What is the Historic and Current Scenario of the Digital Health Market?
The digital health market has seen considerable growth due to a variety of factors.
• The surge in the size of the digital health market has been swift in the last few years. The market which is projected to be $271.53 billion in 2024, is predicted to soar to $319.16 billion in 2025, with a compound annual growth rate (CAGR) of 17.5%.
The expansion during the historic phase can be credited to an increase in disposable income, escalated governmental efforts in the healthcare sector, a rise in internet utilization, adoption of cutting-edge technology post-COVID-19, and a swift augmentation in the elderly population.
What Is The Expected Growth In The Digital Health Market Size?
The digital health market is expected to maintain its strong growth trajectory in upcoming years.
• Growth of the digital health market is predicted to accelerate rapidly in the coming years, reaching a value of $595.47 billion in 2029, with a compound annual growth rate (CAGR) of 16.9%.
The predicted expansion during the forecast time frame can be associated with an increase in chronic diseases, an older population, changes in demographics in developing markets, persistent technological advancements, and a heightened necessity for healthcare access. The future outlook for the digital health market features significant trends such as augmented reality telecollaboration systems, biofeedback APIs, the application of blockchain technology, 3D AR surgical navigation, the incorporation of artificial intelligence, and a growing number of collaborations and partnerships.
Which Key Drivers Are Propelling Th Digital Health Market's Growth?
The growing occurrence of chronic illnesses like cancer, diabetes, and hypertension is predicted to majorly fuel the growth of the digital health market. Chronic diseases are becoming more prevalent due to factors such as extended working hours, limited physical activity, and poor dietary and drinking habits, making those affected by these diseases more susceptible to further chronic conditions, thereby driving the demand for digital health services platforms. For instance, the American Cancer Society, a nonprofit cancer advocacy organization based in the US, reported in January 2024 that the number of cancer cases rose to 2,001,140 from 1,958,310 in 2023, marking a 2.19% increase. Consequently, the surging prevalence of chronic diseases is forecasted to stimulate the expansion of the market.
What Are The Primary Segments In The Global Digital Health Market?
The digital health market covered in this report is segmented –
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
Subsegments:
1) By Mobile Health (mHealth): Health Apps, Wearable Devices, Remote Patient Monitoring
2) By Health Information Technology: Electronic Health Records (EHR), Health Information Exchange (HIE), Practice Management Systems
3) By Telehealth And Telemedicine: Virtual Consultations, Remote Diagnosis, Teletherapy
4) By Health Analytics: Predictive Analytics, Data Management Solutions, Population Health Management
5) By Other Technologies: Blockchain In Health, Artificial Intelligence In Health, Internet Of Medical Things (IoMT)
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Which Key Trends Are Driving Changes In The Digital Health Market Size?
One significant trend gaining traction in the digital health sector is the application of augmented reality telecollaboration systems. Augmented reality (AR) enhances the actual physical world with the addition of digital visual elements or other sensory stimuli procured through technological means. AR is finding increasing usage in the healthcare sector, valued by trained medical specialists and also employed as an educational tool for medical students, offering an efficient, cost-effective, and comprehensive method to impart medical knowledge and experience. For example, in May 2024, RelieVRx, the premier FDA-authorized virtual reality prescription therapy for long-term lower back pain (CLBP) tailored towards workers' compensation was released by AppliedVR, a medical technology manufacturing company based in the US. This device offers an entirely immersive VR experience, empowering workers' compensation patients to develop capabilities to alleviate and manage CLBP. This clinically-tested, cost-efficient, non-medication supplementary therapy has demonstrated effectiveness in reducing pain severity and its disruption of routine activities. The program incorporates validated principles of cognitive behavioral therapy, biofeedback, and emotional regulation.
Who Are the Key Players in the Digital Health Market?
Major companies operating in the digital health market include:
• 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
What Is The Most Dominant Region In The Digital Health Market?
North America was the largest region in the digital health market in 2024. 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.
