Digital Health Market to Hit $809.2 Billion by 2030: Grand View Research, Inc.

News provided by

Apr 12, 2023, 06:00 ET

SAN FRANCISCO, April 12, 2023 /PRNewswire/ -- The global digital health market size is expected to reach USD 809.2 billion by 2030. According to a new report by Grand View Research, Inc, it is expected to expand at a CAGR of 18.6% during the forecast period. Rising smartphone adoption, improved internet connectivity with the launching of 4G/5G, advancement in healthcare IT infrastructure, rising healthcare costs, the rising penetration rate of chronic diseases, increasing adoption rate of remote patient monitoring services, and rising accessibility of virtual care are some of the major factors that fuel the industry growth. Furthermore, key players are focusing on introducing advanced applications to track daily activities, get information about medical queries, connect to physicians and store their health information. Tech giants like Apple, Google, and IBM are working to improve user experience by launching numerous subscription plans and improving data security features.

Key Industry Insights & Findings from the report:

The global digital health market size is anticipated to be valued at USD 809.2 billion by 2030 due to the growing penetration of smartphones, improvement in internet connectivity, and advancement in healthcare infrastructure.
The telehealthcare segment dominated the market with a revenue share of 41.5% in 2022, owing to an increasing prevalence rate of chronic conditions and constant advancement in telehealth applications.
The services segment dominated the market with a revenue share of 45.4% in 2022. Growing demand for installation, maintenance, training, and other services drives the market growth. However, the software segment is projected to grow with the fastest CAGR value over the forecast period.
North America accounted for a high revenue share of 44.3% in 2022. However, Asia Pacific is estimated to exhibit the fastest CAGR value of 21.8% during the forecast period. Growing investment in healthcare infrastructure, an increasing number of start-ups, and increasing penetration of smartphones and internet connectivity are projected to fuel the market growth.

Read full market research report for latest industry insights, "Digital Health Market Size, Share & Trends Analysis Report By Technology (Healthcare Analytics, mHealth, Tele-healthcare, Digital Health Systems), By Component (Software, Hardware, Services), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Digital Health Market Growth & Trends

At present, telehealth and telemedicine services are receiving recognition from the healthcare industry and government bodies. Governments across the globe are introducing new initiatives to promote digital health. For instance, during the 2022 budget session, the Government of India introduced a digital health ecosystem under Ayushman Bharat Digital Health Mission (ABDM). The government invested more than 3.5 million in this program in order to advance the digital healthcare infrastructure.

The growing penetration rate of chronic diseases such as CVD, cancer, diabetes, and others further fuels the market growth as chronic conditions require continuous monitoring and digital health platforms help in monitoring chronic conditions from any place and at any time. Furthermore, COVID-19 impacted the market positively as a large percentage of the patient population opted for telemedicine and telehealth solutions due to infection risks and lockdown scenarios.

In 2022, telehealthcare dominated the market with a revenue share of 41.5%. The market growth can be attributed to the rising penetration of smartphones, and improvement in internet connectivity. Advancements in the healthcare IT infrastructure and the launching of new platforms and solutions further fuelled the segment's growth.

In 2022, North America dominated the industry with a revenue share of 44.3%. North America is one of the very first regions to adopt smart healthcare solutions, including various technologies such as mobile apps, smart wearables, and eHealth services, like EHR & telemedicine services, for remote access to information on serious & chronic healthcare conditions. Factors such as rapid growth in the adoption of smartphones, advancements in coverage networks, rise in the prevalence of chronic diseases, increase in geriatric population, rise in costs of health care, acute shortage of primary caregivers, and increase in need for improved prevention & management of chronic conditions are responsible for the growth of digital health services in the region.

Digital Health Market Segmentation

Grand View Research has segmented the digital health market based on technology, component, and region

Digital Health Market - Technology Outlook (Revenue, USD Million, 2016 - 2030)

Tele-healthcare

Tele-care

Activity Monitoring
Remote Medication Management

Telehealth

LTC Monitoring
Video Consultation

mHealth

Wearables

BP Monitors
Glucose Meters
Pulse Oximeters
Sleep Apnea Monitors
Neurological Monitors
Activity Trackers/ Actigraphs

mHealth Apps

Medical Apps
Fitness Apps

Services

mHealth Service, By Type

Monitoring Services

Independent Aging Solutions
Chronic Disease Management & Post-Acute Care Services

Diagnosis Services
Healthcare Systems Strengthening Services
Others

mHealth Services, By Participants

Mobile Operators
Device Vendors
Content Players
Healthcare Providers

Healthcare Analytics
Digital Health Systems

EHR
E-Prescribing Systems

Digital Health Market - Component Outlook (Revenue, USD Million, 2016 - 2030)

Software
Hardware
Services

Digital Health Market - Component Regional Outlook (Revenue, USD Million, 2016 - 2030)

North America

U.S.
Canada

Europe

U.K.
Germany
France
Italy
Spain
Russia

Asia Pacific

China
India
Japan
Australia
Singapore
South Korea

Latin America

Brazil
Mexico
Argentina

South Africa
Saudi Arabia
UAE

List of Key Players of the Digital Health Market

Cerner Corporation (Oracle)
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.

Check out more market research studies published by Grand View Research:

Digital Biomarkers Market - The global digital biomarkers market size is expected to reach USD 13,966.16 million by 2030, registering a CAGR of 21.9% during the forecast period, according to a new report by Grand View Research, Inc. Due to the rising acceptance of recent advancements and remote technologies, the market for digital biomarkers is anticipated to expand throughout the forecast period. Development of the remote data collecting technologies, which make up the largest segment of the market for digital biomarkers, has been propelled by the improvements in wearable and mobile technology. Additionally, this market segment is being further assisted by the growing use of the internet.
Healthcare Digital Twins Market - The global healthcare digital twins market size is expected to reach USD 3.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 25.6% from 2022 to 2030. Digital twins are digital models or real-time replicas of an object or process that incorporates and updates all the available data in real time.
U.S. Digital Therapeutics Market - The U.S. digital therapeutics market size is anticipated to reach USD 10.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 24.8% from 2022 to 2030. Growing healthcare consumerism, the availability & development of DTx products, and the rising number of market players are driving the regional market.

Browse through Grand View Research's Healthcare IT Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter