Get More Information on Digital Health Market - Request Sample Report
The Digital Health Market size was valued at USD 234.5 Billion in 2023 and is expected to reach USD 1406.1 Billion by 2032 and grow at a CAGR of 22.02% over the forecast period 2024-2032.
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.
The integration of information technology and electronic communications with various healthcare activities to 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.
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.
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.
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.
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.
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.
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.
Need any customization research on Digital Health Market - Enquiry Now
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
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.
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.
Report Attributes | Details |
Market Size in 2023 | USD 234.5 Billion |
Market Size by 2032 | USD 1406.1 Billion |
CAGR | CAGR of 22.02% From 2024 to 2032 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
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 |
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
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
The App Analytics Market size was USD 6.20 billion in 2023 and is expected to Reach USD 32.96 billion by 2032 and grow at a CAGR of 20.4% over the forecast period of 2024-2032.
Vehicle tracking system market size was valued at USD 23.15 billion in 2023 and is expected to reach USD 76.54 billion by 2032 and grow at a CAGR of 14.21% over the forecast period 2024-2032.
3D Printing Market Size was valued at USD 21.1 billion in 2023 and is expected to reach USD 118.9 billion by 2032, growing at a CAGR of 21.2 % over the forecast period 2024-2032.
The GCC in Cybersecurity Market Size was USD 10.59 Billion in 2023 and will reach USD 30.37 Billion by 2032, growing at a CAGR of 12.46% by 2024-2032.
The EdTech and Smart Classrooms Market size was USD 139.9 Billion in 2023 and will reach USD 385.4 Billion by 2031 and grow at a CAGR of 13.5% by 2024-2031.
Education And Learning Analytics Market Size was valued at USD 6.94 Billion in 2023 and is expected to reach USD 42.72 Billion by 2032, growing at a CAGR of 22.4% over the forecast period 2024-2032.
Hi! Click one of our member below to chat on Phone