Global Digital Health Market Report and Forecast 2024-2032

Global Digital Health Market Outlook

The global digital health market size attained a value of USD 264.13 billion in 2023. The market is anticipated to grow at a CAGR of 16.1% during the forecast period of 2024-2032 to attain a value of USD 1,012.29 billion by 2032. The growth of the market is driven by the increased use of smartphones and wearable devices.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Increasing Use of Smartphones and Wearable Devices Boosting the Industry Growth

The utilisation of technology in healthcare has revolutionised the health care industry. The use of digital technology can make the consumer well-informed of various health adversaries while facilitating the diagnosis and prevention of various diseases. The surging number of smartphone users across the world is boosting the digital health industry rapidly. Moreover, the rising emphasis on physical and emotional wellbeing owing to the increasing chronic diseases, obesity, and mental illnesses, is also boosting the market growth of digital health.  Wearable technology tracks and manages fitness and wellbeing activities to improve health care and health outcomes. Besides, the use of mobile apps to not only track one’s fitness level but also to diagnose and prevent an impending disease is driving the market growth. The rising geriatric population requiring long term care, which is quite expensive, primarily in the first-world countries, is being replaced by remote monitoring and telehealthcare, consequently boosting the market growth.  Moreover, the increasing use of glucometers and BP monitors is catalysing the industry growth.

The use of technology in healthcare has also reduced the distance between doctors and patients by making healthcare services affordable and accessible. Health information technology uses electronic prescriptions and electronic medical records, which reduce medical errors and make the clinical process more transparent, aiding the digital health industry. It also enhances health outcomes by improving medical diagnosis, data-based treatment decisions, digital therapeutics, self-management and clinical trials. Moreover, it improves the healthcare system by creating more evidence-based knowledge, skills, and competence, further invigorating the market growth. World Health Organisation (WHO) envisions to enhance the digital health industry by research and development (R&D) and implement digital health technology in low and middle-income countries, consequently propelling the growth of digital health in developing and underdeveloped countries.

Digital Health: Market Segmentation

Digital health is the use of various technologies, such as computing platforms, connectivity, software, and sensors for health care uses. Some of the categories of digital health include mobile health, wearable devices, personalised medicines, and health information technology, among others. It enhances the delivery of individual health care and can accurately diagnose diseases.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

The major components of digital health are:

• Hardware
• Software
• Services

The EMR report looks into the regional markets of digital health like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Surge in the COVID-19 cases to Bolster the Market Growth of Digital Health

Technological advancements such as robotics, artificial intelligence (AI), and 3-D technology are driving and revolutionising the market growth. Moreover, the increasing number of chronic diseases worldwide due to rapid climate change and unhealthy lifestyles also augment the market growth. The surge of the unprecedented pandemic COVID-19 has challenged and consequently collapsed the healthcare infrastructure due to the exponential increase in the number of infected and scarce healthcare facilities. Digital technology acts as a boon for the industry, hence the digital health care industry is booming significantly. Governments all around the world are promoting remote health care and using various healthcare technologies to tackle the global crisis. The use of artificial intelligence and big data to predict and track the regional transmission of the virus is driving the market growth. Swedish Health Services, a health care organisation in the United States, has developed a platform for the health care professionals to track the status of facilities, increase hospital bed capacity, and allocate health care resources. Similarly, the Singapore Ministry of Health provides data to UpCode to depict infection trends across age, sex, and location. The use of innovations such as these is expected to propel the market growth.

As the second wave of the disease is surging in several parts of the world, various technologies are being used to contain the virus, further augmenting the growth of the digital health industry. Thermal scanning and screening in various countries to detect symptoms, such as fever, is propelling the market growth. The use of mobile technology to track asymptomatic patients is also lubricating the industry. The use of digital thermometer, oximeter, and heart rate detectors to identify the outbreak of the virus is also facilitating the market growth. Face recognition technology and global positioning system (GPS), operated in contact tracing the virus, is providing further impetus to the market growth. Moreover, various technologies are used in countries such as Singapore to track and supervise home isolations and quarantines. Besides, several countries, such as India, have developed apps that use Bluetooth technology to track the number of infected people in a region, consequently aiding the market growth. The pandemic has also increased the demand for remote supervision of chronic illness, which is expected to catalyse the market growth in the forecast period. As the vaccination process for the coronavirus rolls in several countries, digital health plays a crucial role in ensuring smooth vaccination, which can significantly boost the market growth.

Key Industry Players in the Global Digital Health Market

The report presents a detailed analysis of the following key players in the global digital health market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Apple Inc.
• Google LLC.
• AirStrip Technologies, Inc.
• Biotelemetry Inc
• iHealth Lab Inc
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report

Digital Health Market Report Snapshots

Digital Health Market Size

Digital Health Companies