The digital health market deals with technologies and services used for healthcare facilities and body activity tracking of individuals. It encompasses various categories such as telehealthcare, health information technology, wearable devices, and others. Telehealthcare involves remote monitoring of vital signs, consumption of medicines, and video/phone consultations to ensure effective care of patients. Wearable devices such as smartwatches, wristbands, and patches track body vitals, sleeping patterns, calories burnt, and more to monitor health conditions. Digital health helps improve clinical outcomes, reduces healthcare costs, and provides personalized care to people.

The Global Digital Health Market is estimated to be valued at US$ 196.08 Mn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the digital health market size are Johnson & Johnson Services, Inc., Teleflex Incorporated, Cooper Surgical, Inc., Genicon, Medtronic, B. Braun SE, Applied Medical Resources Corporation, LaproSurge, Purple Surgical, CONMED, Hangzhou Boer Medical Instruments Co., Ltd., Duomed, Changzhou Cheayoo Medical Devices Co., Ltd., and Tianjin Zhichao Medical Technology Co., Ltd. These players are focusing on new product launches and strategic collaborations to expand their share in the market.

The demand for digital health solutions is increasing rapidly owing to the growing prevalence of chronic diseases, rising geriatric population, and increasing investments in telehealth and telemedicine. Remote monitoring allows high-risk patients to be monitored from home, thereby reducing hospital visits and healthcare costs.

The digital health market is witnessing significant expansion across regions due to the growing awareness about self-health management and emphasis on patient-centric care. Various countries are investing heavily in building digital infrastructure and digitizing healthcare systems. This is expected to provide lucrative opportunities for digital health companies over the forecast period.

Market drivers

One of the key drivers of the digital health market is the increasing demand for remote patient monitoring. Remote monitoring devices can continuously track vital signs and transmit the data to healthcare providers. This enables early detection of deteriorations in health conditions without visiting a hospital frequently. It has emerged as an effective solution amidst the COVID-19 pandemic for monitoring infected people remotely. With growing emphasis on value-based healthcare, remote monitoring is helping reduce costs substantially and improve quality of care.

Impact of geopolitical situation on Digital Health market growth

The current geopolitical instability across several regions is impacting the growth of the digital health market. Political tensions, economic sanctions and healthcare infrastructure challenges in Middle East, Eastern Europe and parts of Asia are limiting investments in digital health technologies. However, the rising need for remote healthcare delivery and doctor consultations driven by the Covid pandemic has accelerated telemedicine and remote patient monitoring adoption globally. Governments around the world are also promoting digital health to improve access to care for their citizens. As political stability returns to volatile regions and governments prioritize strengthening public health systems with digital tools, the growth of this market is expected to rise significantly. Collaboration between private players and governments will be key to overcoming geographical and regulatory barriers over the next decade.

Concentration of Digital Health market by region

North America currently accounts for the largest share of the global digital health market in terms of value, estimated at over 45% in 2024. This is attributed to factors such as rapid technology adoption, advanced healthcare systems, favourable regulations and significant investments by private players in the US and Canada. On the other hand, the Asia Pacific region is expected to see the fastest growth during the forecast period owing to rising internet penetration, growing geriatric population with chronic diseases and government initiatives to digitally transform their healthcare infrastructure in countries like India, China, Indonesia and South Korea. Digital health solutions can help address issues of access, affordability and expand the reach of quality care to remote areas.

Fastest growing region for Digital Health market

The Asia Pacific region is poised to become the fastest growing regional market for digital health globally during the forecast period. This is owing to its large and young population base that is rapidly adopting new technologies as well as growing geriatric demographics with increased incidence of chronic lifestyle diseases. Governments across Asia Pacific are also implementing favorable regulations and providing funding to develop digital health solutions tailored for their country's needs. Rising internet access even in remote areas is supporting telehealth adoption. Additionally, the focus on preventive healthcare to curb rising treatment costs makes digital health an attractive proposition. The increasing role of private players further stimulates innovation. All these factors are expected to drive higher adoption of digital health tools in Asia Pacific over the next decade compared to other regions globally.

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