Digital Health Market Size Share & Growth Report, 2024

Digital Health Market Size 2024 To 2032

• The global digital health market size reached USD 421.7 Billion in 2023.

• The digital health market size is expected to reach USD 1794.7 Billion by 2032, exhibiting a growth rate (CAGR) of 16.9% during 2024-2032.

• North America leads the market, accounting for the largest digital health market share.

• Telehealth accounts for the majority of the market share in the type segment.

• Service holds the largest share in the digital health industry, as they are essential for managing patient care.

• The growing adoption of telehealth and the rising advancements in telecommunications and technology are primary drivers of the digital health market.

• The rising popularity of wearable devices is reshaping the digital health market.

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Industry Trends and Drivers:

• Increasing Adoption of Telemedicine:

The rising acceptance of telemedicine is one of the major factors catalyzing the market growth.

Moreover, rapid advancements in telecommunications and technology, encouraging healthcare providers to offer medical consultations, diagnostics, and treatments remotely is favoring the market growth. Besides this, the increasing adoption of telemedicine as it enables patients to access care from the comfort of their homes, is bolstering the market growth.

Additionally, the convenience and cost-effectiveness of telemedicine that make it a preferred option for patients and providers is contributing to the market growth. It allows healthcare professionals to manage chronic conditions, offer mental health services, and provide follow-ups through virtual platforms, thus reducing the need for in-person appointments.

• Growing Popularity of Wearable Health Devices:

The rising adoption of wearable health devices, such as fitness trackers, smartwatches, and health monitors that provide real-time data on an individual’s physical activity, heart rate, sleep patterns, and other vital signs, is favoring the market growth. These devices have empowered individuals to take control of their health by tracking and managing their well-being proactively.

Moreover, the growing interest in preventive healthcare and wellness, alongside technological advancements in sensor technology, boosting the use of wearables to monitor chronic conditions such as diabetes, cardiovascular diseases, and respiratory issues, is enhancing the market growth.

Furthermore, the rising ability of wearables to provide continuous health monitoring, coupled with their integration into health apps and platforms, which enhances patient engagement and improves healthcare outcomes, is fostering the market growth.

• Expanding Use of Electronic Health Records (EHRs):

The widespread adoption of electronic health records (EHRs) is another major factor driving the market growth. EHRs streamline the management of patient data by digitizing medical records, making it easier for healthcare providers to access, share, and analyze patient information.

Moreover, the recent shift from paper-based records to digital systems that enhance the efficiency and accuracy of healthcare delivery, reduce administrative burdens and minimize errors is strengthening the market growth. EHRs also play a crucial role in improving patient safety by providing a comprehensive view of a patient’s medical history, medications, and treatment plans, allowing for better-informed clinical decisions.

Digital Health Market Report Segmentation:

Breakup By Type:

• Telehealth

• Medical Wearables

• EMR/EHR Systems

• Medical Apps

• Healthcare Analytics

• Others

Telehealth account for the majority of shares driven by the increasing demand for remote healthcare services and its broad application across various medical fields.

Breakup By Component:

• Software

• Hardware

• Service

Service dominates the market as healthcare providers increasingly rely on digital platforms.

Breakup By Region:

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa

North America holds the leading position owing to a large market for digital health driven by its advanced healthcare infrastructure, high healthcare expenditure, and widespread adoption of digital health technologies.

Top Digital Health Market Leaders:

The digital health market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies.

Some of the key players in the market are:

• AirStrip Technologies Inc.

• AT&T

• Athenahealth Inc.

• eClinicalWorks

• iHealth Lab Inc.

• Kininklijke Philips N.V.

• McKesson Corporation

• Omron Healthcare (Omron Corporation)

• Oracle Corporation

• Qualcomm Technologies Inc.

• Veradigm LLC

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Key Highlights of the Report:

• Market Performance (2018-2023)

• Market Outlook (2024-2032)

• Market Trends

• Market Drivers and Success Factors

• Impact of COVID-19

• Value Chain Analysis

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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