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 to boost the market growth, Technavio

NEW YORK, July 30, 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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Key Market Trends Fueling Growth

Artificial Intelligence (AI) plays a significant role in enhancing medical equipment output and expediting results in the digital health sector. This technology empowers medical professionals with more efficient diagnosis tools and informed insights. In radiology, for instance, AI algorithms help radiologists meet the rising demand for diagnostic imaging, streamlining clinical workflows and reducing diagnostic errors. AI is a crucial component of Research & Development (R&D) for leading digital health vendors, such as Siemens. The expanding use of health data and analytics is fueling the global digital health market's growth during the forecast period. AI's integration into healthcare promises to revolutionize clinical decision-making processes, ensuring improved patient care and heightened efficiency. 

The Digital Health Market is booming with trends like stroke care through remote monitoring, medication reminders, telehealth platforms, secure messaging apps, and symptom tracking apps leading the charge. Continuous glucose monitors and wearable ECG monitors are popular devices for managing chronic diseases such as diabetes and heart conditions. Pregnant women and those with obesity benefit from telehealth services, mobile platforms, and tablet PCs. Digital health startups leverage mobile services, smartphone penetration, and high-speed mobile networks to offer affordable, low-cost devices and telemedicine services. Data collection and management of personal health information are crucial, ensuring security against black market criminals. Electronic Medical Records and Internet connectivity sources facilitate seamless access to medical information. Overall, the Digital Health Market is transforming healthcare delivery for various chronic diseases. 

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Market Challenges

• The digital health market is witnessing a significant influx of open-source vendors offering diverse digital health solutions. Combining multiple open-source products can provide nearly all the functionalities of proprietary on-premises and cloud-based digital health solution providers. Open-source software offers advantages such as unrestricted innovation, enhanced credibility, and decentralized control, which may negatively impact the market share of proprietary players. NHS England, a UK public body, utilizes open-source IT solutions in healthcare to make services accessible and customizable to local needs. Leeds Teaching Hospitals is one example using open-source software for Electronic Health Records development, potentially hindering the expansion of the global digital health market during the forecast period.
• The Digital Health Market is experiencing significant growth due to the increasing use 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. The market is segmented into software, hardware, and services, catering to healthcare providers, payers, and patients. Self-health management is on the rise due to the proliferation of smartphones and mHealth devices. Tele-healthcare services, consumer-centric approaches, and digital portals are transforming healthcare decisions for adults with chronic illnesses like diabetes, heart disease, and cancer. The elderly population also benefits from digital health technology. Telehealthcare platform developers and wearable device manufacturers are driving innovation, while e-prescription systems streamline healthcare processes. The IT industry plays a crucial role in developing healthcare IT infrastructure, including hospitals and the healthcare ecosystem. Preventive healthcare is a growing trend, and digital health tools are essential for managing non-communicable diseases.

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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 a burgeoning sector in the digital health market, leveraging wireless technologies for traditional medical activities like diagnosis and treatment. Notable wireless technologies include 4G, Bluetooth Low Energy (BLE), and BodyLAN. Dexcom's G4 Platinum continuous glucose monitoring system uses BLE to transmit data within a 6-meter range, while Dexcom STUDIO software processes the information. RFID technology, another key player, enables hospitals to track critical equipment like infusion pumps and specialty beds in real-time, updating their status. STANLEY Healthcare's Hugs Infant Protection system uses Wi-Fi for hospital-wide infant security. The digital health market, fueled by these advancements, is projected to expand significantly.

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Research Analysis

The Digital Health Market is experiencing exponential growth, driven by the increasing use of digital technology in healthcare. Tablets and Mobile platforms are revolutionizing healthcare delivery, providing easy access to medical information and mobile applications for adults managing chronic diseases such as diabetes, heart disease, and cancer. Tablet PCs and Personal Digital Assistants offer convenient solutions for physicians to access healthcare IT infrastructure, enabling remote consultations and telehealthcare services. Internet connectivity sources and high-speed mobile networks enable seamless communication between healthcare providers and patients, ensuring timely and effective care. Digital portals and telehealthcare platform developers are at the forefront of this transformation, creating innovative solutions to meet the evolving healthcare requirements. Wearable device manufacturers are also contributing to this trend, providing low-cost devices that enable individuals to monitor their health in real-time. The IT industry is investing heavily in digital health tools, from e-prescription systems to preventive healthcare applications. The healthcare ecosystem is embracing digital technology, with hospitals and healthcare providers integrating digital solutions into their operations to improve efficiency and patient outcomes.

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 for chronic diseases. Low-cost devices and digital health tools, such as Personal Digital Assistants and smart sensors, are making healthcare more accessible to adults and the elderly population. Digital health technology includes software, hardware, and services segments catering to healthcare providers, payers, and patients. Telehealthcare platforms, mHealth devices, and digital therapeutics are revolutionizing healthcare IT infrastructure in hospitals and healthcare ecosystems. However, digital health also presents challenges, including data security and privacy concerns. Criminals may exploit the black market for compromised healthcare records, leading to fraudulent insurance claims. Digital health startups and telehealth platform developers must prioritize secure messaging apps and e-prescription systems to mitigate risks. Preventive healthcare applications, such as medication reminders, symptom tracking apps, and continuous glucose monitors, are essential for managing non-communicable diseases like diabetes, heart disease, cancer, and stroke. Wearable devices, such as ECG monitors, blood pressure cuffs, and smartphone applications, are transforming healthcare decisions and enabling remote monitoring for pregnant women. The IT industry's consumer-centric approach to healthcare is driving innovation in digital health technology, with telehealth services, health management tools, and pharmacy delivery becoming increasingly popular. The future of digital health lies in the integration of digital technology and healthcare, providing personalized healthcare solutions for patients and consumers.

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