Global Digital Health Market Overview
The global digital health market is estimated to reach a valuation of USD 1.1 trillion by the year 2032 at a CAGR of 22.2% which was valued at USD 167 billion in the year 2021. The growing usage of big data analytics in the healthcare sector, the increased use of EHR and EMR systems, and the assistance provided to maintain patients' electronic health records and regulatory obligations are a few of the crucial factors boosting the digital healthcare industry. Apart from this, a growing trend of using preventive healthcare which is combined with the increased investment in various health institutes is aiding the said market's growth.
In the United States, there has been a significant growth in the usage of smartphones and smart devices by physicians, eventually leading to an increase in the practice of digital health market size. This has resulted in a massive increase in mobile applications for healthcare needs, fuelling the industry's expansion rapidly. Along with this, the robust IT infrastructure, favourable government efforts, rising demand for remote patient monitoring services, and increase in venture capitalist investment are said to boost the said industry's income.
Along with the extensive usage of EHR and EMR systems, patient assistance in managing their electronic health records, and regulatory requirements, to name a few, there is an increase in the use of big data analytics in healthcare. The digital healthcare industry is growing rapidly as a result of these crucial market-driving factors. Additionally, the digital healthcare solutions industry is growing as a result of an increase in investment in various mHealth startups and a growing trend in preventative healthcare.
The published research report on the said market segment covers a new platform and resource for digital healthcare and medicine announces its launch, which includes a searchable database of digital health solutions companies and resources. As the number of established companies and startups in digital health technology grows, it’s a challenge for clinicians and others involved in healthcare to keep up and to identify and match the solutions that may meet their needs.
Global Digital Health Market Trends
- Rising Prevalence of Big Data & Popularity of Telecloud are key trends aiding the market's growth.
The digital healthcare solutions industry is majorly boosted by the rising adoption of big data in the healthcare sector, the rising use of EHR and EMR systems, the convenience of maintaining patient’s electronic health records, and government mandates, are a few crucial factors that aid the growth of the digital health market.
In several countries, specialists and physicians work mostly in cities or metros, leaving patients residing in rural locations in a lurch. This issue can be handled by the use of tele cloud, which allows healthcare workers to provide treatment to patients over long distances at an affordable rate and with real-time data analysis. Security issues and mounting concerns for the same are major challenges in the said domain.
Apart from this, ALYKA Health, a leading digital health technology company, announced the launch of a mobile application that will serve as a digital health assistant for individuals and their families. This app primarily reviews major risk factors for heart disease and integrates with patient health records for curated essential health data. Individuals can create personalized journeys with goals, insights, and encouragement toward improving heart health and well-being.
Digital Health Market Segment Insights
Digital Health Technology Insights
The segmentation of the digital health market based on technology caters to digital and mental health, healthcare analytics and digital health technology. Digital therapeutics is currently one of the most popular trends in the said market segment, with surging internet usage, increasing sales of smartphones, and the extensive range of innovative health apps available in the global market.
Digital Health Application Insights
The application segment of the digital healthcare market includes diabetes, cardiology, oncology, sleep apnoea, neurology, and others. The cardiology segment is said to be in the lead due to the escalating cases of lifestyle-related issues that lead to cardiac disease, prevention as well as recovery have emerged as prime focus areas, which go beyond treatment and diagnosis. Innovations in digital healthcare solutions have led to a higher demand for patient-focused monitoring services and solutions, in the cardiology section.
Digital Health Delivery Mode Insights
The digital health market report, when segmented by delivery mode, comprises on-premise as well as cloud-based services. On-premise mode is not viewed as a viable option as it requires higher investments in IT infrastructure, while the cloud facilitates large-scale big data operations by providing huge storage as well as processing capacity.
Digital Health Components Insights
The components segment of the digital health market has seen a surge in demand for digital healthcare solutions software like EHRs and fitness and medical apps, which is assumed to be a key growth enhancer for the segment. The escalating number of Covid cases has bolstered the requirement for advanced software to keep track of all the SARS-CoV-2 cases, which ultimately fosters the demand for EHRs.
Digital Health End users Insights
The end-user segment of the said market segment is further divided into healthcare providers, pharmaceutical companies, and more. Today’s healthcare providers or doctors who practice digital healthcare solutions extensively use smartphones or tablets for improved communication and better information sources at the point of care.
Global Digital Health Market Regional Insights
The global digital health market is primarily studied across four prominent regions, namely, North America, Europe, Asia-Pacific & Rest of the World. Out of which, the North American region is said to be the largest market share holder among others during the forecast period with the increased spending on healthcare initiatives and adoption rate of healthcare information technology. Apart from this, the US digital health market is growing rapidly due to the high spending on healthcare initiatives and the growing need for such new-age digital health technology.
Europe is ranked second in terms of revenue generation in the said market followed by North America. Given the significant pressure to cut down healthcare costs and the escalation in technological innovations, the European region has achieved a substantial market share in the said market segment globally. Continuous efforts taken by the key players in the European region to improve their existing solutions and service portfolio leave a favourable impact on the European market of digital health solutions.
Asia Pacific is third in the list of highest grossers in the global digital health market and is on track to procure the fastest growth rate in the upcoming years, on account of the rapid improvement in the healthcare infrastructure and the soaring pool of healthcare IT vendors. The increase in funded research & development centres combined with the presence of renowned firms across the developing nations of the region also bolsters the market expansion rate. Continuous reforms to deal with the ineffective healthcare infrastructure and an increase in financial aid by the government could also benefit the APAC market in the coming years.
Digital Health Market Key Players & Competitive Insights
Companies spend generously on R&D activities to launch new and innovative digital healthcare solutions which include software and applications to bolster their presence. Some other competitive strategies employed by the key players in the digital health market include acquisitions, joint ventures, collaborations and expansions, to name a few.
Six digital health start-ups from five countries namely, 16 Bit Inc, Bot Image, CardioWise, contextflow, corelinesoft and US2.ai, etc., have officially become the first cohort of the Edison Accelerator in Canada – a program designed by GE Healthcare and delivered in collaboration with Nex Cubed to accelerate, validate, and scale innovative solutions that address important challenges in the healthcare sector.
The selected companies are focusing on applying Artificial Intelligence (AI) to augment medical imaging with the potential to transform how healthcare services are delivered. AI is poised to increase productivity and the efficiency of care delivery and allow healthcare systems to provide better care to more people.
Key Companies in the Digital Health Market
• Allscripts Healthcare LLC (US)
• BioTelemetry Inc. (US)
• Cerner Corporation (US)
• Cisco Systems Inc (US)
• McKesson Corporation (US)
• AT&T Inc. (US)
• Athenahealth Inc. (US)
• EClinicalWorks (US)
• iHealth Lab Inc. (US)
• Qualcomm Technologies Inc. (US)
Recent Developments in the Global Digital Health Market
January 2024 -
Cerner announced a strategic partnership with Amazon Web Services (AWS) to leverage cloud computing technology for its EHR platform. This partnership aims to improve operational efficiency and data analytics capabilities for healthcare providers.
April 2023 -
Athenahealth, Inc. (US) unveiled the Athenahealth Patient Digital Engagement Index. The goal of the Index is to help providers evaluate and improve how they interact with and support their patients so that both may move toward a more digital, high-tech experience that will ultimately lead to better patient care.
October 2023 -
Koninklijke Philips N.V. (Netherlands) launched the Patient Information Center iX (PIC iX), a part of the Capsule Medical Device Information Platform (MDIP) designed to improve patient care. Philips Capsule Medical Device Information Platform (MDIP) and Philips Patient Information Center iX (PIC iX) are compatible in that they can both record streaming, and vendor-neutral data to provide a complete picture of a patient's condition.
Digital Health Market Segmentation
Digital Health Technology Outlook
- Digital Health Systems
- Telehealth
- Mhealth
- Health Analytics
Digital Health Application Outlook
- Cardiology
- Diabetes
- Neurology
- Sleep Apnea
- Oncology
- Others
Digital Health Delivery Mode Outlook
Digital Health Component Outlook
- Software
- Services
- Hardware
Digital Health End User Outlook
- Health Providers
- Health Payers
- Pharmaceutical Companies
- Others
Digital Health Regional Outlook
- Asia-Pacific
- Europe
- North America
- South America
- Middle East & Africa
*Disclaimer: List of key companies in no particular orderLatest Digital Health Companies Update
