Digital Health Market Size to Exceed US$ 1.6 Trillion by 2030

According to Nova one advisor, during the forecast period of 2022 to 2030, the global Digital Health market is estimated to develop at a compound annual growth rate (CAGR) of 27.9%.

The global Digital Health market size was valued at USD 175.6 billion in 2021, and it is predicted to exceed USD 1.6 trillion  by 2030. The study investigates several elements and their consequences on the growth of the Digital Health market.

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The global digital health market is driven by increase in incidence of diabetes, cardiovascular diseases, and other chronic diseases; rise in adoption of digital health products by health care providers, and surge in government initiatives. Digital health is technology-enabled care that involves the convergence of digital media, health technology, and mobile devices. It is designed to help patients, caregivers, and healthcare professionals access the relevant data easily and improve the quality of both social and individual health.

Digital health products help healthcare payers, provider, patients, and other healthcare settings to improve healthcare services in terms of time & quality and cut down health care cost. The digital health market is expected to be driven by increase in demand and adoption of information technology solutions in healthcare and their ease of use. The global digital health market is quite competitive, with the top players accounting for major share of the global market. Moreover, every company focuses on research & development to produce digital health products.

Scope of the Report

Increase in Incidence of Diabetes, Cardiovascular Diseases, and Other Chronic Diseases: Key Drivers

Disease indications such as diabetes, cardiovascular diseases, and other chronic diseases are increasing rapidly across regions due to aging population, unhealthy food habits, and rise in obesity. According to the American Heart Association, cardiovascular diseases account for 17.3 million deaths each year, which is more than the deaths caused due to cancer.

According to Partnership to Fight Chronic Disease (PFCD), chronic diseases are the leading cause of death and disability in the U.S. Nearly 133 million people in the U.S., around 45% of the population, have at least one chronic disease. Chronic diseases account for seven in 10 deaths in the U.S., with over 1.7 million deaths each year.

Increase in Adoption of Cloud-based Systems Drives Market

The higher adoption of cloud services, mobile devices, and large number of mobile apps has stretched the characteristic boundary of enterprises. For enterprises, identity and access management represents the ability to validate users and supervise access by various people, from employees to partners to consumers, and protect sensitive resources. Advanced technologies, especially information technology, are creating new kinds of devices and new networks that are introducing new threats for which new security approaches are required. Furthermore, the developing market provides cyber security sellers with new avenues for innovation.

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Services Segment to Dominate Market

In terms of component, the global digital health market has been classified into hardware, software, and services. The services segment accounted for larger market share in 2020. The segment is expected to be driven by increase in adoption of digital health products such as population health management, revenue cycle management, EHR/EMR, and others that require services of hardware and software after a fixed interval of time to maintain processing speed and increase life span of the system.

B2B to be Highly Lucrative End-user

Based on end-user, the global digital health market has been bifurcated into B2C and B2B. The B2B segment accounted for major market share in 2020. The B2C segment has been split into patients and caregivers. The B2B segment has been segregated into providers, payers, employers, pharmaceutical companies, and others. The digital health market is expected to be driven by rise in prevalence of diabetes and other chronic diseases.

According to the World Health Organization, diabetes was the 10th largest cause of death in 2019, with an estimated 1.5 million fatalities caused directly by the disease, and with 48% of all diabetes-related deaths occurred before the age of 70.

North America to Dominate Global Market

In terms of region, the global digital health market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global digital health market in 2020, followed by Europe. The dominance of these two regions can be attributed to technological advancements and increase in investment in the digital health market through funding, merger & acquisitions, and government funding. For instance, in August 2017, Allscripts entered into a definitive agreement to acquire McKesson Corporation’s hospital and health system IT business, Enterprise Information Solutions, for US$ 185 Mn in cash, subject to adjustment for net debt and working capital. The healthcare information system segment is expected to account for larger market share.

Europe comprises major countries such as Germany, France, the U.K., Spain, and Italy. Germany and the U.K. accounted for a significant share of the digital health market in Europe in 2020. Increase in government initiatives and new product launches are likely to fuel the growth of the digital health market in the countries during the forecast period.

The digital health market in Asia Pacific is projected to grow at a rapid pace during the forecast period, owing to increase in adoption of digital health products in India, Australia, New Zealand, and other developing countries. Increase in penetration of smartphones and Internet access are likely to propel the market in Asia Pacific during the forecast period.

Some of the prominent players in the Digital Health market include:

• Agfa-Gevaert N.V.
• Cerner Corporation
• Allscripts Healthcare Solutions, Inc.
• McKesson Corporation
• Philips Healthcare
• GE Healthcare
• Siemens Healthineers
• Epic Systems Corporation
• Truven Health Analytics (an IBM Company)
• Alphabet, Inc.
• Qualcomm, Inc., among others

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:

Global Digital Health Market: Segmentation

Digital Health Market, by Product Type

• Product Type
• Healthcare Information Systems
  • Clinical Solutions
    • EHR/EMR
    • Clinical Decision Support System (CDSS)
    • Computerized Physician Order Entry (CPOE)
    • mHealth
      • Connected Medical Devices
      • mHealth Applications
        • Fitness Apps
        • Medical Reference
        • Wellness
        • Medical Condition Management
        • Nutrition
        • Remote Consultation
        • Reminders and Alerts
        • Diagnostics
        • Others
      • mHealth Services
    • Telehealth
    • Population Health Management
    • Others
  • Non-clinical Solutions
• Wearable Devices
  • Diagnostic & Monitoring Devices
  • Digital Therapeutic Devices
    • Pain Management Devices
    • Rehabilitation Devices
    • Respiratory Therapy Devices
    • Insulin Pumps

Digital Health Market, by Component

• Hardware
• Software
• Services

Digital Health Market, by End-user

• B2C
  • Patients
  • Caregivers
• B2B
  • Providers
  • Payers
  • Employers
  • Pharmaceutical Companies
  • Others

Regional Segmentation

• Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
• Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
• North America [United States, Canada, Mexico]
• South America [Brazil, Argentina, Columbia, Chile, Peru]
• Middle East & Africa [GCC, North Africa, South Africa]

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Key Questions Answered in Digital Health Market Report

What will be the sales/revenue generated by Digital Health across all regions during the forecast period?

What are the opportunities in the global Digital Health market?

What are the major drivers, restraints, opportunities, and threats in the market?

Which regional market is set to expand at the fastest CAGR during the forecast period?

Which application is expected to generate the highest revenue globally in 2030? Which segment is projected to expand at the highest CAGR during the forecast period?

What is the market position of different companies operating in the global market?

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