Digital Health Market size is set to grow by USD 563.59 bn from 2023-2027, increase in the number of m and a activities in the market boost the market- Technavio

NEW YORK, April 3, 2024 /PRNewswire/ -- The global digital health market  size is estimated to grow by USD 563.59 bn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of over 25.8%  during the forecast period.  The digital health market is projected to expand due to technological innovations and M&A activities. Strategic acquisitions, such as Teladoc's purchase of InTouch Health in January 2020, enhance product efficiency and boost profitability. Key acquisitions involve HIPAA-covered entities, telehealth, mHealth, digital therapeutics, health management solutions, and software/hardware segments. Investors focus on telecommunication, 5G networks, AI, and ML for digital health adoption. Companies like Google, Pew Research Center, BioMed Central Ltd, and the World Bank are driving market penetration through health solutions, smartphones, applications, and government initiatives. 

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Segment Overview 

This digital health market report extensively covers market segmentation by Application (Wireless health, Mobile health, EHR, Telehealth) Component (Software, Services, Hardware) Geography (North America, Europe, Asia, Rest of World (ROW))

Market segmentation by Application

The digital health market is experiencing significant growth, with revenue projected to reach USD611.1 billion by 2026, according to Grand View Research. Industry trend analysis reveals a shift towards mobile platforms, with smartphones and tablets becoming essential tools for mHealth applications. Pricing analysis shows that continuous glucose monitoring devices, such as Dexcom G4 Platinum, are driving market expansion. Patent analysis indicates that key stakeholders, including Dexcom, Google, and January AI, are investing in innovation. The geriatric population and those with chronic diseases are major buying behaviors. Wireless technologies, such as BodyLAN, 4G, and Bluetooth low energy (BLE), enable interoperability and data collection for HIPAA-covered entities. Strategic alliances between companies, such as Google and BioMed Central Ltd, are addressing interoperability issues. Emerging countries are adopting digital health solutions, with tele-healthcare and digital therapeutics gaining popularity. Telecommunication and 5G networks are facilitating the growth of telehealth services. Investment in the software, hardware, and services segments is driving market expansion. According to the Pew Research Center, 81% of adults in the US own a smartphone, increasing the accessibility of health solutions. Artificial intelligence and machine learning are revolutionizing health management solutions. The World Bank is supporting digital health initiatives in low-income countries. Overall, the digital health market is witnessing a surge in investment and innovation.

Geography Overview

The digital health market in North America, led by the US, is experiencing significant growth due to advanced technologies and infrastructure. With the advent of 5G networks, the adoption of health solutions through smartphones and tablets is surging. Companies like Google are at the forefront of this development, integrating AI and software into health applications. According to the Pew Research Center, over 80% of Americans own a smartphone, making mHealth an accessible and convenient option for patients. The presence of telemedicine platforms and government initiatives, such as Medicare Advantage's inclusion of telehealth, further boosts the market's penetration. However, challenges persist, including data security and interoperability. Disease monitoring and fitness applications are driving the market, with the prevalence of chronic diseases and the Netherlands seeing a notable surge in digital health solutions. Partnerships between healthcare services and technology companies are crucial for continued development and addressing the needs of an aging population.

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• The digital health market is driven by AI technology, which enhances medical equipment output, quickens result publication, and supports clinical decision-making. Radiology is a significant application, with AI reducing diagnostic errors and improving efficiency. Key players like Google, Siemens, and January AI invest in AI, machine learning, and telecommunication for digital health solutions. The market includes software, hardware, and services segments, catering to geriatric populations, chronic diseases, and emerging countries. Interoperability issues and data collection are challenges, while telehealth, mHealth, and digital therapeutics are growth areas.
• The digital health market faces competition from open-source vendors, whose solutions offer unconstrained innovation, better credibility, and decentralized control. NHS England utilizes open-source IT in healthcare, impacting proprietary players' market share. Keywords: digital health market, open-source software, healthcare services, NHS England, innovation, competition, proprietary players.

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Market Research Overview

In the dynamic digital health market, patient-centric technologies are revolutionizing healthcare delivery. Telehealth and telemedicine are key trends, enabling remote consultations and monitoring. Wearable devices and mobile applications provide real-time insights, promoting preventive care and disease management. Artificial intelligence and machine learning algorithms enhance diagnostics and personalized treatment plans. Digital therapeutics and telerehabilitation offer innovative solutions for chronic conditions. Devices and platforms are integrated, creating seamless care pathways. The market is driven by growing consumer demand, technological advancements, and regulatory support. With the convergence of technology and healthcare, the digital health market is poised for significant growth.

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