Digital Health Market: Global Industry Analysis and Forecast (2024-2030) by Component, Categories, End User, and region

Digital Health Market Objective 

Stellar Market Research conducted brief analysis on Global Digital Health Market. The purpose of this research is to provide stakeholders in the industry with a thorough insight into the Global Digital Health Market. The analysis examines all areas of the industry, with a focus on significant companies such as market leaders, followers, and newcomers. The research is an investor's guide since it clearly depicts competitive analysis of major competitors in the Global Digital Health Market by product, price, financial situation, product portfolio, growth plans, and geographical presence.

 

Digital Health Market Overview

Digital health is the application of information and communication technology, along with digital technologies, to improve healthcare delivery, increase system efficiency, and give people more control over their health.

 

The key driving factors for Digital health market such as aging population, regulatory support, rise in consumer demands, and many others are analysed in the report. Recent technologies, like IoT and Wearables for observing and tracking patients' health status Virtual and Augmented Reality for enhancing telehealth systems and Cloud-Based Patient Records to improve accessibility to medical data and streamlining healthcare processes, are applied to cater the rising demand for Digital health Market.

 

Use of artificial intelligence in Digital Health is surging as for data analysis, personalized medicine, and bettering patient outcomes, AI has created huge opportunity for Digital health market players to enhance their sales. Recent trends in Digital health market, such as, Telemedicine to deliver clinical medical treatment remotely, Remote Patient Monitoring to gather and send patient data in order to provide individualized treatment and real-time monitoring, and many others are analysed thoroughly in the report.

 

Stellar market research conducted the analysis of for Digital health market over past 5 years and by using the data, came to a conclusion that North America dominated the global Digital health market with around 42% market share and is expected to continue its dominance during the forecast period. The dominance is majorly supported by United States and Canada. United States, with a CAGR of 17%, has dominated the Digital health market in North America. Companies like Allscripts Healthcare Solution, Cerner Corporation, Cisco Systems, GE HealthCare, and others are few major companies operating in North America region analysed in the report. APAC and Europe are also contributing significantly to the Global Digital health market.

Digital Health Market Dynamics

Aging Population

The global surge in the aging population is emerging as a key factor for the global digital health market. As with increase in elderly populations, there is rise in the occurrence of chronic diseases and healthcare demands. Globally, the elderly population in Europe is highest, as SMR estimates that the proportion of people aged 65 and above in the European Union rise to 28% by 2030. Countries such as Germany, the United Kingdom, and France are witnessing this demographic trend which led companies like Siemens Healthineers and InHealth to invest in digital health innovations, ranging from diagnostic tools to telemedicine platforms.

In North America, the aging population has led to a surge in digital health utilization and major companies like Teladoc Health and Philips Healthcare are investing to capitalize on this demographic shift by offering telehealth services and remote patient monitoring solutions, catering the healthcare requirements of the elderly population. Asia-Pacific is seeing significant growth in the digital health market due to its increasingly aging population in nations like China and Japan. According to SMR, the use of digital health solutions has expanded in Japan, where more than 32% of the population is 65 years of age or older. Prominent corporations such as Sony Corporation and M3, Inc. are actively engaged, providing technology that address the healthcare requirements of the senior population.

 

Rise in Healthcare costs

The need for digital health solutions that seek for novel ways to save costs, enhance patient outcomes, and optimize operational efficiencies has increased as a result of the rising costs in the global digital health market. The annual growth rate of healthcare expenditures has continuously surpassed the growth of the US GDP in the US, a nation known for its high healthcare spending. SMR estimates that national health spending in the United States total around $4.5 trillion in 2023, or 17% of GDP. This has caused customers to look into more affordable options, which is what's causing digital health technologies to become more integrated. During the COVID-19 pandemic, telemedicine saw a significant uptick, with virtual visits making up more than 35% of Medicare primary care visits in April 2020.

Growing investments and funding for start-ups providing digital healthcare services

The growing digital health market has attracted new starts-ups to contribute in the growing demand. With the help of its machine learning algorithms, Dascena has successfully raised $50.4 million in a Series B fundraising round in 2020 to improve patient outcomes by preventing sickness at an early stage, raising the standard of care. PatientPop, California based company, raised USD 125 million from investors, like HLM Venture Partners, Leerink Transformation Partners, Toba Capital to deliver recent digital facilities which are HIPAA-compliant.

 

Kindbody's consistent recognition in prestigious lists like CB Insights Digital Health 150 and the New York Digital Health 100 highlights its position among the most promising and innovative digital health companies, with $180 million revenue in 2023 and raising $315 million in debt and equity in 2023. The growing investment in these various prominent start-ups showcase the growing demand in digital health market.

 

Company Name	Funding	Year
Vault Health	$30 million	2020
Medable	$304 million	2021
H1	$123 million	2022
Odyssey	$386 million	2023

 

Regulation impact on digital health market

The United States' digital health business is regulated by an extensive legal and regulatory framework. In charge of regulating digital health technology is the Food and Drug Administration (FDA), whose regulatory environment is always changing to make room for new and exciting innovations to enter the market. Upholding the FDA's criteria for the safety and effectiveness of digital health technologies, the Digital Health Center of Excellence is committed to provide a simplified and least onerous regulatory procedure. The Federal Food, Drug, and Cosmetic Act (FDCA) compliance is one of the regulatory framework's components for producers of digital health applications.

 

The proposed European Health Data Space (EHDS) Regulation outlines the requirements for the mandatory sharing of electronic health data, which the European Union is now formalizing. The purpose of this legal framework is to enable people to take control of their health data and make it easier to use it for improved research, innovation, and policymaking as well as improved healthcare delivery.

 

Digital Health Market Segment Analysis

By categories, the digital health market is categorized into distinct segments, including Telemedicine, Data Analytics, mobile Health (health) apps, Clinical Decision Support, Wearable Sensors, and Others. Mobile Health has emerged as the dominant segment, capturing the largest market share of around 32% in 2023. This substantial market presence is attributed to the escalating incidence of cardiovascular diseases and the widespread adoption of mobile devices for disease management, thereby propelling overall market expansion.

 

According to SMR, mhealth is expected to grow at a CAGR of 5.2% for mHealth throughout the forecast period. This expected growth is underpinned by a heightened demand for remote monitoring devices, a substantial increase in the user base of smartphones, and the prevalence of hypertension. These factors collectively contribute to the sustained expansion of the mHealth segment, positioning it as a key driver of digital health market over the forecast period.

Digital Health Market Competitive Landscape

• Holmusk and Veradigm Announced New Phase of Strategic Investment to Fuel Innovation and Close the Evidence Gap in Behavioral Health.
• Oracle completed the acquisition of Cerner for $28.3 billion in 2022, marking a significant transformation in healthcare delivery.
• In Dec 2023, GE HealthCare and AirStrip Forge Exclusive Partnership to Revolutionize Patient Monitoring Technology.
• Code BGP is a privately held BGP monitoring company based in Greece. The Code BGP team consists of renowned BGP experts who enable Cisco ThousandEyes to grow its BGP monitoring capabilities and global, authoritative view of Internet health.

 

In 2021, Quartet Health, a mental health-focused start up, recently secured $60 million in funding in a round led by Independence Health Group.

The purpose of this research is to provide stakeholders in the industry with a thorough insight into the Digital health Market. The study includes an analysis of difficult data in simple language, as well as the industry's historical and current state, as well as expected market size and trends. The analysis examines all areas of the industry, with a focus on significant companies such as market leaders, followers, and newcomers.

 

The research includes a PORTER, PESTEL analysis as well as the possible influence of microeconomic market determinants. External and internal elements that are expected to have a favourable or negative impact on the firm have been examined, providing decision-makers with a clear future vision of the industry.

 

The research also aids in comprehending the Digital health Market dynamics and structure by studying market segments and forecasting market size.

 

The research is an investor's guide since it clearly depicts competitive analysis of major competitors in the Digital health Market by product, price, financial situation, product portfolio, growth plans, and geographical presence.

 

Digital health Market Scope
Market Size in 2023	USD 325 Bn.
Market Size in 2030	USD 864.51 Bn.
CAGR (2024-2030)	15%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By  Categories Telemedicine Data Analytics mHealth apps Clinical decision support Wearable Sensors Others
	By Components Hardware Software Services
	By End User Healthcare Providers Payers Healthcare Consumers Others
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Digital Health Market Players

• SoftServe
• IBM Corporation
• Siemens Healthineers AG
• Samsung Electronics Co.
• Allscripts Healthcare Solutions
• Cerner Corporation
• Cisco Systems
• eClinicalWorks
• GE healthcare
• Honeywell International Inc.
• McKesson Corporation
• Qualcomm Technologies
• HIMS
• Computer Programs and Systems
• Vocera Communications
• Koninklijke Philips N.V
• Orange
• MQure