Digital Healthcare Market Size to reach $836.10 billion by 2031, growing at a CAGR of 21%, says Coherent Market Insights

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Jul 04, 2024, 05:30 ET

BURLINGAME, Calif., July 4, 2024 /PRNewswire/ -- The global Digital Healthcare Market, valued at $220.10 billion in 2024, is on a trajectory of rapid expansion, with projections indicating it will soar to $836.10 billion by 2031, growing at a compound annual growth rate (CAGR) of 21% from 2024 to 2031, as per a recent report by Coherent Market Insights. Various healthcare organizations have started implementing telehealth solutions to provide care to patients from remote locations and reduce disease exposure in clinical settings. Telehealth is enabling virtual doctor consultations, remote monitoring of chronic conditions, and digital communication between healthcare providers and patients. The convenience of accessing healthcare services digitally without visiting clinics physically is driving more patients and providers to adopt telehealth. This increased adoption of telehealth is expected to propel the growth of the overall digital healthcare market in the coming years.

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Market Dynamics:

The growth of digital healthcare market is driven by increasing adoption of telehealth and telemedicine. Telehealth allows remote consultation for the healthcare providers and patients which increases the convenience of treatment. During COVID-19 pandemic, telehealth witnessed exponential growth as it addressed the challenge of physical distancing. Moreover, growing usage of smartphones and tablets has fueled the demand for various healthcare apps for self-diagnosis and monitoring of chronic conditions. These apps provide healthcare services at affordable costs compared to regular hospital visits.

Digital Healthcare Market Report Coverage

Report Coverage	Details
Market Revenue in 2024	$220.10 billion
Estimated Value by 2031	$836.10 billion
Growth Rate	Poised to grow at a CAGR of 21%
Historical Data	2019–2023
Forecast Period	2024–2031
Forecast Units	Value (USD Million/Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Technology, By Component, By End User
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Growth Drivers	Aging Population and Need for Remote Patient Monitoring Launch of new products
Restraints & Challenges	Data security and privacy concern Lack of digital infrastructure in developing regions

Market Trends:

Growing Trend of Remote Patient Monitoring: Remote patient monitoring allows continuous tracking of vital signs outside of conventional clinical settings which improves patient engagement. It ensures safety of high risk patients such as ones with chronic illnesses by alerting healthcare providers in case of any emergencies.

Growing Trend of Digital Therapeutics: Digital therapeutics deliver evidence-based therapeutic interventions to patients that are driven by high quality software programs to prevent, manage, or treat a medical disorder or disease. They are used to effectively treat various medical conditions such as diabetes, insomnia, chronic pain etc. with minimal physical interaction.

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Market Opportunities:

Healthcare analytics segment accounts for more than 30% share of the overall digital healthcare market. Healthcare analytics solutions help in population health management, clinical variability reduction, financial performance and many other applications. It provides actionable insights from large amounts of medical data for better clinical and financial outcomes.

mHealth segment is growing rapidly, driven by increasing penetration of smartphones and tablets. mHealth apps and solutions enable remote monitoring of patients, medical personnel connectivity, delivery of healthcare services and information. They improve access and convenience of care while reducing costs.

Key Market Takeaways:

The global digital healthcare market is anticipated to witness a CAGR of 21% during the forecast period 2024-2031, owing to growing investments and initiatives in digital transformation of healthcare systems.

On the basis of technology, healthcare analytics segment is expected to hold a dominant position, accounting for over 30% market share due to improved quality of care and medical outcomes with data-driven insights.

By component, software segment dominates with around 60% share owing to various healthcare IT solutions for electronic health records, revenue cycle management, practice management and others.

Regionally, North America is expected to hold a dominant position over the forecast period, with over 35% share of the global market due to advanced digital healthcare infrastructure and favorable government policies in the region.

Key players operating in the digital healthcare market include Telefonica S.S., Epic Systems Corporation, AT&T, AirStrip Technologies, Google, Inc., Hims & Hers Health Inc., Orange, Softserve, Computer Programs and Systems, Inc., Vocera Communication, IBM Corporation, CISCO System, Inc. Apple Inc., Oracle Cerner Veradigm, and Mckesson Corporation among others. Strategic partnerships for product development and geographical expansion are leveraged by these players.

Recent Developments:

In January 2024, Eli Lilly and Company, introduced LillyDirect, a novel digital healthcare solution for patients in the U.S. dealing with obesity, migraine, and diabetes.

In March 2023, BlueRock Therapeutics LP, announced a partnership with Emerald innovations and Rune Labs, health analytics company focusing on leveraging contract less and invisible wearable digital health technology, to enhance monitoring for Parkinson;s disease.

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Detailed Segmentation-

By Technology:

Healthcare Analytics
mHealth
Tele-health
Others

By Component:

Software
Hardware
Services

By End User:

Hospital & Clinics
Patients
Providers
Payers
Others

By Region:

North America:

U.S.
Canada

Latin America:

Brazil
Argentina
Mexico
Rest of Latin America

Europe:

Germany
U.K.
Spain
France
Italy
Russia
Rest of Europe

Asia Pacific:

China
India
Japan
Australia
South Korea
ASEAN
Rest of Asia Pacific

Middle East:

GCC Countries
Israel
Rest of Middle East

Africa:

South Africa
North Africa
Central Africa

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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