Digital Health Market Size To Reach $946.0 Billion By 2030

The global digital health market size is anticipated to reach USD 946.0 billion by 2030 and it is projected to grow at a CAGR of 21.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market growth driven by various factors. These include the proliferation of smartphones, advancements in internet connectivity, the development of IT infrastructure, increasing healthcare IT expenditures, overburdened healthcare facilities, a growing shortage of healthcare providers, rising demand for remote patient monitoring services, escalating medical costs, improved accessibility of virtual care services, and the increasing prevalence of chronic diseases. This growth is further propelled by the ongoing trend of digitalization in healthcare. This trend finds support in expanding public-private partnerships, emerging startups in the healthcare sector, and favorable initiatives undertaken by governments to promote digital health solutions.

Digital health encompasses diverse technologies such as telehealth services, health information technology, and mobile health (mHealth) to enhance communication within healthcare systems, fostering improved interactions between doctors and patients. The relevance of digital health technology has grown significantly, especially during the COVID-19 pandemic. These contemporary solutions enhance the patient-doctor relationship and extend preventive disease strategies. Furthermore, they contribute to a shift in healthcare towards value-based treatment, amplifying the accessibility of health information for both patients and healthcare providers.

Furthermore, integrating wearable devices into healthcare reshapes how individuals manage their health. Wearables like fitness trackers and smartwatches enable continuous monitoring of vital signs, physical activity, and other health metrics. This real-time data empowers individuals to take a proactive role in their well-being and allows healthcare providers to offer personalized preventive care. Companies such as Apple and Fitbit exemplify the success of wearables in the digital health market, emphasizing the fusion of technology and health monitoring.

Many nations have adopted telemedicine, remote monitoring platforms, and telehealth services to enable physical interactions among physicians and the patient population. Therefore, digital health industry experienced a boost in terms of revenue in 2020–2021 and is expected to maintain an upward trajectory in the projected technology life cycle. For instance, MyDoc, a telehealth platform headquartered in Singapore, witnessed a 160% growth in daily active users in 2020. Government initiatives to promote global digitalization in the healthcare sector are playing a significant role in propelling the market’s growth. For instance, in the 2022 budget session, the Government of India launched a digital health ecosystem as part of the Ayushman Bharat Digital Health Mission (ABDM). In October 2021, the French government revealed plans to invest over USD 650 million to enhance its digital health infrastructure nationally.

The digital health industry is a dynamic space where both established entities and startups compete for prominence, driven by the prospect of improving healthcare accessibility, affordability, and outcomes. Tech and healthcare giants are making ventures into this industry, coexisting with emerging local startups that address specific regional needs, attracting global investment. The growth of AI-powered solutions for patient monitoring and personalized care is evident, with the increasing involvement of healthcare professionals in their development and adoption. Moreover, various players are actively adopting strategies such as mergers, acquisitions, collaboration, partnerships, and product launches to maintain a competitive edge. For instance, in July 2023, Epic Systems Corporation collaborated with Nuance Communications, Inc., a Microsoft Company, to develop the Nuance Dragon Ambient eXperience (DAX) Express solution, which expands access to care for patients and enhances healthcare outcomes. Additionally, in December 2022, Greenway Health, LLC. Launched the Greenway Engagement Model, a client engagement program, to strengthen the healthcare technology journey of its clients.

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Digital Health Market Report

Digital Health Market Report Highlights

Digital Health Market Segmentation

Grand View Research has segmented the global digital health market based on technology, component, application, end-use, and region:

Technology Outlook (Revenue, USD Million, 2018–2030)

Component Outlook (Revenue, USD Million, 2018–2030)

Application Outlook (Revenue, USD Million, 2018–2030)

End-use Outlook (Revenue, USD Million, 2018–2030)

Regional Outlook (Revenue, USD Million, 2018–2030)

List of Key Players in Digital Health Market