The global digital health market, valued at $180.2 billion in 2023, is projected to reach $549.7 billion by 2028, growing at a CAGR of 25.0%. Key factors driving market growth include the increasing penetration of smartphones and mobile platforms, supportive initiatives, strategic alliances, a rising geriatric population, and a focus on patient-centric healthcare solutions. However, high deployment costs and interoperability issues pose challenges. The telehealthcare segment accounted for the largest market share in 2022, driven by demand during the COVID-19 pandemic and improved attitudes towards virtual care. North America holds the largest market share and is expected to grow the fastest due to technological advancements and a favorable regulatory environment. Prominent players in the market include Koninklijke Philips N.V., Medtronic, GE HealthCare, Abbott, and Apple, Inc. Recent developments include Medtronic’s acquisition of EOFlow and GE HealthCare’s partnership with Advantus Health Partners.
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"Hardware segment is expected to grow at the highest rate during the forecast period"
Based on offering, the digital health market is segmented into hardware, software, services and applications. In 2022, the hardware segment is expected to grow at the highest CAGR during the forecast period. The highest growth rate is attributed to increased patient demand for convenient healthcare solutions, healthcare provider adoption for improved care and operations, and expansion of telehealth & chronic disease management.
"Telehealthcare technology segment accounted for the largest share of the global digital health market"
Based on technology, the digital health market is segmented into telehealthcare, mHealth, health management solutions and digital therapeutics. The telehealthcare segment accounted for the largest share of the global market in 2022. Factors such as increased demand for remote healthcare services, especially due to the COVID-19 pandemic, accelerated telehealthcare adoption.
"The chronic disease management application segment accounted for the largest share of the digital health industry in 2022"
On the basis of application, the digital health market is segmented into chronic disease management, behavioral health, health & fitness and others. The chronic disease management segment accounted for the largest share of the market in 2022 period, owing to the increasing prevalence of chronic conditions, an aging population, and lifestyle-related health issues.
"Patients & Consumers segment is expected to grow at highest groeth rate in the global digital health market"
On the basis of end user, the digital health market is segmented into providers, payers and patients & consumers. The high growth of this segment is attributed to increasing awareness of self-health management, proliferation of smartphones and wearable devices that has made health tracking and monitoring more accessible and convenient.
North America accounted for the largest share of the global Digital Health Industry in 2022.
The Digital Health market is segmented into four key regions—North America, Europe, APAC, and the Rest of the World (RoW). North America, being the early adopter of advanced technologies, has captured the largest share of the Digital Health market in 2022, followed by Europe and APAC. It is also projected to register the highest CAGR. North America is the fastest-growing regional segment for digital health due to its technological development, expansion in the healthcare industry, favorable regulatory environment, and the presence of key players and innovation hubs.
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Digital Health Market Dynamics:
Drivers
Increasing penetration of smartphones, tablets, and other mobile platforms
Supportive initiatives and increasing strategic alliances
Rising geriatric population and subsequent increase in prevalence of chronic diseases
Rising focus on patient-centric healthcare solutions
Restraints
High cost of deployment of digital health solutions for small and medium-sized hospitals in emerging countries
Interoperability issues
Opportunities
Shift toward intelligent health ecosystem to deliver personalized health experiences
Digital health solutions for universal healthcare access
Improving regulatory support and reimbursements
Advancements in digital health
Challenges
Healthcare gap in emerging economies
Privacy and security concerns
Key Market Players of Digital Health Industry:
Prominent players in the digital health market include Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE HealthCare (US), Abbott (US), OMRON Corporation (Japan), Fitbit, Inc. (A google company) (US), Johnson & Johnson Private Limited (US), Siemens Healthineers AG (Germany), Masimo (US), Apple, Inc. (US), Merative (US), AT & T, Inc. (US), Veradigm LLC (US), Noom, Inc. (US), Teladoc Health, Inc. (US), Omada Health Inc. (US), Dexcom, Inc. (US), Biotricity (US), iHealth Labs Inc (US), my mhealth Limited (UK), athenahealth (US), eClinicalWorks (US), AirStrip Technologies, Inc (US), AdvancedMD, Inc. (US) and Qardio, Inc. (US). Players adopted organic as well as inorganic growth strategies such as product upgrades, collaborations, agreements, partnerships, and acquisitions to increase their offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.
Recent Developments:
In May 2023 Medtronic (Ireland) acquired EOFlow Co. Ltd. (South Korea) to expand its ability to treat patients with diabetes.
In March 2023, GE HealthCare (US) partnered with Advantus Health Partners (US) to sign a multi-year contract to expand access to Healthcare Technology Management Services.
In April 2023, Abbott (US) acquired Cardiovascular Systems, Inc. (CSI) (US) to gain a complementary treatment option for vascular illness. The highly advanced atherectomy technology from CSI prepares vessels for angioplasty or stenting to restore blood flow.
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