DIGITAL HEALTHCARE MARKET ANALYSIS

Digital Healthcare Market Size and Trends

Global digital healthcare market is estimated to be valued at USD 220.10 Bn in 2024 and is expected to reach USD 836.10 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 21% from 2024 to 2031. Rising chronic diseases, growing geriatric population, and increasing preference for online consultations and e-pharmacies are factors that can drive the digital healthcare market growth.

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Global digital healthcare market is expected to witness steady growth due to rising investment in telemedicine and remote patient monitoring technologies. There is growing demand for self-care and personalized medicine solutions along with emergence of digital therapeutics and artificial intelligence driven tools for disease prediction and management. Furthermore, integration of digital health solutions across care settings along with government support through favorable regulations can drive the market growth during the forecast period.

Aging Population and Need for Remote Patient Monitoring

An increasing number of patients are receiving long-term care diagnoses due to chronic diseases and other problems brought on by an aging global population. The increased monitoring requirements of an ageing population cannot be met by traditional in-office doctor visits. Digital healthcare solutions empower patients to be more proactive in managing their wellness from the comfort of their home. Remote patient monitoring devices, apps, and telehealth services allow serious medical conditions to be managed virtually on an ongoing basis between patient and provider check-ins. Vital signs such as blood pressure, blood glucose, heart rate, oxygen levels, and others can automatically be digitally transmitted to healthcare professionals for review. This alleviates strain on medical clinics and hospitals by reducing unnecessary in-person visits. For instance, in December 2023, AJ Hospital and Research Centre  implemented Dozee's state-of-the-art AI-powered contactless remote patient monitoring (RPM) and early warning system (EWS) on 50 beds within its private ward.

Launch of new products

Rising launch of innovative new digital healthcare products can drive the market growth. Technology companies and startups are introducing novel solutions that are transforming how healthcare services are delivered and received. For example, remote patient monitoring platforms enabled by devices like glucose monitors, blood pressure cuffs and scales can seamlessly connect to apps or portals. This allows chronic condition patients to stay in their homes while doctors can closely track their vitals and intervene remotely if needed. As a result, healthcare is becoming more accessible, affordable and patient-centric. For instance, on March 14, 2024, Mayo Clinic launched a digital health product pipeline with the goal of easing the challenges faced by digital health companies in selling to hospitals. It aims to simplify the process for hospitals to discover and incorporate beneficial tools into their systems