The global Digital Health Market is estimated to be valued at US$ 211.0 Bn in 2022 and is expected to exhibit a CAGR of 18.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Digital health involves the use of information technology in healthcare. Digital health solutions like mobile health apps and wearable devices help improve patient outcomes and experience while reducing healthcare costs. They enable remote patient monitoring, chronic disease management and increase access to healthcare.
Market key trends:
One of the major trends in the digital health market is the growing adoption of remote patient monitoring solutions. Remote patient monitoring enables continuous monitoring of patients' vital signs outside of conventional clinical settings which improves health outcomes. It allows early detection of health issues and prevent unnecessary hospital admissions. This trend is being driven by the increasing geriatric population suffering from chronic diseases and the need to reduce healthcare costs. Development of AI and 5G technologies is also expected to boost the usage of remote patient monitoring solutions during the forecast period.
Segment Analysis
The digital health market is segmented based on product and service, component, mode of delivery, end user and geography. The software solutions segment dominated the market in 2022 and is expected to continue its dominance over the forecast period owing to rising adoption of a variety of digital health solutions like EHR, clinical solutions, pharmacy information systems, and telehealth software.
Key Takeaways
The global Digital Health Market is expected to witness high growth, exhibiting CAGR of 18.6% over the forecast period, due to increasing prevalence of chronic diseases and growing need to curb healthcare costs.
The North America region held the largest share of the digital health market in 2022 owing to advanced healthcare infrastructure and higher adoption of healthcare IT in the region. Asia Pacific is expected to grow at the fastest rate due to rising medical tourism industry and growing need to manage chronic diseases in the region.
Key players operating in the digital health market are Allscripts Health Solutions, Inc. McKesson Corporation, Cerner Corporation, Siemens Healthineers, GE Healthcare, Koninklijke Philips N.V., Qualcomm Inc., Proteus Digital Health, Inc.,Truven Health Analytics Athenahealth, Inc. and Cisco Systems. These players are focusing on new product launches and strategic collaborations to gain higher market share.
