The global Digital Health market size is expected to be worth around US$ 300.4 billion by 2030, according to a new report by Vision Research Reports.
The global Digital Health market size was valued at US$ 96.9 billion in 2020 and is anticipated to grow at a CAGR of 15.5% during forecast period 2021 to 2030.
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Digital Health Market (By Technology: Tele-healthcare, mHealth, Healthcare Analytics, Digital Health Systems; By Component: Software, Hardware, Services) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
Report Coverage
| Report Scope | Details |
| Market Size | USD 300.4 billion by 2030 |
| Growth Rate | CAGR of 15.5% From 2021 to 2030 |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Technology, Component |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Mentioned | Cerner Corporation, Allscripts, Apple, Inc., Telefónica S.A., Mckesson Corporation, Epic Systems Corporation, QSI Management, LLC, AT&T, Vodafone Group, AirStrip Technologies, Google, Inc., Samsung Electronics Co., Ltd., HiMS, Orange, Qualcomm Technologies, Inc., Softserve, MQure, Computer Programs and Systems, Inc., Vocera Communications, IBM Corporation, CISCO Systems, Inc. |
Growth Factors
Rising smartphone penetration & integration of advanced technologies, such as the(IoT) & (AI), and increasing implementation of mHealth technologies for self-management of chronic diseases, such as diabetes, are some of the major factors driving the market. In addition, increasing demand for enhancing workflow efficiency in clinics, hospitals, and other healthcare centers is further boosting the demand for mHealth services thereby, aiding the market growth.
Moreover, ongoing technological advancements for developing advanced digital solutions coupled with a growing number of favorable initiatives by the government & private sectors are contributing to the overall market growth. For instance, as per the data published in 2017, researchers at the University of Illinois have developed a camera to improve the diagnostic features of smartphones. In 2020, the mHealth technology type segment accounted for the highest revenue share. A rise in the number of health apps has significantly contributed to the segment growth in recent years. As per the data published by the My Health Apps blog in May 2018, a total of 325,000 health, fitness, and medical apps were available in 2017.
Mobile operators are constantly leveraging mHealth technologies and solutions by supporting services, such as diagnosis, monitoring, and patient management. In addition, they are increasingly adopting strategies in the form of partnerships and agreements to enhance their product offerings, which, in turn, is contributing to the segment growth. For instance, in 2019, OneLife, a mobile medical software company, partnered with AT&T for the development of a health-tracking watch to monitor a patient’s heart rate, location, sleep, and movements. In 2020, the services component segment accounted for the highest revenue share.
System integration, training & education, maintenance & support, and consulting are among the few service offerings that are covered in this segment. Growing demand for continuous M2P data flows, to boost the efficiency of the medical systems, improve informed decision-making in real-time, and enhance security, is driving the segment growth. On the other hand, software is anticipated to register the fastest growth during the forecast period. The key factors that can be attributed to this growth are rising investments by the market participants to develop innovative connected solutions for the healthcare industry, technological advancements, and rising adoption of digital technologies & connected systems in the health centers.
Report Highlights
The mHealth technology segment accounted for the largest market share of over 47% in 2020 and is anticipated to register a lucrative CAGR during the forecast period. Growing penetration of smartphones & internet connectivity, availability of several mHealth apps, and rising adoption of these technologies by physicians and patients are the key factors driving the segment. Rapid technological advancements and the development of new products is further propelling the segment growth. The healthcare analytics segment is expected to register the fastest CAGR from 2021 to 2028. Increasing pressure from governing bodies to reduce the treatment costs and other associated expenditures that originate from hospital workflow inefficiencies and medical product flaws is boosting the usage of big data in the healthcare sector, thereby fueling the adoption of healthcare analytics software and solutions.
Other factors, such as increasing demand for smartwatches, growing demand to track services and systems across diverse industry verticals, technological advancements in IoT technology to deliver better connectivity, coverage, and real-time monitoring is bolstering the segment growth. For instance, SafeBeing is an AI-powered, real-time remote monitoring wearable solution that supports caregivers to reduce hospitalizations, detect changes in activity patterns, and improve on quality metrics.
The services segment accounted for the largest revenue share of 47.19% in 2020. The segment includes various activities, such as training & integration, installation, and up-gradation. The rise in demand for software platforms, such as EHRs, and the growing trend of software up-gradation for the inclusion of an array of healthcare applications are driving the segment as companies are focusing on delivering post-installation services including training, staffing, optimization, clinical and other services. Moreover, the rise in the number of investments in digital infrastructure, majorly in developing countries, is driving the adoption of digital health services for implementing successful digital platforms.
However, the software component segment is expected to register the fastest CAGR over the forecast period. The increasing demand for reducing the medical costs and growing need for accurate & timely information procurement are among the key factors responsible for the segment growth. In addition, consumer shift towards value-based care in developed economies, rise in demand for efficient management of organizational workflows in healthcare organizations, and various initiatives by private & public companies to develop healthcare IT infrastructure will boost the adoption of digital health software solutions.
North America accounted for the largest market share of 38.77% in 2020 and will expand further at a steady CAGR over the forecast period. Rising healthcare costs, advancements in coverage networks, increasing adoption of , and a surge in demand for tele-healthcare services are driving the market growth in the region. According to the report published by Mckinsey in May 2020, the Covid-19 pandemic instigated a significant increase in the adoption and usage of telehealth in the U.S. Adoption of tele-health services by consumers has skyrocketed in the country, from 11.0% in 2019 to 46.0% in 2020 to replace the canceled healthcare visits.
Asia Pacific is anticipated to be the fastest-growing regional market over the forecast period. Rising smartphone penetration, increasing adoption of smart wearable devices, and a surge in demand for EMRs and EHRs are contributing to the growth of the regional market. Moreover, countries, such as Malaysia and Japan, have already established a national warehouse that enables data sharing between public hospitals. In addition, the rising demand for remote patient monitoring and related services owing to increasing government spending on healthcare is anticipated to propel market growth.
Key Players
Market Segmentation
The study objectives of this report are:
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