Digital Health Market is Expected to Reach $549.7 billion | MarketsandMarkets.

Chicago, Nov. 16, 2023 (GLOBE NEWSWIRE) -- Digital Health market in terms of revenue was estimated to be worth $180.2 billion in 2023 and is poised to reach $549.7 billion by 2028, growing at a CAGR of 25.0% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. The increasing demand for remote healthcare solutions, advancements in technology and digital infrastructure, rising healthcare costs and the need for cost-effective solutions are some of the key factors driving the growth of this market.

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Digital Health Market Scope:

Report Coverage Details
Market Revenue in 2023 $180.2 billion
Estimated Value by 2028 $549.7 billion
Growth Rate Poised to grow at a CAGR of 25.0%
Market Size Available for 2021-2028
Forecast Period 2023-2028
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Offering, Technology, Application, End User,And Region
Geographies Covered North America (US, and Canada), Europe (Germany, France, UK, and the RoE), Asia Pacific (Japan, China, India, and RoAPAC), Latin America and MEA
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunity Increasing advancements and adoption in digital health
Key Market Driver Increasing penetration of smartphones, tablets, and other mobile platforms

However, limited access to digital healthcare in underserved areas, resistance to technology adoption in healthcare are some of the factors expected to restrain the growth of this market in the coming years.

On the basis of offering, the digital health market is segmented into hardware, software, services and applications. In 2022, the software segment accounted for the largest market share of the global digital health market. The largest share of software in digital health market is attributed to the swift adoption of these software solutions by a wide range of stakeholders, including patients, hospitals, healthcare providers, and insurance payers.

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. The largest share can be attributed to increasing geriatric population and chronic diseases, rising awareness of personalized care and expansion of telehealth.

On the basis of technology, the digtal health market is segmented into mHealth, telehealthcare, digital therapeutics and health management solutions. The telehealthcare segment accounted for the largest share of the global market in 2022. The increased demand for remote care, technological advancements, integration with EHRs, and consumer adoption are driving the growth of the market.

On the basis of end user, the digital health market is segmented into providers, payers and patients & consumers. In 2022, the providers segment accounted for the largest share of the digital health market. The strong demand for patient centric approach, integration with clinical care, insurance and payment integration and rising transparency of data access and control are driving the growth of this end-user segment.

The global digital health market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Middle East & Africa and Latin America. In 2022, North America accounted for the largest share of regional market for digital health. North America, which comprises the US, and Canada forms the largest market for digital health. Presence of key established players, rising chronic disease prevalence, supportive regulatory environment, and high focus on R&D & substantial investment are some of the major factors responsible for the large share of this market.

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Digital Health market major players covered in the report, such as:

  • 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)
  • Qardio, Inc. (US)
  • and Among Others

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The study categorizes the Digital Health market into the following segments and subsegments:

Digital Health market, By Offering

  • Software
    • Subscription Based
    • Annual Licensing
  • Services
    • Subscription Based
    • Pay-Per-Service (Value-based)
  • Application (Apps)
    • Subscription based
    • One-time Purchase
    • Value-Based
  • Hardware                           

Digital Health market, By Technology                                   

  • mHealth
    • mHealth Devices
      • Vital Signs Monitors
      • Peakflow Meters
      • Fetal Monitors
      • Sleep Apnea Monitors
      • Neurological Monitors
      • Others
  • mHealth Apps
    • Fitness Apps
    • Medical Apps    
  • Telehealth
    • Telecare
      • Activity Monitoring
      • Remote Medication Management
    • Telehealth
      • LTC Monitoring
      • Video Consultation
  • Digital Therapeutics
    • Preventive Therapeutics
    • Treatment Therapeutics
  • Healthcare Management Systems
    • EHR
    • Healthcare Anlaytics
    • E-prescribing

Digital Health market, by Application

  • Chronic Disease Management
  • Behavioural Health
  • Health & Fitness
  • Other Applications

Digital Health market, By End User

  • Provider
    • Hospitals & Clinics
    • Long term care facilities & Assisted Living             
  • Payers
    • Public
    • Private
  • Patients & Consumers  

Digital Health Market, By Region

  • North America  
    • US
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Rest of Europe
  • Asia Pacific         
    • Japan
    • China
    • India
    • Rest of Asia Pacific
  • Latin America
  • MEA

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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Key Stakeholders:

  • Healthcare providers
  • Patients
  • Wireless device manufacturers
  • Healthcare technology suppliers
  • Health IT Companies
  • Pharmaceutical Companies
  • Telecommunication Companies
  • Application developers and app stores
  • Medical Device Manufacturers
  • Government and Regulatory Bodies
  • Healthcare Payers
  • Internet identity management, privacy, and security companies
  • Sensor, presence, location, and detection solution providers
  • Data management and predictive analysis companies
  • Health Data Analytics Providers
  • Research institutions

Report Objectives:

  • To define, describe, and forecast the global Digital Health market based on offering, application, technology, end user, and region
  • To provide detailed information regarding the major factors (such as drivers, restraints, opportunities, and challenges) influencing the market growth
  • To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall Digital Health market
  • To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
  • To strategically analyze the market structure and profile the key players of the Digital Health market and comprehensively analyze their core competencies
  • To forecast the size of the market segments with respect to four regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (Latin America and the Middle East & Africa)
  • To track and analyze competitive developments such as product launches, acquisitions, partnerships, agreements, and collaborations in the Digital Health market during the forecast period

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