.
Digital Health Market Size
Digital Health Market size was worth more than USD 233.5 billion in 2022 and is anticipated to depict a 15% CAGR between 2023 and 2032 driven by the growing adoption of smartphones, tablets, and other mobile platforms.
Rising smartphone usage among physicians across the U.S. and APAC region has resulted in the high acceptance of digital health. Smartphones and other smart devices are used by one-third of all adults in the United States, with physicians using them twice as often as the general public. This is the major factor contributing to the massive increase in the number of mobile applications for healthcare requirements, thereby promoting the market progress.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Digital Health Market Size in 2022 | USD 233.5 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 15% |
| 2032 Value Projection | USD 981.5 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 275 |
| Tables, Charts & Figures | 488 |
| Segments covered | Technology, Component, and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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High initial investment and maintenance costs to limit product adoption
Rising incidences of IT breaches and data security, along with limited budgets, have increased the financial strain on hospitals and physicians, driving the uptake of digital health solutions. However, the initial capital expenses of consulting and planning for the installation of technologically complex systems are high, which is slowing down the digital health market growth.
However, ongoing R&D initiatives have prompted the development of innovative digital technologies with advanced features at affordable costs. Moreover, as the healthcare ecosystem evolves, digital technology is helping maintain affordability across the sector, which benefits consumers as these digital portals make healthcare more accessible and inexpensive.
Digital Health Market Analysis
By technology, the digital health market by the telehealthcare segment is anticipated to reach USD 244 billion by 2032, owing to the growing patient inclination towards technology-driven approaches which offer health management tools and provides easy access to services across remote locations. In September 2022, RxDefine, a leading engagement platform committed to educating and empowering healthcare consumers, launched RxTelehealth, a telehealth solution for life sciences brands as a part of its mission to ethically empower patients to navigate their health decisions. Such improvements in telehealthcare services focused on advancing their consumer-centric approach to reduce friction, increase engagement, and deliver a superior experience are expected to boost segment size.
Based on component, the digital health market from the software segment is projected to generate USD 327 billion by 2032. Digital health software is regarded as a cost-effective and technically efficient method to accelerate the pace of digital innovation, assisting providers in increasing revenue, boosting efficiency, enhancing care quality, and improving patient and staff experiences, which is slated to fuel segment development. In March 2022, GE Healthcare, a leading medical technology company, announced plans to launch its Edison Digital Health Platform. This software was designed to seamlessly collect data from many sources and suppliers to improve clinical applications that promote integrated care pathway management and holistic perspectives of each patient.
North America accounted for more than 44.5% of the digital health market share in 2022 and is projected to grow at a robust pace through 2032 due to the soaring prevalence of chronic illnesses and the expanding elderly population, as well as rising healthcare spending. In 2021, the U.S. National Health Expenditure rose by 2.7% to USD 4.3 trillion or USD 12,914 per person. Additionally, the elimination of government rules that impeded the deployment of digital health technology is expected to accelerate the adoption of digital health services and products across North America.
Digital Health Market Share
Some of the major enterprises operating in the digital health market are
- Allscripts Healthcare Solutions Inc
- AdvancedMD Inc.
- AT & T
- Oracle (Cerner Corporation), Athenahealth, Inc.
- Cisco Systems
- eClinicalWorks
- McKesson Corporation
- iHealth Lab, Inc.
- Koninklijke Philips N.V.
In addition to attracting new customers, digital health firms gather more information about digital purchasers in order to understand their potential pitfalls to guide product selections.
For instance, in January 2023, AVIA, a leading healthcare digital transformation partner, launched AVIA Marketplace, the most extensive platform for hospital and health system innovators to research, verify, research, and choose digital health solutions.
Digital Health Market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2019 to 2032 for the following segments
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By Technology
- Telehealthcare
- Telecare
- Activity Monitoring
- Remote Medication Management
- Telehealth
- LTC Monitoring
- Video Consultation
- Telecare
- mHealth
- Wearables
- BP Monitor
- Glucose Meter
- Pulse Oximeter
- Sleep Apnea Monitors
- Neurological Monitors
- Others
- Apps
- Medical apps
- Fitness apps
- Wearables
- Healthcare analytics
- Digital health systems
- Electronic health record (EHR)
- E-prescribing systems
By Component
- Hardware
- Software
- Services
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Poland
- Asia Pacific
- Japan
- China
- India
- Australia
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- South Africa
- Saudi Arabia