Digital Health Market Size to be Grow at a CAGR of 16.1% in the Forecast Period of 2023-2031
The ‘Global Digital Health Market Size, Share, Growth, Analysis, Key Players, Report and Forecast 2023-2031’ by Expert Market Research, gives an extensive outlook of the global digital health market, assessing the market on the basis of its segments like technology, component, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models
Digital Health Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2016-2031)
- Forecast CAGR (2023-2031): 16.1%
Supported by the increasing use of smartphones and smart wearables, the global digital health market is likely to expand manifold in the coming years. A strong driver of this market is the growing emphasis on physical and mental well-being. Owing to the growing population of geriatrics worldwide, convenient and portable health care monitoring devices like Sphygmomanometers, oximeters, and glucometers that can be utilised in digital health systems have become widely available and are expected to support the market growth in the near future.
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The introduction of AI-powered devices and IT into the healthcare sector reduces the possibility of human-errors, thus making it more reliable and accurate. Devices like smart watches with inbuilt fitness trackers, have a huge potential market owing to the growing population of health-conscious people. The promotion of digital health systems has made healthcare fairly inexpensive and reduces hassles of in-person testing done in hospitals and clinics. With the wide adoption of independent lifestyles by the aged population, telehealthcare is likely to enhance and augment the global market of digital healthcare. The introduction of health analytics is another compelling factor for the digital health market, the onset of which has reduced the need for hospitalisation and at the same time, allowed the patients to keep a track of their health.
Digital Health Industry Definition and Major Segments
Digital health refers to the usage of devices and technologies like Information Technology, smart wearables, and digital devices in the healthcare sector. It aims to provide accurate and portable health care services. Early detection of conditions and timely treatment are aided by digital health, resulting in improved patient outcomes both in the short-term and long-term.
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On the basis of technology, the market is segmented into:
- Telehealthcare
- mHealth
- Health analytics
- Digital health systems
- Others
Based on component, the market is divided into:
- Hardware
- Software
- Services
On the basis of region, the market is classified into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Digital Health Market Trends
There has been a surge in demand for convenient, at-home healthcare services and this gap was filled by the digital health market. One of the key trends observed in the market is the increasing prevalence of chronic illnesses like various heart diseases and asthma, which surge the demand for digital health products. Increased usage of thermal scanners and pulse oximeters have further fuelled the growth of the digital health market.
Digital health has provided a much-needed boost to healthcare systems globally, by facilitating remotely-enabled interactive technologies, digital therapeutics and efficient communication systems. Incorporating AI-personalisation systems into the healthcare sector for personalised remote analysis of patients via deployment of AI chatbox has proved out to be immensely useful in helping patients.
Healthcare digitisation policies of various governments has further nurtured this sector and compelled the population to switch to digital health-monitoring equipment. Furthermore, market players have come up with innovative digital healthcare monitoring systems like connected inhalers, ingestible sensors, and smart lenses, which use smart AI technology to monitor and sense any upcoming medical emergencies, thus avoiding worsening health.
Key Market Players
The major players in the digital health market report are:
- Apple Inc.
- Google LLC.
- AirStrip Technologies, Inc.
- iHealth Lab Inc.
- Biotelemetry Inc.
- others.
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