The global Digital Health Market is expected to reach a valuation of US$ 2585.98 Bn by 2032, with sales growing at an astounding CAGR of 27.7% from 2022 to 2032. Owing to the rising awareness of digital health benefits, the market for the same is likely to expand at a rapid rate and reach an estimated US$ 224.24 Bn by the end of 2022.
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The deep penetration of electronic gadgets and devices and advancing technology coupled with the rising acceptance of telemedicine and telehealth services will fuel the growth of the digital health market during the forecast period.
With the rapid digitalization of the healthcare sector, the prospects for the digital health market are also set to rise. Increasing usage of advanced technological tools like Big Data and others bodes well for the target market. Telemedicine and telehealth services are also on the rise and are increasingly adopted by both the medical community and public and private entities. This will likely have a positive impact on the digital health market.
Moreover, the increasing prevalence of chronic diseases like cancer, cardiovascular diseases, diabetes, Alzheimer’s, and other medical conditions that require long-term care and constant patient monitoring contribute to the rising demand for digital health services. In addition, electronic gadgets and smart devices such as smartphones are increasingly used as health and fitness trackers which further aids the growth of the digital health market during the forecast period.
“Improving healthcare IT infrastructure coupled with access to virtual care will stimulate the global growth of the digital health market over the forecast period,” says an FMI analyst.
Key Takeaways:
- The rising prevalence of medical conditions requiring long-term care and monitoring facilitates market growth of the digital health industry.
- Concerns regarding patients’ data security stymies market growth during the assessment period.
- By deployment type, the cloud-based segment will likely reach an estimated US$ 519,151.4 Mn by 2032.
- On the basis of solution, the software segment is predicted to hold about 45.6% of the digital health market revenue.
- North America is expected to dominate the global digital health market space with a 45.9% share of the total revenue.
- The digital health market in South Asia & Pacific is anticipated to reach US$ 275,462.9 Mn by 2032.
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Competitive Landscape
AT&T Inc., Apple Inc., AirStrip Technologies LP, Alcatel-Lucent Corporation, Cerner Corporation, Symantec Corporation, Aruba Networks, Inc., Cisco Systems, Inc., Qualcomm, Inc., Siemens Healthcare, and Philips Healthcare among others are some of the major players in the digital health market profiled in the full version of the report.
Leading market players are focusing on launching state-of-the-art and affordable solutions to retain a competitive edge. These firms also adopt tactics like strategic alliances, partnerships, collaborations, acquisitions, and joint ventures to increase their market share.
More Insights into Digital Health Market Report
In its latest report, FMI offers an unbiased analysis of the global digital health market, providing historical data and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented by product type (software (healthcare payers software (healthcare claims management software, healthcare CRM software, payer care management software, others), healthcare providers software (EHR/ EMR software, e-prescribing software, healthcare asset management software, population health management software, others)), services (managed services, professional services (healthcare consulting services, integration & implementation services, support & maintenance services))), deployment (cloud-based, on-premises), end user (diagnostics centers, healthcare payers, healthcare research centers, hospitals & clinics, nursing care centers, others), and region.
According to the latest FMI reports, based on segmentation, the cloud-based deployment segment will make significant contributions to the growth of the overall market. This segment is anticipated to reach US$ 519,151.4 Mn by 2032 owing to increasing usage of cloud-based solutions by various healthcare organizations. The software solution segment will also lead the market growth, accounting for a value of US$ 646,393.1 Mn in 2032.
Based on region, the digital health market in North America will present remarkable growth during 2022-2032. The region will likely dominate the market and hold about 45.9% of the market revenue. North America’s digital health market is predicted to account for a market share worth US$ 196,094.5 Mn.
The presence of lucrative funding options, the deep reach of smartphones and other such devices, enhanced internet connectivity, and easy adaptability to progressive technology along with other factors like an ageing population and high prevalence of chronic illnesses propel the target market in this region. Besides North America, the Asia Pacific region, too, will demonstrate considerable growth in the digital health market during the forecast period.
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Key Segments
By Solution:
- Software
- Healthcare Payers Software
- Healthcare Claims Management Software
- Healthcare CRM Software
- Others
- Payer Care Management Software
- Healthcare Providers Software
- EHR / EMR Software
- E-Prescribing Software
- Healthcare Asset Management Software
- Others
- Population Health Management Software
- Healthcare Payers Software
- Services
- Managed Services
- Professional Services
- Healthcare Consulting Services
- Integration & Implementation Services
- Support & Maintenance Services
By Deployment:
- Cloud-based
- On-Premises
By End User:
- Diagnostics Centers
- Healthcare Payers
- Healthcare Research Centers
- Hospitals & Clinics
- Nursing Care Centers
- Others
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