The global digital health industry is poised for significant growth, with its value projected to rise from USD 8,131.3 million in 2024 to USD 16,603.7 million by 2034. This growth trajectory reflects a robust compound annual growth rate (CAGR) of 7.4% during the forecast period, driven by rapid technological advancements and an increasing emphasis on healthcare digitalization.
Digital health encompasses a wide array of technologies, including telemedicine, wearable devices, health information systems, and AI-driven healthcare analytics. The market’s expansion is fueled by growing demand for remote patient monitoring, chronic disease management, and enhanced patient engagement solutions. Additionally, the global push toward value-based care and healthcare accessibility is driving the adoption of digital health platforms.
The integration of AI and machine learning into digital health solutions is transforming diagnostics, treatment planning, and patient care. Furthermore, advancements in 5G technology are enabling real-time connectivity, empowering telehealth and remote surgery innovations. Governments and healthcare providers worldwide are increasingly investing in digital health infrastructure to improve efficiency and patient outcomes.
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Key Takeaways:
- Market Growth: The digital health market is expected to grow at a CAGR of 7.4%, reaching USD 16.6 billion by 2034.
- Key Drivers: Rising demand for telemedicine, AI-powered healthcare analytics, and enhanced patient engagement solutions are fueling market growth.
- Emerging Trends: Adoption of wearable health technologies, integration of AI and 5G, and advancements in health data security are shaping the future of the industry.
- Future Outlook: With increasing investment in healthcare IT and digital infrastructure, the market is set to revolutionize patient care and streamline healthcare operations globally.
The digital health market’s anticipated growth highlights its pivotal role in transforming healthcare delivery, making it more accessible, efficient, and patient-centered.
Factors Driving Market Growth
- Technological Advancements: Continuous innovations in digital health technologies, including telehealth, mobile health applications, and electronic health records, are enhancing healthcare delivery and patient engagement.
- Increased Demand for Remote Healthcare Services: The growing preference for telemedicine and remote monitoring solutions, especially post-COVID-19, is driving the expansion of the digital health market.
- Rising Healthcare Costs: As healthcare costs continue to rise, there is a greater emphasis on cost-effective solutions that digital health technologies can provide.
- Growing Prevalence of Chronic Diseases: The increasing incidence of chronic conditions such as diabetes and cardiovascular diseases necessitates effective management solutions offered by digital health tools.
- Supportive Government Initiatives: Many governments are promoting digital health through supportive policies and funding initiatives aimed at improving healthcare access and quality.
Global Digital Health Market Trends & Analysis
- Big Data use in healthcare is on the rise.
- In addition to being instruments for communication and entertainment, smartphones are now often used as fitness and health trackers.
- Electronic health records and electronic medical record systems are being used more often.
- Chronic illnesses including cancer, diabetes, cardiovascular disease, and Alzheimer’s are becoming gradually common and require long-term care and patient monitoring services.
- Telemedicine and telehealth services are being readily accepted by the medical community and are being acknowledged by both public and private entities.
Competitive Landscape and Start-up Ecosystem for Digital Health Market Players
The digital health market providers employ the tactic of introducing cutting-edge and reasonably priced solutions to eliminate rivals. In order to outperform rivals, the provider of digital health solutions also employs strategic partnerships, collaborations, and joint ventures.
In order to meet the rising demand for digital health broaden their business horizons and increase sales of digital health, digital health technology market players were compelled to revise their product innovation strategies, investment strategies, mergers and acquisitions plans, and partnership plans.
The emergence of start-ups and businesses that specialize in digital health solutions is fostering value of the digital health and winning the support of both public and private investors. The driving forces in the digital therapeutics market ecosystem are currently the big-tech players, healthcare providers, and health informatics market start-ups.
Recent Developments in Global Digital Health Market
In 2021, the digital health market had a breakout year, with start-ups raising US$ 29.1 billion in 729 transactions. Start-ups raised US$ 6.7 billion in the first quarter of 2021, at the peak of the funding boom. This increased to US$ 8.3 billion in the second quarter and US$ 6.8 billion in the third quarter. In the first quarter of 2022, digital health start-ups signed 183 deals, with an average deal size of US$ 32.8 million.
The American Telemedicine Association (ATM) collaborated with a United Kingdom-based digital health firm to release a brand-new tool for evaluating mHealth apps.
Omron Healthcare, Inc., a division of Omron Corporation, unveiled The Heart Guide in January 2019 as the first wearable blood pressure monitor with a digital health service.
Funding in the first quarter shifted to different digital health sectors than in previous quarters. Funding for start-ups that catalyze research and development in biopharma and medical technology fell to second place while funding for start-ups that augment clinical workflow raised eight spots to third place.
Mental health care is still a hotspot, with start-ups raising US$ 1 billion in the first quarter. For the first time since 2019, investment in start-ups supporting reproductive and maternal health totaled US$ 424 million during the quarter, re-entering the top six for the first time in 2019.
Key Players Profiled in the Digital Health Market Report
- 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
- Philips Healthcare
Key Segments Covered by Digital Health Industry Survey Report
By Solution Type:
- Software
- Healthcare Payers Software
- Healthcare Claims Management Software
- Healthcare CRM Software
- Payer Care Management Software
- Other Healthcare Paying Software
- Healthcare Payers Software
- Healthcare Providers Software
- EHR or EMR Software
- E-Prescribing Software
- Healthcare Asset Management Software
- Population Health Management Software
- Other Healthcare Providing Software
- Services
- Managed Services
- Professional Services
- Healthcare Consulting Services
- Integration & Implementation Services
- Support & Maintenance Services
- Other Professional Services
By Deployment:
- Cloud-based
- On-Premises
By End User Verticals:
- Diagnostics Centers
- Healthcare Payers
- Healthcare Research Centers
- Hospitals & Clinics
- Nursing Care Centers
- Other End User Verticals
By Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia and Pacific Market
- Middle East and Africa (MEA) Market
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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