Global Digital Health Market Share Is Likely To Reach At A CAGR Value Of Around 13.43% By 2032

19-May-2024 | Facts and Factors

According to Facts and Factors, the global digital health market size was worth around USD 320.17 billion in 2023 and is predicted to grow to around USD 995.33 billion by 2032 with a compound annual growth rate (CAGR) of roughly 13.43% between 2023 and 2032.

Global Digital Health Market

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Digital health is sometimes referred to as digital healthcare and it is the amalgamation of healthcare and technology. It is a multidisciplinary and broad concept that brings together two main segments of the modern world that is medicine and technological science under one roof.

Browse the full “Digital Health Market Size, Share, Growth Analysis Report By Component (Services, Software, and Hardware), By Technology (Telehealthcare, mHealth, Healthcare Analytics, Digital Health Systems, E-prescribing Systems, Virtual Care Platforms, Wearable Health Technology, and Remote Patient Monitoring (RPM)), And By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2024 – 2032" report at https://www.fnfresearch.com/digital-health-market-report

Digital health incorporated the use of digital technology to transform the healthcare segment by making use of software programs, hardware systems, and associated or supportive services. It is inclusive of mobile health also called mHealth applications along with electronic medical records (EMRs), telehealth, electronic health records (EHRs), and telemedicine.

A large part of it is catering to the growing demand for personalized medical care. Several stakeholders are a part of digital health and include medical practitioners, patients, application developers, researchers, distributors, and manufacturers of smart devices. Digital health is an important segment of modern healthcare infrastructure.

The global digital health market is projected to grow owing to the increasing technological developments in devices used to maintain digital health records as well as the enhancing quality of associated services provided to the several stakeholders in the global market. The modern-age digital health systems are making use of advanced technologies like artificial intelligence, interoperable data, and machine learning, along with secure open platforms that are the center of technological growth in digital health systems and software. Advancements in big data & machine learning and the growing incorporation of these techniques in producing higher-grade digital health devices could change the way the global market functions in the coming years.

Factors like increasing producer and services awareness along with growing efforts by international health institutes and government agencies to encourage digital health in the national healthcare infrastructure could further drive the global market revenue generation. For instance, the 2023 announcement by the French government for an investment of USD 650 million toward the expansion of the country’s digital healthcare program is a recent example showcasing the seriousness governments have shown for digital health.

The dwindling number of healthcare professionals in the global medical community could be a matter of major concern in the global market. As the population is growing at an exponential rate, the demand for quality medical professionals is on the rise. However, there is a significant gap between the required number of medical professionals and the actual number present in the healthcare sector. The World Health Organization (WHO) claims that there may be a shortage of almost 15 million medical personnel by the end of 2032.

The growing awareness may provide growth opportunities whereas the adoption of new technology could act as a major challenge.

Segmental Overview

The global digital health market is segmented based on component, technology, and region

Based on components, the global market segments are services, software, and hardware. The global market registered the highest growth in the services segment in 2021 with around 45% of the segmental market share attributed to growing investments in staffing, training, maintenance, and installation of digital health.

As the technology keeps growing with constant changes including additions of new features and removal or upgrading of older features, the demand for installation and training is on the rise. Most of the device providers manage an internal team that is solely responsible for the after-sale services since it is important for future growth.

Based on technology, the global market is divided into digital health systems, healthcare analytics, tele-healthcare, and mhealth. The global market registered the highest growth in the tele-healthcare segment which regenerated around 41.56% of the segmental revenue. The growing demand for managing and monitoring healthcare data along with other factors like population management in real-time and secure storage of healthcare-related information is leading the demand for tele-healthcare. The segment may register a high CAGR due to the growing remote patient care trend which comes along with its own sets of benefits in managing chronic conditions like cardiovascular diseases or diabetes.

Regional Overview

North America is projected to lead the global digital health market with the US generating the highest regional market revenue. The country is home to some of the biggest manufacturers of digital health software and hardware. They also provide exceptional post-purchase or post-installation services. Since the devices are manufactured by domestic companies, the price at which the product is offered is relatively low compared to the selling price in the international market. This encouraged the local population to adopt the systems or devices since they are affordable.

The US and Canadian population is investing in gaining more control over their health and hence the demand for digital health is reaching new heights with every growth. Growth in Asia-Pacific may be driven by the increasing number of local players offering quality products and services to its growing population and the subsequently increasing number of patients.

Report Scope

Report Attribute

Details

Market Size in 2023

USD 320.17 Billion

Projected Market Size in 2032

USD 995.33 Billion

CAGR Growth Rate

13.43% CAGR

Base Year

2023

Forecast Years

2024-2032

Key Market Players

AdvancedMD Inc., AirStrip Technologies, Allscripts Healthcare Inc, Apple Inc., Athenahealth Inc., BioTelemetry Inc, Boston Scientific Corporation, Cerner Corporation (Oracle), Cisco Systems, eClinicalWorks, Epic Systems Corporation, FUJIFILM Holdings Corporation, General Electric Company, Honeywell International Inc, iHealth Lab Inc, Koninklijke Philips N.V., McKesson Corporation, Medtronic, Samsung Electronics Co. Ltd., Siemens Healthcare GmbH, Validic, Vodafone Group, and others., and Others.

Key Segment

By Component, By Technology, and By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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Competitive Analysis

The global digital health market is led by players like AdvancedMD Inc., AirStrip Technologies, Allscripts Healthcare, Inc, Apple Inc., Athenahealth Inc., BioTelemetry Inc, Boston Scientific Corporation, Cerner Corporation (Oracle), Cisco Systems, eClinicalWorks, Epic Systems Corporation, FUJIFILM Holdings Corporation, General Electric Company, Honeywell International Inc, iHealth Lab Inc, Koninklijke Philips N.V., McKesson Corporation, Medtronic, Samsung Electronics Co. Ltd., Siemens Healthcare GmbH, Validic, Vodafone Group, and others.

Recent Developments:

  • In July 2023, the Peterson Center on Healthcare unveiled the Peterson Health Technology Institute (PHTI). This new nonprofit organization is dedicated to independently evaluating innovative healthcare technologies with the aim of enhancing health outcomes and reducing costs.
  • In May 2022, the Organization for the Review of Care and Health Applications (ORCHA) announced its participation in a new U.S. framework for evaluating health technologies. This initiative, which includes mobile apps and web-based tools used by healthcare providers and consumers, is led by the American College of Physicians (ACP) and the American Telemedicine Association (ATA) in collaboration with ORCHA.

The global digital health market is segmented as follows:

By Component

  • Services
  • Software
  • Hardware

By Technology

  • Telehealthcare
    • Telehealth
    • Telecare
  • mHealth
    • Apps
  • Healthcare Analytics
  • Digital Health Systems
  • E-prescribing Systems
  • Virtual Care Platforms
  • Wearable Health Technology
    • Heart Rate Sensors
    • Fitness Trackers
    • Sleep Monitors
    • BP Monitors
    • Cardiac & Glucose Monitors
    • Others
  • Remote Patient Monitoring (RPM)

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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