“Digital Health Market” in terms of revenue was estimated to be worth $248.58 billion in 2023 and is poised to reach $1,004.03 billion by 2031, growing at a CAGR of 19.56% from 2023 to 2031, according to a new report by InsightAce Analytic.
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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Digital Health Market are:
- Mobile Health (mHealth) Applications
- Advancements in Health Technology
- Increased Patient Engagement
The following are the primary obstacles to the Digital Health Market’s expansion:
- Data Security and Privacy Concerns
- Limited Reimbursement Policies
- Digital Divide and Accessibility
Future expansion opportunities for the global Digital Health Market include:
- Increasing Prevalence of Chronic Diseases
- Wearable Technology Integration
- Integration of Artificial Intelligence (A.I.) and Advanced Analytics
Key Industry Insights & Findings from the Report:
- The increasing prevalence of chronic diseases and the aging population create opportunities for remote patient monitoring solutions.
- The widespread adoption of telehealth services, fueled by the COVID-19 pandemic, has been a significant driver.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- Traditional healthcare systems may resist the adoption of digital health technologies due to concerns about disruption, changes in workflow, and the need for additional training.
Market Analysis:
The digital health market is poised for significant growth as technological advancements, evolving healthcare needs, and the transformative impact of digital solutions reshape the industry landscape. Accelerated by the COVID-19 pandemic, telehealth adoption, remote patient monitoring, and wearable technologies are key drivers propelling the market forward.
List of Prominent Players in the Digital Health Market:
- Agilent Technologies, Inc.
- Biomax Informatics Ag
- Dnanexus, Inc
- Eurofins Scientific
- Fios Genomics
- Genedata Ag
- Illumina Inc.
- Intrexon Bioinformatics Germany Gmbh
- NeoGenomics Laboratories
- PerkinElmer Inc.
- QIAGEN N.V.
- Seven Bridges Genomics Inc.
- Thermo Fisher Scientific Inc.
- Waters Corporation
Digital Health Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 248.58 billion |
|
Revenue forecast in 2031 |
USD 1,004.03 billion |
|
Growth rate CAGR |
CAGR of 19.56% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments covered |
By Material, Product, Application, End-Use |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Recent Developments:
- In December 2023, Vi became the first Telecom Operator to Provide Seamless Connectivity at Surat Diamond Exchange. The recently inaugurated Surat Diamond Bourse, the world’s largest center for international diamond and jewelry business, is one of its kind. The Bourse is set to house over 4,000 offices and is projected to generate over Rs 2 lakh crores worth of business annually.
- In January 2022, a state-of-the-art Al platform was developed by Treatment.com International Inc. to enable better healthcare decisions to be made by patients and caregivers around the world. The firm announced the global debut of the much-awaited Treatment Digital Health App, which is now available on the Apple App Store.
- In March 2022, Deliver Health, a global provider of technology-enabled solutions for hospitals and group practices, launched its partner program to bring together disparate healthcare point solutions and pave the way for vital, dependable connections between providers, clinicians, and patients. The platform enables easy access, efficient workflows, and human-in-the-loop flexibility to implement purpose-built explainable Al that quickly generates value.
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Digital Health Market Dynamics:
Market Drivers: Advancements in Health Technology
The digital health market is experiencing robust growth driven by significant advancements in health technology. Continuous innovation, particularly in areas such as artificial intelligence (A.I.), machine learning, and the Internet of Things (IoT), is transforming healthcare delivery. AI-driven diagnostics, predictive analytics, and smart medical devices enhance the accuracy and efficiency of healthcare processes. The integration of health technology enables remote patient monitoring, personalized treatment plans, and real-time health data analysis.
Challenges: Limited Reimbursement Policies
The digital health market faces a significant challenge due to limited reimbursement policies, hindering its full potential. In many regions, there needs to be more well-established reimbursement models for various digital health services, including telehealth consultations, remote patient monitoring, and other innovative solutions. The absence of comprehensive reimbursement frameworks creates financial barriers for healthcare providers and organizations looking to invest in and adopt digital health technologies.
North America Is Expected To Grow With The Highest CAGR During The Forecast Period
North America is poised to exhibit the highest Compound Annual Growth Rate (CAGR) in the digital health market during the forecast period. The region’s dominance is attributed to its well-established healthcare infrastructure, technological advancements, and a proactive approach toward the adoption of digital health solutions. The United States, in particular, is witnessing a surge in telehealth adoption, mHealth applications, and wearable technology integration. Factors such as increasing healthcare expenditure, favorable regulatory environments, and a growing focus on value-based care contribute to the region’s leadership in driving digital health market growth.
Segmentation of Digital Health Market-
By Technology-
- Tele-healthcare
- Tele-care
- Activity Monitoring
- Remote Medication Management
- Telehealth
- LTC Monitoring
- Video Consultation
- mHealth
- Wearables
- BP Monitors
- Glucose Meters
- Pulse Oximeters
- Sleep Apnea Monitors
- Neurological Monitors
- Activity Trackers/ Actigraphs
- mHealth Apps
- Medical Apps
- Fitness Apps
- Services
- mHealth Service, By Type
- Monitoring Services
- Independent Aging Solutions
- Chronic Disease Management & Post-Acute Care Services
- Diagnosis Services
- Healthcare Systems Strengthening Services
- Others
- mHealth Services, By Participants
- Mobile Operators
- Device Vendors
- Content Players
- Healthcare Providers
- Healthcare Analytics
- Digital Health Systems
- EHR
- E-Prescribing Systems
By Component-
- Software
- Hardware
- Services
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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