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Digital Health Market Report Scope & Overview:

The Digital Health Market size was valued at USD 234.5 Bn in 2023 and is expected to reach at USD 1152.36 Bn by 2031 and grow at a CAGR of 22.02% over the forecast period 2024-2031.

The increasing prevalence of chronic conditions, such as diabetes, heart disease, and cancer, is driving the need for remote monitoring and management solutions. Digital health tools offer patients the ability to monitor their health, follow treatment plans, and communicate more efficiently with healthcare providers. Telemedicine and telehealth services are fast gaining traction in the healthcare industry, with support from both government and corporate entities.

Digital Health Market Revenue Analysis

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The integration of information technology and electronic communications with various healthcare activities manage chronic diseases in remote areas is known as digital health. Telehealth, medical wearables, digital healthcare systems including EMR and EHR medical applications, healthcare analytics, and many more digital health services are available. The goal of this solution is to improve patient care, illness management, and the user's overall healthcare experience. Healthcare practitioners may also use digital health to access patient information, build a diagnostic history, eliminate the need for redundant testing, and make more efficient judgments. It also makes it easier to detect new illnesses or the deterioration of current ones, all while cutting overall healthcare expenses. Because of these advantages, it is used in both clinical and non-clinical settings throughout the medical business. first consultations or basic medical questions, firms are creating chatbot services. Long-term care services and institutions are increasingly using digital health solutions such as remote patient monitoring and telecare.

Digital health refers to the utilization of information and communication technologies in the healthcare sector to manage chronic diseases in remote areas. This market encompasses mobile health (mHealth), wearable devices, telehealth & telemedicine, health information technology (IT), and personalized medicine. These technologies provide a range of services that empower consumers to receive early diagnoses of life-threatening diseases and effectively manage chronic conditions.

Market Dynamics

KEY DRIVERS:

  • The Global digital health market is experiencing significant growth, primarily due to the growing demand for remote monitoring services.

  • Increased funding from both private and government organizations for mHealth startups.

  • Rise in the prevalence of chronic diseases, and advancements in technology within the healthcare sector.

  • EHR and EMR systems are becoming more popular.

  • Increasing demand for remote patient monitoring services and expanding virtual care accessibility.

  • The rapid adoption of smartphones, tablets, and other mobile platforms is expected to drive the growth of the digital health market.

Governments around the world are taking proactive steps to promote digital health initiatives, driving market growth in both developing and developed countries. The increasing prevalence of smartphones, tablets, and other mobile platforms has led to a surge in the adoption of digital tools for healthcare. Furthermore, various nations are implementing strategies to encourage the use of digital solutions for disease management.

This trend is leading to an increase in the use of health-related apps, wearable devices, and telemedicine services. As more people turn to digital solutions for their healthcare needs, the demand for innovative technologies in the healthcare industry is on the rise. This shift towards digital health is revolutionizing the way healthcare is delivered and accessed, making it more convenient and efficient for both patients and healthcare providers. The integration of technology into healthcare is creating new opportunities for improved patient care, remote monitoring, and personalized treatment options.

RESTRAINTS:

  • Huge cost Required for the Maintenance.

  • The Privacy concerns surrounding patient data are posing a significant threat to market growth.

The adoption of healthcare solutions continues to rise in both developed and developing countries. The vast amount of health data being generated and stored in various formats across different health information systems has made safeguarding this data from cybercrimes a top priority for healthcare providers worldwide.  According to the Healthcare Cyber Attack Statistics 2022 report, over 39.5 million patient records in the U.S. were affected by healthcare data breaches, making the U.S. one of the most targeted countries for cyber-attacks globally. One of the major challenges in health data privacy is finding a balance between sharing health data among medical professionals while protecting personally identifiable information. The hacking of Personally Identifiable Health Information (PHI) by cybercriminals has become a concerning trend, with hackers aiming to exploit patients' personal information. The increasing number of data breaches involving patients' personal health records is causing privacy concerns among healthcare providers and patients, ultimately hindering market growth.

OPPORTUNITY:

  • Advancements in digital health technology are rapidly increasing, leading to widespread adoption across various sectors.

  • Continuous Raising Government Spending and Favorable Policies Creates Opportunity For Market.

CHALLENGES:

  • Deployment Cost of Digital Health Solutions is Very high.

Impact of Russia-Ukraine War:

The ongoing crisis between Russia and Ukraine has reverberated across global markets, creating a ripple effect that has not spared the digital health sector. The intricate web of geopolitical tensions, economic uncertainties, and disruptions in supply chains has subtly influenced the landscape of digital health in various ways.

To begin with, the crisis has catalyzed a surge in cybersecurity threats, posing a particular menace to the digital health industry due to the highly sensitive nature of health data. As cyber-attacks increase the crisis, healthcare entities and digital health firms find themselves compelled to redirect resources and intensify investments in cybersecurity measures to safeguard patient information. While this heightened emphasis on cybersecurity has the potential to foster innovation and progress in secure digital health technologies, it also diverts resources away from other realms of digital health advancement. the economic sanctions levied against Russia, coupled with the ensuing financial instability, have cast a shadow over global markets, impacting technology investments in the process. For the digital health sector, this translates to a potential reduction in available capital for startups and innovative projects, particularly in regions closely intertwined with the economies affected by the crisis. Paradoxically, the upheaval has underscored the pivotal role of digital health solutions such as telemedicine, remote monitoring, and digital therapeutics, especially in conflict zones or areas grappling with disrupted healthcare services. This recognition has unveiled a promising avenue for growth and investment within the digital health market, fueled by the imperative to deliver accessible and effective healthcare solutions in challenging circumstances.

Impact of Economic Downturn:

The current economic downturn is impacting the digital health market in a multifaceted manner, exerting both positive and negative influences. Economic contractions typically result in diminished expenditures across various sectors, including healthcare. Nevertheless, the distinctive characteristics of digital health services mean that their development and demand can be swayed by different factors. On the downside, economic downturns may prompt budgetary reductions and decreased financial support for healthcare, encompassing digital health initiatives. Enterprises and startups in the digital health domain may encounter heightened difficulty in securing investments, as investors become more risk-averse and capital markets constrict. This scenario could decelerate the pace of innovation and the introduction of novel digital health solutions. Moreover, healthcare providers contending with financial constraints might relegate investments in new technologies, impeding the integration of digital health solutions. economic slowdowns can act as a catalyst for growth in specific segments of the digital health market. As conventional healthcare systems grapple with financial strains, there is a growing impetus for cost-effective and streamlined healthcare solutions, attributes that digital health technologies can deliver. Telehealth, remote monitoring, and AI-powered diagnostic tools, for instance, can provide more accessible and affordable healthcare options. In times of economic adversity, the emphasis on value-based care and the imperative to achieve more with limited resources can propel innovation and acceptance in the digital health sector. The global pandemic has underscored the significance of digital health, accelerating its adoption on a global scale. This momentum might persist even during an economic slowdown, as stakeholders acknowledge the enduring benefits and potential cost savings associated with digital health solutions.

Market Segmentation:

By Technology

  • mHealth

  • mHealth Devices

    • Vital Signs Monitors

    • Peakflow Meters

    • Fetal Monitors

    • Sleep Apnea Monitors

    • Neurological Monitors

    • Others

  • mHealth Apps

    • Fitness Apps

    • Medical Apps

  • Telecare

    • Activity Monitoring

    • Remote Medication Management

  • Telehealth

    • LTC Monitoring

    • Video Consultation

  • Digital Therapeutics

  • Preventive Therapeutics

  • Treatment Therapeutics

  • Healthcare Management Systems

  • EHR

  • Healthcare Analytics

  • E-prescribing

By Application

  • Chronic Disease Management

  • Behavioral Health

  • Health & Fitness

  • Others

By Offering

  • Software

    • Subscription Based

    • Annual Licensing

  • Services

    • Subscription Based

    • Pay-Per-Service (Value-based)

  • Application (Apps)

    • Subscription based.

    • One-time Purchase

    • Value-Based

  • Hardware

The software segment is projected to dominate the digital health Market, holding the largest market share. This segment, along with hardware and services, makes up the offerings in the Digital Health market. Software is the leading segment in digital health due to its flexibility, cost-effectiveness, ease of use, and innovative features. It allows for seamless updates, reduced costs, and enhanced healthcare delivery.

Digital Health Market Segment By Offering

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By End User

  • Provider

  • Hospitals & Clinics

  • Long term care facilities & Assisted Living

  • Public

  • Payers

  • Private

  • Patients & Consumers

The patients and consumers segment of the digital health industry is projected to experience the highest compound annual growth rate (CAGR) during the forecast period. Within the Digital Health market, end-users are categorized into healthcare providers, payers, and patients & consumers. The patients and consumers segment is anticipated to be the most rapidly expanding end-user segment in this market. This growth can be attributed to the rising awareness of self-health management, as well as the widespread availability of smartphones and mHealth devices, which have made health tracking and monitoring more convenient and accessible.

Regional Analysis:

The North America region is currently dominating the market, thanks to several key factors. These include the presence of adequate reimbursement policies in the U.S., high per capita expenditure on advanced technologies, and a growing demand for healthcare technologies in the region.

Europe also held a significant share of the market. This growth can be attributed to the availability of various telemedicine initiatives and solutions in the region. The proliferation of digital technologies, particularly wearables and mobile applications, is further contributing to the overall market growth in Europe. Asia Pacific Region is Projected to experience the Fastest compound annual growth rate (CAGR) during the period Of forecast. This growth is driven by technological advancements, medical transformations, and changing regulatory policies in the region. Additionally, government initiatives in developing countries are promoting the adoption of digital solutions in healthcare throughout Asia Pacific.

Digital-Health-Market-Regional-Analysis

REGIONAL COVERAGE:

North America

  • US

  • Canada

  • Mexico

Europe

  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of the Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

  • Rest of Latin America

KEY PLAYERS:

The major key players are Allscripts Healthcare Solution, Inc., Cerner Corporation, Cisco Systems, eCLINICALWORKS, General Electric company, Koninklijke Philips N.V, Honeywell International Inc., Mckesson Corporation, Siemens Healthcare AG, Qualcomm technologies, Inc. & Other Players.

Cerner Corporation - Company Financial Analysis

Company Landscape Analysis

Recent Development:

  • In May 2023, Medtronic (Ireland) completed the acquisition of EOFlow Co. Ltd. (South Korea) to enhance its capabilities in treating patients with diabetes.

  • In March 2023, GE HealthCare (US) entered a partnership with Advantus Health Partners (US) to establish a multi-year contract aimed at expanding access to Healthcare Technology Management Services.

  • In April 2023, Abbott (US) acquired Cardiovascular Systems, Inc. (CSI) (US) to incorporate a complementary treatment option for vascular diseases. The advanced atherectomy technology from CSI is utilized to prepare vessels for angioplasty or stenting, ultimately restoring blood flow.

  • In July 2023, The Peterson Center on Healthcare unveiled the Peterson Health Technology Institute (PHTI), a nonprofit dedicated to conducting impartial assessments of cutting-edge healthcare technologies aimed at enhancing health outcomes and reducing expenses.

  • In May 2022, The Organization for the Review of Care and Health Applications (ORCHA) disclosed its participation in a groundbreaking U.S. initiative to evaluate health technologies, such as mobile apps and web-based tools utilized by healthcare professionals and patients. This initiative is spearheaded by the American College of Physicians (ACP) and the American Telemedicine Association (ATA), in partnership with ORCHA.

Digital Health Market Report Scope:
Report Attributes Details
Market Size in 2023  USD 234.5 Billion
Market Size by 2031  USD 1152.36 Billion
CAGR   CAGR of 22.02% From 2024 to 2031
Base Year  2023
Forecast Period  2024-2031
Historical Data  2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Technology (mHealth, mHealth Devices, mHealth Apps, Telecare, Telehealth, Digital Therapeutics, Preventive Therapeutics, Treatment Therapeutics, Healthcare Management Systems, EHR, Healthcare Analytics, E-prescribing)
• By Application (Chronic Disease Management, Behavioral Health, Health & Fitness, Others)
• By Offering (Software, Services, Application (Apps), Hardware)
• By End User (Provider, Hospitals & Clinics, Long term care facilities & Assisted Living, Public, Payers, Private, Patients & Consumers)
Regional Analysis/Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America)
Company Profiles Allscripts Healthcare Solution, Inc., Cerner Corporation, Cisco Systems, eCLINICALWORKS, General Electric company, Koninklijke Philips N.V, Honeywell International Inc., Mckesson Corporation, Siemens Healthcare AG, Qualcomm technologies, Inc.
Key Drivers

• Increased funding from both private and government organizations for mHealth startups.

• Rise in the prevalence of chronic diseases, and advancements in technology within the healthcare sector

Market Challenges • Deployment Cost of Digital Health Solutions is Very high

Frequently Asked Questions

Ans:- The Digital Health Market size was valued at USD 234.5 Bn in 2023.

Ans:- Concerns about patient data security and significant financial investment and the requirement for upkeep.

 

Ans:- The major key players are Allscripts Healthcare Solution, Inc., Cerner Corporation, Cisco Systems, eCLINICALWORKS, General Electric company, Koninklijke Philips N.V, Honeywell International Inc., Mckesson Corporation, Siemans Healthcare AG, Qualcomm technologies, Inc.

Ans:- The primary growth tactics of Digital Health Market  participants include merger and acquisition, business expansion, and product launch.

Ans:- The study includes a comprehensive analysis of worldwide Digital Health Market trends, as well as present and future market forecasts,Porter's five forces analysis aids,  study of buyer and supplier potential and competitive landscape etc.

TABLE OF CONTENTS

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics

4.1 Drivers

4.2 Restraints

4.3 Opportunities

4.4 Challenges

5. Impact Analysis

5.1 Impact of Russia-Ukraine Crisis

5.2 Impact of Economic Slowdown on Major Countries

5.2.1 Introduction

5.2.2 United States

5.2.3 Canada

5.2.4 Germany

5.2.5 France

5.2.6 UK

5.2.7 China

5.2.8 Japan

5.2.9 South Korea

5.2.10 India

6. Value Chain Analysis

7. Porter’s 5 Forces Model

8.  Pest Analysis

9. Digital Health Market, By Technology

9.1 Introduction

9.2 Trend Analysis

9.3 mHealth

9.4 mHealth Devices

9.4.1 Vital Signs Monitors

9.4.2 Peakflow Meters

9.4.3 Fetal Monitors

9.4.4 Sleep Apnea Monitors

9.4.5 Neurological Monitors

9.4.6 Others

9.5. mHealth Apps

9.5.1 Fitness Apps

9.5.2 Medical Apps

9.6 Telecare

9.6.1 Activity Monitoring

9.6.2 Remote Medication Management

9.7 Telehealth

9.7.1 LTC Monitoring

9.7.2 Video Consultation

9.8 Digital Therapeutics

9.9 Preventive Therapeutics

9.10 Treatment Therapeutics

9.11 Healthcare Management Systems

9.12 EHR

9.3 Healthcare Analytics

9.14 E-prescribing

10. Digital Health Market, By Application

10.1 Introduction

10.2 Trend Analysis

10.3 Chronic Disease Management

10.4 Behavioral Health

10.5 Health & Fitness

10.6 Others

11. Digital Health Market, By Offering

11.1 Introduction

11.2 Trend Analysis

11.3 Software

11.3.1 Subscription Based

11.3.2 Annual Licensing

11.4 Services

11.4.1 Subscription Based

11.4.2 Pay-Per-Service (Value-based)

11.5 Application (Apps)

11.5.1 Subscription based.

11.5.2 One-time Purchase

11.5.3 Value-Based

11.6 Hardware

12. Digital Health Market, By End User

12.1 Introduction

12.2 Trend Analysis

12.3 Provider

12.4 Hospitals & Clinics

12.5 Long term care facilities & Assisted Living

12.6 Public

12.7 Payers

12.8 Private

12.9 Patients & Consumers

13. Regional Analysis

13.1 Introduction

13.2 North America

13.2.1 USA

13.2.2 Canada

13.2.3 Mexico

13.3 Europe

13.3.1 Eastern Europe

13.3.1.1 Poland

13.3.1.2 Romania

13.3.1.3 Hungary

13.3.1.4 Turkey

13.3.1.5 Rest of Eastern Europe

13.3.2 Western Europe

13.3.2.1 Germany

13.3.2.2 France

13.3.2.3 UK

13.3.2.4 Italy

13.3.2.5 Spain

13.3.2.6 Netherlands

13.3.2.7 Switzerland

13.3.2.8 Austria

13.3.2.10 Rest of Western Europe

13.4 Asia-Pacific

13.4.1 China

13.4.2 India

13.4.3 Japan

13.4.4 South Korea

13.4.5 Vietnam

13.4.6 Singapore

13.4.7 Australia

13.4.8 Rest of Asia Pacific

13.5 The Middle East & Africa

13.5.1 Middle East

13.5.1.1 UAE

13.5.1.2 Egypt

13.5.1.3 Saudi Arabia

13.5.1.4 Qatar

13.5.1.5 Rest of the Middle East

13.5.2 Africa

13.5.2.1 Nigeria

13.5.2.2 South Africa

13.5.2.3 Rest of Africa

13.6 Latin America

13.6.1 Brazil

13.6.2 Argentina

13.6.3 Colombia

13.6.4 Rest of Latin America

14. Company Profiles

14.1 Allscripts Healthcare Solution, Inc.

14.1.1 Company Overview

14.1.2 Financials

14.1.3 Products/ Services Offered

14.1.4 SWOT Analysis

14.1.5 The SNS View

14.2 Cerner Corporation.

14.2.1 Company Overview

14.2.2 Financials

14.2.3 Products/ Services Offered

14.2.4 SWOT Analysis

14.2.5 The SNS View

14.3 Cisco Systems

14.3.1 Company Overview

14.3.2 Financials

14.3.3 Products/ Services Offered

14.3.4 SWOT Analysis

14.3.5 The SNS View

14.4 eCLINICALWORKS.

14.4 Company Overview

14.4.2 Financials

14.4.3 Products/ Services Offered

14.4.4 SWOT Analysis

14.4.5 The SNS View

14.5 General Electric company

14.5.1 Company Overview

14.5.2 Financials

14.5.3 Products/ Services Offered

14.5.4 SWOT Analysis

14.5.5 The SNS View

14.6 Koninklijke Philips N.V

14.6.1 Company Overview

14.6.2 Financials

14.6.3 Products/ Services Offered

14.6.4 SWOT Analysis

14.6.5 The SNS View

14.7 Honeywell International Inc.

14.7.1 Company Overview

14.7.2 Financials

14.7.3 Products/ Services Offered

14.7.4 SWOT Analysis

14.7.5 The SNS View

14.8 Mckesson Corporation

14.8.1 Company Overview

14.8.2 Financials

14.8.3 Products/ Services Offered

14.8.4 SWOT Analysis

14.8.5 The SNS View

14.9 Siemens Healthcare AG

14.9.1 Company Overview

14.9.2 Financials

14.9.3 Products/ Services Offered

14.9.4 SWOT Analysis

14.9.5 The SNS View

14.10 Qualcomm technologies, Inc.

14.10.1 Company Overview

14.10.2 Financials

14.10.3 Products/ Services Offered

14.10.4 SWOT Analysis

14.10.5 The SNS View

15. Competitive Landscape

15.1 Competitive Benchmarking

15.2 Market Share Analysis

15.3 Recent Developments

15.3.1 Industry News

15.3.2 Company News

15.3.3 Mergers & Acquisitions

16. USE Cases and Best Practices

17. Conclusion

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Secondary Research

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Primary Research

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Data Bank Validation

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