Digital Health Global Market Report 2024

Digital health encompasses the utilization of information technology and electronic communication tools, services, and procedures to deliver healthcare services and enhance healthcare practices. It includes goods and services traded among entities or sold to end consumers, facilitating the smooth operation of healthcare-related services.

Key types of digital technologies within the realm of digital health include mobile health (mHealth), health information technology, telehealth, telemedicine, and health analytics. mHealth involves healthcare and public health services supported by mobile devices such as phones, tablets, and wireless infrastructure. Health analytics encompasses the management, measurement, or analysis of healthcare data for informed decision-making. Telehealth services provide information on health-related services, medical care, patient education, and digital communication technologies. These technologies find applications in various medical specialties such as cardiology, diabetes, neurology, sleep apnea, and oncology, and are utilized by healthcare providers, payers, and pharmaceutical companies.

The digital health market research report is one of a series of new reports from The Business Research Company that provides digital health market statistics, including digital health industry global market size, regional shares, competitors with a digital health market share, detailed digital health market segments, market trends and opportunities, and any further data you may need to thrive in the digital health industry. This digital health market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The digital health market size has grown rapidly in recent years. It will grow from $237.97 billion in 2023 to $283.92 billion in 2024 at a compound annual growth rate (CAGR) of 19.3%. The growth observed in the historical period can be credited to several factors, including the rise in disposable income among individuals, heightened government initiatives in the healthcare sector, increased internet penetration, adoption of advanced technology following the COVID-19 pandemic, and the rapid expansion of the elderly population.

The digital health market size is expected to see rapid growth in the next few years. It will grow to $560.14 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. Forecasted growth is driven by factors such as rising chronic diseases, aging populations, technological advancements, and increased healthcare needs. Key trends include augmented reality telecollaboration, biofeedback APIs, blockchain integration, 3D AR surgical navigation, AI integration, and heightened collaborations.

The digital health market is anticipated to experience significant growth, driven by the increasing prevalence of chronic diseases such as cancer, diabetes, and hypertension. Factors such as prolonged working hours, limited physical activity, and unhealthy dietary habits contribute to the higher incidence of chronic diseases, making individuals more susceptible to these conditions. This growing prevalence underscores the need for digital health service platforms to address and manage chronic diseases. According to a United Nations article, it is projected that by 2030, approximately 70% of global deaths will be attributed to chronic diseases, with the global burden of chronic diseases reaching around 60%. As a result, the rise in chronic diseases is expected to be a key driver for the expansion of the digital health market.

A significant factor contributing to the growth of the digital health market is the increasing aging population. The elderly population is more susceptible to long-term care needs and various chronic diseases, including cardiology, orthopedics, and others. According to estimates from the World Health Organization (WHO), the global population aged 60 and above is expected to reach 2 billion, nearly doubling from 12% to 22% of the global population by 2025. This aging demographic is more prone to chronic diseases, further emphasizing the importance of digital health solutions in managing and addressing healthcare needs for this population. Consequently, the growing aging population is anticipated to be a driving force behind the expansion of the digital health market in the forecast period.

The integration of augmented reality telecollaboration systems is a prominent trend gaining traction in the digital health market. Augmented reality (AR) involves enhancing the real physical world through digital visual elements, sound, or other sensory stimuli delivered via technology. Within the healthcare sector, AR is utilized by trained medical professionals and medical students for training and educational purposes, providing a safe, cost-effective, and comprehensive way to illustrate medical experiences. For example, in August 2021, OpticSurg, a US-based provider of an augmented reality software platform for surgeons, launched Vision Beyond, an augmented reality telecollaboration system. This system facilitates real-time connectivity between frontline healthcare workers and consulting clinicians. Compliant with HIPAA standards and securely encrypted, it enables remote clinicians to offer audio and visual guidance, conducting live voice calls, displaying a digital interface, and presenting visuals through glasses to assist on-site providers. Such systems provide on-demand access to experts, delivering informed and clear support during consultations.

Companies within the digital health market are increasingly adopting 3D augmented reality surgical navigation. This technology aids doctors in placing pedicle screws in positions that might be challenging or impossible otherwise. In February 2021, Royal Philips, a Netherlands-based health technology company, introduced ClarifEye, a 3D augmented reality surgical navigation system designed to enhance minimally invasive spine procedures. Operating within the Hybrid Operating Room, ClarifEye combines 2D and 3D visualizations at low X-ray doses with 3D augmented reality. The system provides live intra-operative visual feedback, supporting the precise placement of pedicle screws during spinal fusion procedures. This utilization of augmented reality in surgical navigation contributes to improved accuracy and efficacy in medical interventions.

In July 2021, Amwell, an American telemedicine company, completed the acquisition of SilverCloud Health and Conversa Health for $320 million. This strategic move aims to distinguish Amwell from other telehealth providers by incorporating unique offerings and enhancing the integration between physical and virtual care. SilverCloud Health, based in Boston, specializes in offering self-guided mental health programs. Conversa Health is an American digital health company focused on innovative healthcare solutions.

Major companies operating in the digital health market report are Cerner Corporation, GE Healthcare, Epic Systems Corporation, McKesson Corporation, Allscripts Healthcare Solutions Inc. Truven Health Analytics, Siemens Healthcare AG, eCLINICALWORKS, Cisco Systems Inc., Koninklijke Philips N.V., Innovaccer, Pharm Easy, 1mg, Practo, Mfine, Medi Buddy, Indegene, Ping A Good Doctor, JD Health, Honeywell Lifesciences, Philip Healthcare, Better Doc, Biovotion, BrainControl, Coimbra Genomics, Dacadoo, Doctoralia, Emperra, Exovite, Genexyx, Giraff, Healthbank, NeurNation, Nutrino, Psious, Px Healthcare, SilverCloud, Systems Healthcare Solutions, TrialReach, XtremeVRI, DOC+, Best Doctor, TeleMD, mediSensum, Apteki +, FindMeCure, ECG for Everybody, Eye read, InterAxon, Figure 1, Myndtec, Seamless MD, ApoloHealthMx, ECGlove, Heal on Site, Teladoc, MeMD, Amwell, MDlive, Aerotel Medical Systems Ltd., Care Innovations LLC, Honeywell Life Care Solutions, Polycom Inc., Didoc, Betterfly, Deenty, Examedi, Dentalink, Cero, Wecancer, MedPass, Pixeon, Hi Technologies, Conexa Saude, AXON Digital Health, Wuru, Yerbo, Welii, BioScience, Caecus, Omnia Salud, Altibbi, Dhoner Healthtech, Okadoc, DoctorsAE, Takalam, AlemHealth, DU, UAE's Mulk, Cura, Primary Health Care Corporation, AMD Global Telemedicine Inc., Safermom, Mobicure, Ubenwa, Medsaf, GenRx, Medical device as a service, Kangpe, Hudibia, Lifebank, Redbank

North America was the largest region in the digital health market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital health market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the digital health market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The mHealth apps market consists of sales of clinical and diagnostic apps, remote monitoring apps, productivity apps, reminder apps, text and video communication apps, prescription apps, and mental health apps. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Digital Health Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on digital health market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for digital health? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The digital health market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Technology: Mobile Health (Mhealth); Health Information Technology; Telehealth And Telemedicine; Health Analytics; Other Technologies
• 2) By Application: Cardiology; Diabetes; Neurology; Sleep Apnea; Oncology; Other Applications
• 3) By End-User: Healthcare Providers; Healthcare Payers; Pharmaceutical Companies; Other End Users
• Companies Mentioned: Cerner Corporation; GE Healthcare; Epic Systems Corporation; McKesson Corporation; Allscripts Healthcare Solutions Inc. Truven Health Analytics
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.