Global Digital Health Market Definition
Digital health is the recent step and next big gallop of the healthcare industry, it includes the use of health information technology, mobile health, wearable devices, personalized medicine, telemedicine, and telehealth. The use of digital health tools has the potential to significantly improve individual patient care by enhancing the accurate diagnosis and treatment of disease. Digital technology has been driving a revolution in health care, from artificial intelligence and machine learning to mobile medical apps and software that assist the clinical decisions clinicians make every day. Besides this, for healthcare and associated purposes, digital health technologies use computing platforms, networking, software, and sensors. These technologies have a wide range of applications, including those for medical devices and the general wellness of people. It also aids innovation in medical products and various drugs. They could also be used to research or develop medicinal items.
Digital technology in medicine and healthcare has the potential to improve unsustainable healthcare systems into sustainable ones. The transformation of the healthcare industry is likely to find more affordable, quick, and efficient ways to treat diseases such as cancer, AIDS, and Ebola. It also has the potential to make people healthier by leveling the ground between patients and medical professionals, so that they can live in healthier communities.
Besides this, digital health increases effectiveness and improves medical outcomes by improving the access to healthcare facilities by patients, reducing the cost of treatment, and increasing the quality of the treatment. It also provides a more holistic view of patient health and offers an option of customized medicine to the patients.
Global Digital Health Market: Key Insights
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~15% |
|
Base Year Market Size (2022) |
~ USD 230 Billion |
|
Forecast Year Market Size (2035) |
~ USD 980 Billion |
|
Regional Scope |
|
Global Digital Health Market Size, Forecast, and Trend Highlights Over 2023 - 2035
The global digital health market is estimated to garner a revenue of USD 980 Billion by the end of 2035 by growing at a CAGR of ~15% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 230 Billion in the year 2022. The growth of the market can be attributed to the rising use of mobile applications for health and fitness, followed by rising efforts by government bodies to boost the digital health. For instance, more than 318,000 health apps were available for download in 2018 nearly twice as many as there were in the biggest app stores in 2015 across the globe. Also, to further the growth of healthcare, the United Nations and the World Health Organization introduced a General Plan of Work, 2019–2023, which involves accelerating the creation, expansion, and use of digital health solutions.
In addition to these, factors that are believed to fuel the market growth of digital health include the growing adoption of telehealth services and the rising use of smartphones by experts. Numerous telemedicine solutions, including websites, robots, and chatbots, enable virtual doctor visits and primary care, e-prescriptions, remote patient monitoring, and screening in real-time, all of which is playing a crucial role in providing timely attention to the patient. Almost 25% of doctors use mobile devices to provide patient care, and 4 out of 5 doctors use them to help with their daily tasks. Furthermore, telemedicine has become 50% more popular in behavioral health for scheduling virtual consultation with counsellors, psychologists, and other behavioral health.
Global Digital Health Market: Growth Drivers and Challenges
Growth Drivers
-
Growing Use of Smartphones, Laptops, & Tablets – The mobile health, or mHealth, the business has grown as mobile devices become more and more used in healthcare. In fact, 74% of hospitals are more effective than those that don't use mobile devices to gather patient data around the world. Moreover, around 84% of healthcare professionals utilize mobile devices to support patients after they leave the hospital.
-
Rise in the Number of People Using Fitness Wearable Devices - Wearable medical gadgets are made to gather information about users' personal health and exercise. They can even transmit a patient's health data in real time to a physician or other healthcare expert. More than 445 million wearable fitness devices were supplied to consumers in 2020 worldwide, and the epidemic contributed to a more than 31% increase in fitness tracker revenue.
-
Favorable Government Initiatives for Digital Healthcare – Higher government efforts is expected to boost the market growth. The National Digital Health Mission (NDHM) was launched by the Ministry of Health and Family Welfare of the Government of India in August 2020 with the goal of offering essential assistance for the integration of digital health infrastructure throughout the nation.
-
Growing Use of Electronic Health Record (EHR)– Around 97% of doctors electronically recorded BDOH data in 2021, while 85% of doctors electronically recorded SDOH data. Compared to other medical professionals, primary care physicians electronically collected SDOH and BDOH data at a higher rate.
-
Rising Benefits of Digital Healthcare Systems– By utilizing contemporary, digital information and communication technologies in healthcare, around 1 billion individuals around the world are anticipated to receive better healthcare services and better attention during emergencies.
Challenges
- Digital Health Implementation Requires High Investment
- Need for Frequent Maintenance of the Software and Hardware
- Rising danger of data theft- Data security is the top worry for healthcare firms. As medical services become more digital, the risk of security breaches, data thefts, and fraud has increased. Any kind of cyberattack can result in the loss of private and sensitive patient health data. Hence, growing anxiety over data theft is predicted to impede market expansion. Attacks on the healthcare system affected 45 million people in 2021, up from 34 million in 2020 in the United States
Global Market Segmentation
The global digital health market is segmented and analyzed for demand and supply by technology into telehealthcare, mhealth, healthcare analytics, and digital health systems. Out of the four types of technology, the telehealthcare segment is estimated to gain the largest market share in the year 2035. The growth of the segment can be attributed to the increasing use of telehealth facilities in hospitals. The advantages of telehealth include less risk of contracting diseases, improved access to care, and patient convenience. During the pandemic, hospitals increased the use of telehealth, virtual visits, video conversations, patient portals, and remote monitoring equipment. Compared to around 8% in 2017, nearly 26% of providers surveyed indicated telehealth is their organization's main agenda for 2022. Furthermore, in a study of 254 patients at Massachusetts General Hospital concerning telemedicine consultations, around 80% gave them an excellent rating for effectiveness and communication, and nearly 82% said they would suggest them to relatives and friends.
The global digital health market is also segmented and analyzed for demand and supply by component into hardware, software, and services. Amongst these three segments, the software segment is expected to garner a significant share in the year 2035. Digital healthcare software is seen as a practical and affordable way to quicken the pace of digital innovation, helping providers to promote productivity, increase revenue, enhance the experience of both the patient and employee, and improve care quality. The segment growth is primarily attributed to the introduction of new software. For instance, in March 2022, GE Healthcare announced to launch Edison Digital Health Platform, which is advanced software that is created to provide holistic views of each patient and support integrated care pathway management by gathering information from numerous sources and vendors to enhance clinical applications.
Our in-depth analysis of the global digital health market includes the following segments:
|
By Technology |
|
|
By Component |
|
Global Digital Health Market Regional Synopsis
The North American digital health market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the rising demand for electronic health records. Around 86% of non-Federal general acute care hospitals had adopted a 2015 Edition certified electronic health record, according to statistics from 2019 and 2021. (EHR). Comparatively, only 23% of specialty hospitals and 40% of rehab hospitals are using the HER. In addition to this, the growing use of telehealth services is also expected to augment the market growth in the region. In the United States, telehealth utilization increased from about 51% in February 2019 to over 62% in March 2021. In addition, the adoption of telehealth rose three times as fast in 2020 as it did in 2019.
The Asia Pacific digital health market, amongst the market in all the other regions, is projected to hold the second largest share during the forecast period. The growth of the market can be attributed majorly to the growing use of fitness apps. India saw the largest growth of 156% for health and fitness apps between Q1 and Q2 2020. Moreover, between 2020 and 2021, 76 million health applications were downloaded in India, a 38% rise over the previous year. In addition to this, the most well-liked medical app in China as of December 2021 was Ping An Good Doctor, which had about 12 million active monthly users. Besides this, the rising penetration of digitization in healthcare is also anticipated to boost the market growth. In India, over 80% of respondents are willing to increase their budget for digital healthcare and IT infrastructure in order to get better outcomes.
Further, the market in the Europe, amongst the market in all the other regions, is projected to hold a significant share by the end of 2035. The growth of the market can be attributed majorly to the increasing use of telehealth and telemedicine, owing to their benefits. In Germany, telemedicine interventions have reduced hospital admissions, decreased all-cause mortality for patients with heart failure, and increased quality of life. Furthermore, the region’s market growth is also ascribed to the rising use of the internet by people to solve health-related queries. According to the Eurostat ICT household survey, in the first quarter of 2020, 55% of EU citizens aged 16 to 74 conducted online searches for health-related information.
Top Featured Companies Dominating the Global Digital Health Market
-
GE Healthcare
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Avia
- Oracle
- Mckesson Corporation
- Epic Systems Corporation
- Samsung Electronics Co., Ltd.
- Apple, Inc.
- AirStrip Technologies, Inc.
- Qualcomm Technologies, Inc.
- CISCO Systems, Inc.
