Digital Health Market Size Worth $1,432.92 Billion By 2030 | CAGR: 27.4%

The global digital health market size is expected to reach USD 1,432.92 Billion by 2030, according to a new study by Polaris Market Research. The report “Digital Health Market Share, Size, Trends, Industry Analysis Report, By Technology (Telehealthcare, mHealth, Health Analytics, Digital Health Systems); By Component (Hardware, Software, Services); By Application; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The major players' rapid adoption of strategies such as collaborations, partnerships, mergers and acquisitions, and product launches are boosting the industry growth over the forecast period. For instance, in February 2021, BioTelemetry, Inc. was purchased by Royal Philips. BioTelemetry's purchase fits well with Philips' cardiac care offering and its aim to enhance care delivery across the medical ecosystem with integrated systems. Real-time patient surveillance, telemedicine, and informatics are among Philips' medical patient care management services.

Further, in March 2022, Cognizant announced a partnership with Microsoft to develop a new digital solution to increase remote monitoring of patients for better medical treatment. In addition, in February 2022, Accenture and League are focusing on working together to develop experiences and expand access to enhance results for people, doctors, payers, and pharmacies. Thus, the collaborations for the advancement of technology in the medical sector are boosting industry growth over the forecast period.

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Increasing adoption for remote monitoring of patients services, an increase in the availability of virtual care, and an increase in the prevalence of chronic diseases are factors driving industry expansion. The market is being driven by the fast-increasing incidence rate of chronic diseases like Alzheimer's, diabetes, cardiovascular diseases, and cancer that require long-term treatment and patient tracking systems.

Telehealth and telemedicine services are being quickly embraced by the medical community and are being acknowledged by both public and private players. For instance, in October 2020, LifeScan announced the debut of OneTouch Solutions, an eCommerce portal that provides a comprehensive and accessible selection of individualized wellness programs to help people not only manage but flourish with diabetes. 

Digital Health Market Report Highlights

• The software segment is anticipated to grow at a fastest CAGR over the forecast period due to the quick implementation of software systems by patients, medical institutions, clinicians, and insurance payers. The rising cost of medical as well as the expanding trend of medical digitalization are factors in the expansion of the software market.
• The health analytics segment accounted for a significant share of the global revenue on account of developments in analysis tools such as big data and other advanced analytics
• Asia Pacific is expected to grow at a highest CAGR over the projected period. Growing mobile penetration, rising government expenditure on medical industry upgrades, and raising awareness of digital wellbeing are all driving growth. The region will expand the fastest owing to increased investment in medical software and infrastructure to raise public awareness.
• The global players with a global presence including AT&T Inc., BioTelemetry Inc., Cerner Corporation, Epic Systems Corporation, Google, Inc., Samsung Electronics Co., Ltd., Telefónica S.A., Vodafone Group, and Vocera Communications Inc.

Polaris Market Research has segmented the Digital Health market report based on technology, component, application, and region:

Digital Health, Technology Outlook (Revenue - USD Billion, 2018 - 2030)

• Telehealthcare
  • Telecare
    • Activity Monitoring
    • Remote Medication Management
  • Telehealth
    • LTC Monitoring
    • Video Consultation
• Mhealth
  • Wearables
    • • BP Monitor
      • Glucose Meter
      • Pulse Oximeter
      • Sleep Apnea Monitors
      • Neurological Monitors
      • Others
    • Apps
      • Medical Apps
      • Fitness Apps
• Health Analytics
• Digital Health Systems
  • Electronic Health Records
  • E-Prescribing Systems

Digital Health, Component Outlook (Revenue - USD Billion, 2018 - 2030)

• Hardware
• Software
• Service

Digital Health, Application Outlook (Revenue - USD Billion, 2018 - 2030)

• Cardiology
• Diabetes
• Neurology
• Sleep Apnea
• Oncology
• Others

Digital Health, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa