Digital Health Market size is set to grow by USD 1.06 billion from 2024-2028, Increase in the number of M and A activities in the market boost the market, Technavio

NEW YORK, July 19, 2024 /PRNewswire/ -- The global digital health market size is estimated to grow by USD 1.06 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 33.53%  during the forecast period. Increase in the number of M and A activities in the market is driving market growth, with a trend towards use of AI in digital health. However, threat of open-source service providers  poses a challenge. Key market players include 3M Co., Agfa Gevaert NV, AirStrip Technologies Inc., ALLSCRIPTS HEALTHCARE SOLUTIONS INC., Alphabet Inc., Apple Inc., Cisco Systems Inc., Computer Programs and Systems Inc., Epic Systems Corp., General Electric Co., Honeywell International Inc., International Business Machines Corp., Koninklijke Philips N.V., McKesson Corp., Oracle Corp., Qualcomm Inc., Samsung Electronics Co. Ltd., Siemens AG, Telefonica SA, and UnitedHealth Group Inc..

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Market Driver

Artificial Intelligence (AI) plays a significant role in enhancing medical equipment output and expediting diagnosis in the digital health sector. By providing smarter results and informed insights to medical professionals, AI functions as a valuable clinical decision-support tool. In radiology, for instance, AI algorithms help meet the growing demand for diagnostic imaging, streamline clinical workflows, and prevent diagnostic errors. Leading digital health vendors, such as Siemens, incorporate AI into their Research and Development efforts to drive comprehensive medical image understanding. The increasing utilization of health data and analytics is a primary factor fueling the expansion of the global digital health market throughout the forecast period. 

The Digital Health Market is booming with trends like remote stroke monitoring, medication reminders, and telehealth platforms leading the way. Secure messaging apps, continuous glucose monitors, and symptom tracking apps are also popular. Pregnant women benefit from telehealth services, while pharmacy delivery and health information apps cater to diverse needs. Digital health startups leverage mobile services and smartphone penetration, offering low-cost devices and high-speed mobile networks. Telemedicine services collect personal health information, ensuring data security. Obesity management solutions include tablets and tablet PCs. Personal Digital Assistants and Internet connectivity sources facilitate chronic disease management. Despite concerns about data security and the black market, the Digital Health Market continues to grow, transforming healthcare delivery. 

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Market Challenges

• The digital health market is witnessing a significant influx of open-source vendors offering diverse digital health solutions. These vendors' offerings collectively provide nearly all the functionalities of proprietary on-premises and cloud-based digital health solution providers. Open-source software boasts benefits such as unrestricted innovation, enhanced credibility, and decentralized control, potentially impacting the market share of proprietary players in the digital health sector. Notably, NHS England, a UK public body, employs open-source IT solutions in healthcare to cater to all, enabling customization to local needs. Leeds Teaching Hospitals, a UK hospital trust, is utilizing open-source software to create Electronic Health Records (EHRs). This trend poses a challenge to the expansion of the global digital health market during the forecast period.
• The Digital Health Market is experiencing significant growth due to the increasing adoption of digital technology in healthcare. However, challenges persist, such as fraudulent insurance claims and compromised healthcare records. Telemedicine, mHealth, and digital therapeutics are key areas of focus, with tele-healthcare segment, software, hardware, and services segments all contributing. Healthcare providers, payers, and patients/consumers benefit from self-health management tools, preventive healthcare, and consumer-centric approaches. The proliferation of smartphones and mHealth devices facilitates better healthcare access for adults. Telehealthcare platforms, wearable device manufacturers, e-prescription systems, and IT industry collaborations are driving innovation. Digital health technology addresses chronic illnesses like diabetes, heart disease, and cancer through digital portals, health management tools, and telehealthcare services. The elderly population's needs are met through digital solutions, ensuring better healthcare decisions and improved healthcare infrastructure in hospitals and the healthcare ecosystem.

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Segment Overview 

This digital health market report extensively covers market segmentation by  

1. Application 
• 1.1 Wireless health
• 1.2 Mobile health
• 1.3 EHR
• 1.4 Telehealth
2. Component 
• 2.1 Software
• 2.2 Services
• 2.3 Hardware
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Wireless health-  Wireless health is an innovative sector in the digital health market, integrating wireless technologies into traditional medical activities. Key wireless technologies include 4G, Bluetooth Low Energy (BLE), and BodyLAN. Dexcom's G4 Platinum, a continuous glucose-monitoring device, transmits data wirelessly within a 6-meter range using BLE, while Dexcom STUDIO is the accompanying software. RFID technology, another essential wireless solution, enables hospitals to monitor the real-time location and status of critical equipment like infusion pumps and specialty beds. STANLEY Healthcare's Hugs Infant Protection system uses a hospital's Wi-Fi network to locate infants within coverage. These advancements contribute to the anticipated growth in the wireless health market.

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Research Analysis

The Digital Health Market is experiencing rapid growth as tablets and mobile platforms become the new norm for managing healthcare requirements. Chronic diseases such as diabetes, heart disease, and cancer are being addressed through innovative digital health tools. Tablet PCs and Personal Digital Assistants (PDAs) are transforming healthcare delivery, enabling real-time monitoring and communication between adults and physicians. Internet connectivity sources and high-speed mobile networks ensure seamless access to digital portals and telehealthcare platforms. Low-cost devices and e-prescription systems cater to the IT industry's demand for affordable and efficient healthcare solutions. Digital technology is revolutionizing the healthcare ecosystem, with telehealthcare platform developers and wearable device manufacturers leading the charge. Preventive healthcare is a key focus area, with digital health tools offering personalized health management solutions. The healthcare IT infrastructure is evolving, with hospitals adopting digital technology to streamline operations and improve patient care. The digital health market is poised for significant growth, with the potential to revolutionize the way we approach healthcare.

Market Research Overview

The digital health market is experiencing rapid growth due to the proliferation of mobile devices and high-speed mobile networks. Tablets and Mobile platforms are transforming healthcare delivery, enabling telemedicine services, remote monitoring, and self-health management. Low-cost devices and digital health tools like Personal Digital Assistants and smart sensors are making healthcare more accessible to adults and the elderly population. Digital health solutions include telehealthcare platforms, mHealth devices, and digital therapeutics. The software segment offers digital health management tools, electronic medical records, and secure messaging apps. The hardware segment includes tablet PCs, wearable devices like continuous glucose monitors and wearable ECG monitors, and blood pressure cuffs. Telehealthcare services offer patient-doctor communication, medication reminders, symptom tracking apps, and pharmacy delivery. Telehealth platforms provide preventive healthcare services for chronic diseases like diabetes, heart disease, cancer, stroke, and obesity. However, digital health also presents challenges such as data security and privacy concerns, with the risk of compromised healthcare records, fraudulent insurance claims, and criminals in the black market. Digital health startups and IT industry players are working to address these challenges and ensure a consumer-centric approach to digital health technology. The healthcare ecosystem, including healthcare providers, payers, and patients and consumers, is embracing digital technology to improve healthcare requirements and healthcare IT infrastructure. Hospitals and physicians are adopting digital health tools and digital portals for efficient healthcare delivery and better health decisions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Wireless Health
• Mobile Health
• EHR
• Telehealth
• Component
• Software
• Services
• Hardware
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio