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The digital health market size is forecast to increase by USD 1063.5 billion at a CAGR of 33.53% between 2023 and 2028. Market growth is driven by the growing adoption of data analytics, which enhances efficiency, boosts revenue, and cuts costs. Digital healthcare involves remote patient monitoring, personalized medicine, and data-driven decision-making. Cloud-based analytics, including smartphones, tablets, applications, and social media analytics, further drive the market by optimizing hospital services and treatments. Digital health involves using information and communication technologies in medicine and healthcare to manage illnesses, address health risks, and promote overall wellness.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The market share growth by the wireless health segment will be significant during the forecast period. Wireless health involves the use of wireless technologies in traditional medical activities such as the diagnosis and treatment of diseases. Some of the major wireless technologies used for digital health are 4G, Bluetooth low energy (BLE), and BodyLAN. BodyLAN is a wireless communication system that operates in proximity to the body. This system operates with low power and has a higher speed of data transmission.
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The wireless health segment has witnessed a steady rise in market share, reaching USD 53.20 billion in 2018. Among the popular wireless technologies in healthcare, wireless radio-frequency identification (RFID) stands out. This technology enables hospitals to monitor the real-time whereabouts of vital equipment like infusion pumps and specialized beds, while also providing updates on their usage status. An example is the Hugs Infant Protection system developed by STANLEY Healthcare, which utilizes the hospital's Wi-Fi network to track the location of infants throughout the facility's coverage area.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. With the US leading the way, North America stands as the primary revenue generator, propelled by robust infrastructure and a heightened awareness of technological advancements within the healthcare sector, both of which fuel market growth in the region.
The market is experiencing robust growth, driven by the increasing adoption of mobile platforms and personal digital assistants for patient-centric healthcare solutions. The proliferation of tablet PCs and low-cost devices, coupled with the availability of high-speed mobile networks and internet connectivity, has facilitated the development of health and wellness apps catering to diverse healthcare requirements. This trend is further supported by the growing focus on preventive healthcare for chronic diseases like diabetes, heart disease, and cancer. The market is characterized by the emergence of remote patient monitoring and e-prescription systems, transforming the healthcare ecosystem. Collaboration between physicians, telehealthcare platform developers, and wearable technology is driving innovation in digital technology and remote monitoring and management solutions. The future of healthcare is increasingly digital, with digital portals and digital health tools playing a crucial role in enhancing healthcare delivery and outcomes.
The digital health market is driven by patient-centric healthcare solutions and robust healthcare IT infrastructure. It includes segments like tele-healthcare, software, hardware, and services. Digital health technology, including mobile applications, wearable ECG monitors, continuous glucose monitors, and blood pressure cuffs, supports remote patient monitoring services and symptom tracking apps. Rising smartphone penetration and digital health startups enhance telehealth platforms, secure messaging apps, and electronic medical records. The market addresses non-communicable diseases like obesity and stroke, with telehealthcare services offering medication reminders and pharmacy delivery. Additionally, services for pregnant women and the management of compromised healthcare records are vital.
Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage. It also includes an in-depth analysis of market trends and analysis, market growth analysis, and challenges. Furthermore, the report includes historic market data from 2018-2022.
An increase in the number of M&A activities is the key factor driving the growth of the market. Strategic mergers and acquisitions among industry players are fostering the development of advanced products and bolstering profit margins for service providers. These investments take various forms, including capital outflows for new service offerings and acquisitions of complementary service providers.
Notable acquisitions include Teladoc's acquisition of California-based InTouch Health in January 2020, aimed at expanding Teladoc's partner network and solidifying its position in the global digital healthcare market. Similarly, in July 2019, Koninklijke Philips NV acquired Medumo, a startup focused on patient tracking and triaging, with the shared goal of enhancing patient navigation. The convergence of telemedicine, healthcare technology, and digitalization is driving transformative changes across the industry, fostering innovation in remote monitoring, artificial intelligence, wearables, and other digital health solutions.
The incorporation of AI in digital health is a primary trend in the market growth. AI enhances the intelligence of medical equipment, expediting result dissemination. Healthcare professionals benefit from AI-driven diagnostic charts and insightful analyses, augmenting efficiency. AI serves as a clinical decision-support tool, collaborating with human counterparts to enhance care provision.
Furthermore, in radiology, AI streamlines workflows, meeting rising diagnostic imaging demands while averting errors. Notably, AI integration is integral to the R&D efforts of digital health entities like Siemens, laying the groundwork for comprehensive medical image comprehension. The surge in health data utilization and associated analytics further propels market growth.
The global digital health industry faces a significant challenge from open-source service providers. The market is saturated with these vendors offering a diverse array of digital health solutions. By combining products from various open-source vendors, nearly all the functionalities provided by proprietary on-premises and cloud-based digital health solution providers can be achieved. Open-source software offers benefits such as unrestricted innovation, enhanced credibility, and decentralized control. As a result, the market share of proprietary players in the digital health sector is adversely affected by the presence of open-source alternatives.
NHS England is a non-departmental public body of the Department of Health in the UK. The organization uses open-source IT solutions in healthcare to make healthcare services accessible to all. Since the source code of the software is freely available and can be downloaded from GitHub, the software can be altered to suit the local needs of an organization. Healthcare professionals can bridge the gap between the staff and the technology by including more input on software improvements and uses. Leeds Teaching Hospitals, one of the hospital trusts in the UK, is using open-source software to develop EHRs.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
The market is rapidly evolving, driven by the demand for patient-centric healthcare solutions and the increasing reliance on internet connectivity for telemedicine services. Despite challenges such as limited wireless connectivity alternatives, the market is witnessing significant growth in data collection and management of personal health information and medical information. Concerns about the black market, criminals, and fraudulent insurance claims underscore the importance of secure healthcare records and the Internet of Medical Things, which includes smart sensors for monitoring and diagnosis.
Furthermore, the market is characterized by improved patient-doctor communication through tele-healthcare and mHealth solutions, offering digital therapeutics and health management tools. The focus is on integrated care pathway management and self-health management, particularly for chronic illnesses and the elderly population. The proliferation of smartphones and mHealth devices is driving the adoption of health tracking and monitoring solutions, empowering adults to make informed health decisions. As the market continues to expand, collaborations between healthcare providers, payers, and patients are driving a consumer-centric approach to healthcare delivery.
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Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 33.53% |
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Market growth 2024-2028 |
USD 1063.5 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
27.22 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 41% |
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Key countries |
US, UK, Germany, China, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
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 dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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