DIGITAL HEALTH MARKET ANALYSIS

The digital health market size is expected to reach US$ 815.35 billion by 2030, from US$ 249.97 billion in 2023, at a CAGR of 18.4% during the forecast period. Digital health integrates advanced technologies that utilizes digital, mobile, and cloud-based platforms to offer better healthcare service to patients. Digital health platforms, such as telemedicine and telecare, enables health providers to communicate with patients.

Digital Health Market Regional Insights:

• North America is expected to be the largest market for digital health during the forecast period, which accounted for over 40.2% of the market share in 2022. The growth of the market in North America is attributed to increasing product launches by the market players
• Europe is expected to be the second-largest market for digital health, which accounted for over 27.3% of the market share in 2022. The growth of the market in Europe is attributed to increasing inorganic strategies such collaboration, agreement adopted by the market players.
• Asia Pacific is expected to be the fastest-growing market for digital health, which is expected to grow at a CAGR of over 22.1% during the forecast period. The growth of the market in Asia Pacific is attributed to the increasing use of telemedicine.

Figure 1. Global Digital Health Market Share (%), by Region, 2023

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Analysts’ Views on the Global Digital Health Market:

The digital health market is expected grow at fast pace owing to adoption of telemedicine use by hospitals as well as patients. Moreover, benefits, such as less time consumption, accuracy, and user friendliness, are the paramount factors propelling the growth of the digital health market.

Digital Health Market Drivers:

• Growing Geriatric Population: Increasing geriatric population globally will aid in the market growth over the forecast period, as geriatric patient are preferring telemedicine consultation. For instance, according to the data published by the World Health Organization (WHO) on October 1, 2022, in 2050, 80% of older people will be living in low- and middle-income countries.

• Rising Investment in Telehealth and Telemedicine: This pandemic experience has accelerated the ongoing shift towards telehealth as the new normal. Many patients, doctors, and healthcare systems have now recognized the value of virtual care delivery models. This is driving higher and sustained investments in telehealth technologies across regions. For instance, in the U.S., federal programs expanded telehealth coverage and reimbursements during the pandemic. As per the U.S. Department of Health and Human Services, between April and July 2020, 62 times more Medicare patients received virtual care compared to pre-pandemic levels.

Digital Health Market Opportunities:

• Increasing Inorganic Strategies by the Market Players: Increasing inorganic strategies by market players, such as mergers, acquisitions, and collaborations, are expected to drive the market growth over the forecast period. For instance, on August 5, 2020, Teladoc Health (TDOC), the global leader in virtual care, and Livongo (LVGO), the leading applied health signals company, announced that they have entered into a definitive merger agreement. This merger represents a transformational opportunity to improve the delivery, access, and experience of healthcare for consumers around the world.

Digital Health Market Trends:

• Increasing Use of Telehealth and Telemedicine: The COVID-19 pandemic accelerated the adoption of telehealth and telemedicine globally as people sought virtual healthcare options over in-person visits. This paradigm shift towards remote care delivered digitally has massively disrupted the digital health industry. Telehealth appointments surged during lockdowns as patients needed to see doctors while also socially distancing. According to data from the U.S. Department of Health and Human Services, telehealth use increased by 154% from March to April of 2020. This rapid rise in virtual visits highlighted how digital health solutions can expand access to care.

Digital Health Market Restraints:

• Lack of Awareness in Developing Nations: Lack of technological awareness among medical practitioners is significantly restraining the growth of the global digital health market. Traditional medical education system has not fully incorporated new-age digital healthcare solutions and technologies in their curriculum. As a result, most doctors and healthcare providers have limited know-how of advanced digital tools and platforms that can help improve patient outcomes. This technological disconnect is one of the major roadblocks in wider adoption of telehealth, remote patient monitoring, Artificial Intelligence (AI)-based clinical decision support systems, and other emerging digital interventions. For instance, according to the World Health Organization (WHO), only 14% of countries had developed telemedicine guidelines and regulations as of 2021.

Recent Developments:

New Product Launches:

• On September 5, 2023, Apollo Telehealth, a medical center in Hyderabad, India, launched tele-emergency, ICU services at nine NTPC plants
• On September 1, 2022, RxDefine, an engagement platform dedicated to educating and empowering healthcare consumers and healthcare practioners, announced the launch of RxTelehealth, its telehealth solution for life sciences brands

Acquisition and Partnerships:

• On January 18, 2023, Royal Philips, a multinational company headquartered in Netherlands, and Masimo, a global medical technology company, announced an expansion of their partnership to augment patient monitoring capabilities in home telehealth applications with the Masimo W1 advanced health tracking watch

Figure 2. Global Digital Health Market Share (%), by Technology, 2023

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Top Companies in the Digital Health Market:

• Teladoc Health
• American Well Corporation
• Doctor on Demand
• MDLIVE
• Maple
• Steady Health
• Anthropic
• CloudMedx
• Babylon
• Buoy Health

Definition: The broad scope of digital health includes categories such as mobile health (mHealth), health information technology (IT), wearable devices, telehealth and telemedicine, and personalized medicine.

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