Global Digital Health Market By Technology (Tele-healthcare, Healthcare Analytics, mHealth, and Digital Health Systems), By Component (Software, Services, and Hardware), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Digital Health Market Overview

The global Digital Health market, which was worth USD 171,323.8 million in 2021, is forecast to grow at a CAGR of 21% between 2023-2032. Market growth is being driven by rising smartphone penetration, improving connectivity to the internet, expanding healthcare IT infrastructure, rising chronic disease prevalence, increasing demand for remote monitoring services, and increased accessibility to virtual healthcare.

Global Digital Health Market Analysis

Technology Analysis

The market’s dominant segment, Tele-Healthcare, accounted for 40% of the market revenue in 2021. It is expected that the market will grow significantly during the forecast period. This growth rate can be attributed to the growing smartphone penetration, internet connectivity, advanced tech readiness, growing shortages of healthcare providers, and increasing medical expenses. There is also wide availability of telehealth apps, which are widely available, and increasing adoption by patients and physicians.

The segment growth is further supported by constant innovation in telehealth applications and rapid technological advancements. The high growth rate of this segment is supported by the growing demand for virtual health consultations due to the COVID-19 pandemic. Additionally, the integration and advancement of IoT technology and connectivity are further contributing to its success.

Component Analysis

Services dominated the market in 2021 and held a significant market share. This was due to the increasing demand for services such as staffing, training, and maintenance. Market players offer these services either in standalone packages or as part of a package. This segment is growing due to the increasing demand for advanced software platforms, such as electronic medical record systems, and the need for training and upgradation to operate these software solutions. Key players offer a variety of pre-installation as well as post-installation services. They include project planning, staffing and implementation, training, and resource allocation & optimization. With the development of healthcare IT infrastructure and the adoption of digital health solutions by emerging economies, the services segment is expected to grow.

The software segment, on the other hand, is expected to experience the fastest growth rate because of the rapid adoption of software systems amongst patients and healthcare providers. The software segment is seeing growth due to rising healthcare costs and the trend toward healthcare digitalization.

The solution segment is seeing significant growth due to growing consumer demand for personalized healthcare and the shift to value-based care. These advanced software platforms and software solutions are being adopted by healthcare institutions in emerging economies to streamline their workflows and improve their financial, clinical, and operational outcomes.

Key Market Segments

By Technology

• Tele-healthcare
• Healthcare Analytics
• mHealth
• Digital Health Systems

By Component

• Software
• Services
• Hardware

Market Dynamics

Smartphones now have a wider range of capabilities than devices for communication and entertainment. They can also be used to monitor health & fitness. Market players are creating innovative mobile applications that track daily activities, such as exercise, nutrition, or well-being. They aim to provide quality healthcare and comfort for users.

Additionally, users can use mobile apps to obtain information on medical questions, schedule appointments, and track consultations. Mobile applications have been launched in various parts of the globe by players such as AssistRx, Wareed, and others. Google, IBM, and Apple are working together to improve the mobile health experience. This includes offering a range of subscription plans as well as data security features that will increase the digital market growth.

The market for teleconsultation and telehealth services is being driven by an increasing number of chronic diseases such as Alzheimer’s and diabetes. Healthcare professionals are rapidly adopting telemedicine, and telehealth services, and they have been recognized by both the public and private sectors.

In many other countries, such as the U.S. and Canada, India, UAE, and Russia, Telemedicine was legalized and regulated. Telecare services bridge healthcare providers and patients, improve accessibility and encourage patient engagement. Telehealth services can be used to eliminate the need for an in-person consultation. They also reduce the inconvenience of scheduling appointments and driving to the healthcare facility.

Companies are also developing chatbot services to assist patients with basic questions or provide initial consultations. A growing trend toward digitalization in healthcare is supported by favorable government initiatives, increased technological collaborations amongst players, and the limitations caused by the Covid-19 epidemic. In long-term care facilities and services, digital health solutions including remote patient monitoring and Telecare are being widely adopted.

Covid-19’s ongoing pandemic exposed the weaknesses of existing healthcare systems. This led to the rise in market adoption and a remarkable growth trajectory. Many healthcare functions like mHealth, patient management, and advanced cybersecurity protocols all contributed to the market’s rapid growth. The increasing trend toward digitalization of healthcare systems prompted market participants to create innovative product development strategies and concentrate on their collaboration & partnership strategies to expand their product portfolios and business footprints.

The market is seeing a significant increase in digital health solutions’ use in clinical decision support and telehealth. There is also a surge in the adoption of fitness applications & platforms, IT systems for healthcare, and wearables/activity trackers. Multiple opportunities have been identified by the Covid-19 pandemic, which has had a positive impact on the market. Telehealth solutions were adopted by both healthcare professionals and patients to reduce the need for in-person consultations.

Regional Analysis

North America dominated the market, accounting for 47.2% of 2021’s total revenue. The growing healthcare IT budget to advance infrastructure, readiness for advanced technological solutions, and the emergence as well as advancements in internet connectivity, are all factors that have contributed to this growth. Additionally, North America’s market growth is driven by globalization, changing lifestyles as well as rising rates of chronic disorders, and increasing demand for value-based care.

The Asia Pacific, on the other hand, is expected to experience the fastest growth in the coming years due to advancements in IT infrastructure as well as the emergence of entrepreneurial ventures that are significantly contributing to the growth of the market. The Asia Pacific is experiencing a rise in smartphone penetration and increased use of activity trackers & smartwatches, as well as growing demand to analyze healthcare data.

Market growth is supported by favorable changes in cyber security protocols and data privacy. Market growth is being supported by increased government spending, as well as government support in remote patient monitoring areas to ensure affordable and accessible healthcare services for communities in developing nations.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

Google Inc., Cerner Corporation, Apple Inc., Qualcomm Technologies Inc. Samsung Electronics Co Ltd., are some of the companies which offer innovative digital health solutions. To meet the growing demand, key players must focus on their innovative product developments and develop collaboration & partnership strategies in order to expand their product portfolios to serve multiple regional markets. Market growth is driven by the rise of startups and increased recognition from government authorities as well as venture capitalists.

Маrkеt Кеу Рlауеrѕ:

• Cerner Corporation
• Mckesson Corporation
• Qualcomm Technologies Inc.
• Cisco Systems Inc.
• Apple Inc.
• Google Inc.
• IBM Corporation
• Samsung Electronics Co. Ltd.
• Other Key Players

For the Digital Health Market research study, the following years have been considered to estimate the market size: