Digital Health Market Size By Technology Type (Telehealth and Telemedicine, Wearable Devices, Health Information Technology (HIT), Mobile Health (mHealth) Apps), Application (Chronic Disease Management, Remote Patient Monitoring (RPM), Health and Wellness, Clinical Decision Support (CDS)), End User (Hospitals and Clinics, Healthcare Providers, Patients and Consumers, Health Plans and Payers), & Region for 2024-2031
Report ID: 27116|No. of Pages: 202
Digital Health Market Size By Technology Type (Telehealth and Telemedicine, Wearable Devices, Health Information Technology (HIT), Mobile Health (mHealth) Apps), Application (Chronic Disease Management, Remote Patient Monitoring (RPM), Health and Wellness, Clinical Decision Support (CDS)), End User (Hospitals and Clinics, Healthcare Providers, Patients and Consumers, Health Plans and Payers), & Region for 2024-2031
Digital Health Market Valuation – 2024-2031
The growing demand for accessible, efficient, and personalized healthcare solutions among consumers and healthcare providers alike. With the rise of chronic diseases and an aging population, there is an urgent need for innovative healthcare delivery methods that can provide timely and cost-effective care, the need for digital health is surpassing USD 16.2 Billion in 2023 and reaching USD 41.0 Billion by 2031.
Additionally, the rise of chronic diseases and the need for effective management solutions have propelled the adoption of digital health tools, as they enable continuous monitoring and personalized care. These factors contribute to the increasing use of digital health in a variety of industries is expected to grow at a CAGR of 13.5% about from 2024 to 2031.
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Digital Health Market: Definition/ Overview
Digital health refers to the integration of technology into healthcare practices, encompassing a wide range of applications such as telehealth, mobile health applications, wearable devices, and health information technology. These tools facilitate remote patient monitoring, real-time health data collection, and enhanced communication between patients and healthcare providers, improving access to care and promoting proactive health management. The future of digital health is poised for significant growth as advancements in artificial intelligence, machine learning, and data analytics enhance personalized medicine and predictive healthcare. With increasing consumer demand for convenient, efficient healthcare solutions and ongoing investments in health technology, digital health is expected to play a pivotal role in transforming healthcare delivery, improving patient outcomes, and driving cost efficiencies in the healthcare system.
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Will Increasing Adoption of Technology is Propelling the Digital Health Market?
The increasing adoption of technology is significantly propelling the Digital Health Market by enhancing the accessibility and efficiency of healthcare services. Innovations such as telehealth platforms, wearable health devices, and mobile health applications enable patients to manage their health proactively and communicate with healthcare providers seamlessly. According to the U.S. Department of Health and Human Services, telehealth usage surged by 154% during the COVID-19 pandemic, demonstrating a substantial shift toward technology-driven healthcare solutions. This trend reflects a growing acceptance of digital health tools, leading to their integration into routine care.
Moreover, advancements in health information technology, such as electronic health records (EHRs) and data analytics, are improving clinical decision-making and patient outcomes. The U.S. National Coordinator for Health Information Technology reported that over 86% of hospitals have adopted EHRs, allowing for better coordination of care and more informed healthcare decisions.
Will Supply Chain Disruptions Hamper the Growth of the Digital Health Market?
Supply chain disruptions can indeed hamper the growth of the Digital Health Market by creating delays in the production and delivery of essential technologies and devices. These disruptions, often caused by global events such as the COVID-19 pandemic or geopolitical tensions, affect the availability of critical components like hardware for medical devices, software development resources, and infrastructure needed for telehealth services. For instance, a shortage of semiconductor chips has already impacted various technology sectors, leading to delays in the rollout of new digital health tools and services. Such interruptions can hinder the capacity of healthcare providers to adopt and implement digital health solutions effectively, ultimately slowing market expansion.
Moreover, supply chain challenges can result in increased costs, making it difficult for companies to maintain competitive pricing for digital health solutions. As firms face higher expenses for sourcing materials and logistics, these costs may be passed on to consumers and healthcare providers, potentially reducing the adoption rate of digital health technologies.
Category-Wise Acumens
Will Wide Range of Solutions Tailored for Chronic Disease Boost the Digital Health Market?
he wide range of solutions tailored for chronic disease management is expected to significantly boost the Digital Health Market by providing comprehensive care options that enhance patient outcomes and engagement. These solutions include mobile health applications, telehealth services, and remote monitoring tools designed to empower patients in managing their conditions more effectively. By enabling continuous health tracking and offering personalized treatment plans, these technologies help patients adhere to their prescribed regimens, ultimately reducing the risk of complications and hospitalizations.
Moreover, the growing awareness of chronic diseases and their economic burden on healthcare systems is driving investment in digital health technologies. Organizations and healthcare providers recognize that proactive management of chronic conditions can lead to significant cost savings by minimizing emergency interventions and hospital stays.
Remote Patient Monitoring (RPM) is the fastest-growing segment, fueled by advancements in wearable technologies and telehealth services that enable real-time health tracking and data collection.
Will Extensive Use of Health Information Technology Fuel the Digital Health Market?
The extensive use of Health Information Technology (HIT) is poised to significantly fuel the Digital Health Market by enhancing the efficiency and effectiveness of healthcare delivery. HIT systems, including electronic health records (EHRs) and health information exchanges (HIEs), streamline data management, allowing healthcare providers to access patient information quickly and accurately. This facilitates better clinical decision-making and improves patient outcomes, leading to increased adoption of digital health solutions.
Moreover, the increasing focus on interoperability and data sharing among healthcare systems is further driving the growth of the Digital Health Market. As more healthcare organizations recognize the importance of seamless communication and collaboration, investments in HIT are expected to rise.
The Wearable Devices segment is the fastest-growing category, driven by the increasing consumer demand for fitness and health monitoring technologies.
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Country/Region-wise
Will Technological Improvements in North America Drive the Expansion of Digital Health Market?
Technological improvements in North America are poised to significantly drive the expansion of the Digital Health Market, enhancing healthcare delivery and patient outcomes. The integration of advanced technologies such as artificial intelligence, machine learning, and telemedicine platforms allows for more personalized and efficient healthcare services. According to the U.S. Department of Health and Human Services, the adoption of telehealth services surged by over 154% during the COVID-19 pandemic, highlighting the growing reliance on digital health solutions among providers and patients.
Moreover, increasing investments in digital health technologies are further fueling market growth. The National Health Service (NHS) in the UK has projected that telehealth could save the healthcare system up to $12 billion annually by reducing unnecessary hospital visits and improving patient management. The growth is driven by the need for improved healthcare accessibility, efficiency, and cost-effectiveness, as well as the rising demand for remote patient monitoring and health management solutions among an aging population.
Will Rapid Industrialization in Asia Pacific Propel the Digital Health Market?
Rapid industrialization in the Asia Pacific region is expected to significantly propel the Digital Health Market, driven by increasing investments in healthcare infrastructure and the rising adoption of advanced technologies. Governments in countries such as China and India are implementing policies to enhance healthcare delivery, which includes incorporating digital health solutions like telemedicine, electronic health records, and mobile health applications. According to the Asian Development Bank, health expenditure in the Asia Pacific is projected to reach approximately $10 trillion by 2025, highlighting the region’s commitment to modernizing its healthcare systems.
Additionally, the growing urban population and rising prevalence of chronic diseases in the Asia Pacific are contributing to the demand for innovative digital health solutions. The World Health Organization estimates that by 2030, the region will experience a 65% increase in non-communicable diseases, necessitating efficient healthcare management tools.
Competitive Landscape
The competitive landscape of the Digital Health Market is characterized by a high level of fragmentation with numerous regional and global producers. Companies are increasingly focusing on sustainable production methods, leveraging natural sources like grapes and other plant-based materials. Innovations in eco-friendly production and bio-based digital health are gaining traction as consumer demand shifts toward organic and environmentally conscious products.
Some of the prominent players operating in the Digital Health Market include Teladoc Health Incorporated, Koninklijke Philips N.V., Abbott Laboratories, Siemens Healthineers AG, Johnson & Johnson, Roche Holding AG, Omron Corporation, OMRON Healthcare, Inc., Fitbit, Inc., Apple Inc.
Latest Developments
- In August 2024 Royal Philips completed its acquisition of BioTelemetry, a leading remote patient monitoring company, to expand its telehealth offerings. This acquisition enhances Philips’ capabilities in providing integrated healthcare solutions, particularly in cardiac care, allowing for continuous monitoring and timely interventions for patients.
- In July 2024 Teladoc Health announced a partnership with Google Cloud to enhance its virtual care services through advanced data analytics and artificial intelligence. This collaboration aims to improve the personalization of care delivery and streamline operations by leveraging Google’s cloud computing capabilities. The initiative is expected to enable Teladoc to provide more effective telehealth solutions, catering to a growing patient base seeking digital health services.
- In June 2024 UnitedHealth Group launched a new digital health platform that combines artificial intelligence and machine learning to provide personalized care recommendations to patients. The platform is designed to enhance patient engagement by offering tailored insights based on individual health data.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2018-2031 |
| Growth Rate | CAGR of ~13.5% from 2024 to 2031 |
| Base Year for Valuation | 2023 |
| Historical Period | 2018-2022 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis. |
| Segments Covered |
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| Regions Covered |
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| Key Players | Teladoc Health Incorporated, Koninklijke Philips N.V., Abbott Laboratories, Siemens Healthineers AG, Johnson & Johnson, Roche Holding AG, Omron Corporation, OMRON Healthcare, Inc., Fitbit, Inc., Apple Inc. |
| Customization | Report customization along with purchase available upon request. |
Digital Health Market, By Category
Technology Type
- Telehealth and Telemedicine
- Wearable Devices
- Health Information Technology (HIT)
- Mobile Health (mHealth) Apps
Application
- Chronic Disease Management
- Remote Patient Monitoring (RPM)
- Health and Wellness
- Clinical Decision Support (CDS)
End User
- Hospitals and Clinics
- Healthcare Providers
- Patients and Consumers
- Health Plans and Payers
Geography:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
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Frequently Asked Questions
1. Introduction
• Market Definition
• Market Segmentation
• Research Methodology
2. Executive Summary
• Key Findings
• Market Overview
• Market Highlights
3. Market Overview
• Market Size and Growth Potential
• Market Trends
• Market Drivers
• Market Restraints
• Market Opportunities
• Porter’s Five Forces Analysis
4. Digital Health Market, By Technology Type
• Telehealth and Telemedicine
• Wearable Devices
• Health Information Technology (HIT)
• Mobile Health (mHealth) Apps
5. Digital Health Market, By Application
• Chronic Disease Management
• Remote Patient Monitoring (RPM)
• Health and Wellness:
• Clinical Decision Support (CDS)
6. Digital Health Market, By End User
• Hospitals and Clinics
• Healthcare Providers
• Patients and Consumers
• Health Plans and Payers
7. Regional Analysis
• North America
• United States
• Canada
• Mexico
• Europe
• United Kingdom
• Germany
• France
• Italy
• Asia-Pacific
• China
• Japan
• India
• Australia
• Latin America
• Brazil
• Argentina
• Chile
• Middle East and Africa
• South Africa
• Saudi Arabia
• UAE
8. Market Dynamics
• Market Drivers
• Market Restraints
• Market Opportunities
• Impact of COVID-19 on the Market
9. Competitive Landscape
• Key Players
• Market Share Analysis
10. Company Profiles
• Teladoc Health Incorporated (USA)
• Koninklijke Philips N.V. (Netherlands)
• Abbott Laboratories (USA)
• Siemens Healthineers AG (Germany)
• Johnson & Johnson (USA)
• Roche Holding AG (Switzerland)
• Omron Corporation (Japan)
• OMRON Healthcare, Inc. (USA)
• Fitbit, Inc. (USA)
• Apple Inc. (USA)
11. Market Outlook and Opportunities
• Emerging Technologies
• Future Market Trends
• Investment Opportunities
12. Appendix
• List of Abbreviations
• Sources and References
Report Research Methodology
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This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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