Digital Health Market Size To Reach USD 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.

Some Statistics Related To Chronic Conditions:

• Global Statistics: According to the WHO Non-communicable diseases cause 41 million deaths annually, constituting 74% of global fatalities. 17 million of these deaths occur before the age of 70, with 86% transpiring in low- and middle-income countries, and the majority of NCD deaths (77%) are concentrated in these regions. The leading contributors to NCD-related deaths include cancers (9.3 million), chronic respiratory diseases (4.1 million), diabetes (2.0 million, including diabetes-induced kidney disease deaths), and cardiovascular diseases (17.9 million)

• Economic Impact: The National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP) in the U.S highlights the substantial economic impact of chronic diseases. Annually, heart disease and stroke, claiming over 877,500 lives, represent one-third of all deaths and generate a USD 216 billion economic burden on the healthcare system. Cancer, diagnosed in 1.7 million people yearly, ranks as the second leading cause of death, anticipating a cost exceeding USD 240 billion by 2030. Diabetes, affecting 37 million Americans with an additional 96 million at risk, incurred a total estimated cost of USD 327 billion in 2017, encompassing medical expenses and lost productivity

• Individual Impact: Beyond the economic factors, chronic conditions significantly impact patients' quality of life. These conditions necessitate daily management, demanding ongoing attention, lifestyle modifications, and adherence to treatment plans. The continuous effort required to cope with chronic illnesses can lead to physical and emotional challenges, affecting not only the individuals but also their families and support networks. Moreover, if left unmanaged, chronic conditions often give rise to complications, further escalating the overall burden on patients and potentially diminishing their overall well-being

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Digital Health Market Report Highlights

• Based on component, the services segment accounted for largest revenue share in 2023, owing to the growing demand for services, such as installation, staffing, training, maintenance, and other services

• Based on technology, the tele-healthcare segment led the market with the largest revenue share of 43.2% in 2023, due to increasing preference for remote patient monitoring services and shortage of healthcare professionals

• Based on the application, the diabetes segment led the market with the largest share of 24.3% in 2023 and is expected to register the fastest CAGR over the forecast period. The obesity segment is the second largest in applications of the digital health market

• Based on the end-use, the patient segment held the largest market share of 34.1% in 2023 and is expected to witness the fastest CAGR during the forecast period

• North America dominated the market with a revenue share of 38.2% in 2023 due to the rapidly developing healthcare IT infrastructure, emergence of startups, growing funding options, and improving technological literacy

Regional Insights

North America dominated the market with the largest revenue share of 38.2% in 2023, owing to technological advancements, growing healthcare IT expenditure to advance infrastructure, favorable government initiatives, emergence of startups, readiness to adopt advanced technological solutions, options for growing smartphone penetration, advancements in internet connectivity, and lucrative funding. In addition, factors, such as advancements in coverage networks, rapid growth in the adoption of smartphones, a rise in geriatric population & prevalence of chronic diseases, and shortage of primary caregivers are responsible for industry growth.

U.S. Digital Health Market Trends

The U.S. leads in the digitalization of healthcare in North America with a revenue share of 88.2% in 2023, due to advanced healthcare management & innovative software developments and the presence of numerous key players operating across segments, such as mobile & network operations. According to a survey conducted by Insider Intelligence in December 2022, around 63.4% of U.S. adults used a health-related app in the past 12 months. In addition, health-related mobile apps are extremely popular across the U.S. due to rising health consciousness. Hence, fitness and nutrition tracking has been a leading factor in adopting digital healthcare systems, indicating a strong consumer preference for these apps.

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)

• Tele-healthcare

  • Tele-care

    • Activity Monitoring

    • Remote Medication Management

  • Tele-health

    • LTC Monitoring

    • Video Consultation

• mHealth

  • Wearables & Connected Medical Devices

    • Vital Sign Monitoring Devices

      • Heart Rate Monitors

      • Activity Monitors

      • Electrocardiographs

      • Pulse Oximeters

      • Spirometers

      • Blood Pressure Monitors

      • Others

    • Sleep Monitoring Devices

      • Sleep trackers

      • Wrist Actigraphs

      • Polysomnographs

      • Others

    • Electrocardiographs Fetal & Obstetric Devices

    • Neuromonitoring Devices

      • Electroencephalographs

      • Electromyographs

      • Others

  • mHealth Apps

    • Medical Apps

      • Women's Health

        • Fitness & Nutrition

        • Menstrual Health

        • Pregnancy Tracking & Postpartum Care

        • Menopause

        • Disease Management

        • Others

      • Chronic Disease Management Apps

        • Diabetes Management Apps

        • Blood Pressure & ECG Monitoring Apps

        • Mental Health Management Apps

        • Cancer Management Apps

        • Obesity Management Apps

        • Other Chronic Disease Management Apps

      • Personal Health Record Apps

      • Medication Management Apps

      • Diagnostic Apps

      • Remote Monitoring Apps

      • Others (Pill Reminder, Medical Reference, Professional Networking, Healthcare Education)

    • Fitness Apps

  • Services

    • Monitoring Services

      • Independent Aging Solutions

      • Chronic Disease Management & Post-Acute Care Services

    • Diagnosis Services

    • Healthcare Systems Strengthening Services

    • Others

• Digital Health Systems

  • EHR

  • E-prescribing Systems

• Healthcare Analytics

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

• Software

• Hardware

• Services

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

• Obesity

• Diabetes

• Cardiovascular

• Respiratory Diseases

• Others

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

• Patients

• Providers

• Payers

• Others

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

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Sweden

  • Denmark

  • Norway

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

  • Singapore

• Latin America

  • Brazil

  • Mexico

  • Argentina

• MEA

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

Key Digital Health Company Insights

Key players are adopting new product development, partnership, and merger & acquisition strategies to increase their market share. Apple, Inc., Google, Inc., and Qualcomm Technologies, Inc. are market leaders with a presence in more than 30 countries, including headquarters, manufacturing sites, distribution centers, and office locations. The Apple App Store features over 40,000 apps in the healthcare segment. In March 2023, to improve digital health, Apple Inc. announced plans to upgrade AirPods by adding ambient light sensors with health tracking features, including motion detectors, temperature monitors, blood oxygen level, and perspiration & heart rate, by 2025. In addition, H2O Therapeutics, a Turkey-based startup, received U.S. FDA clearance for its Parky app. This Apple Watch app monitors Parkinson’s disease symptoms, such as dyskinesia and tremors. Furthermore, Samsung Electronics Co. Ltd., Qualcomm Technologies, Inc., and Vodafone Group Plc. are the emerging market players.

• Telefónica S.A.

• Epic Systems Corporation

• QSI Management, LLC

• AT&T

• AirStrip Technologies

• Google, Inc.

• Hims & Hers Health, Inc.

• Orange

• Softserve

• Computer Programs and Systems, Inc.

• Vocera Communications

• IBM Corporation

• CISCO Systems, Inc.

• Apple Inc.

• Oracle Cerner

• Veradigm

• Mckesson Corporation

• Hims & Hers Health, Inc.

• Vodafone Group

• Qualcomm Technologies, Inc.

• Samsung Electronics Co., Ltd.

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