by Digital health solutions have seen rapid adoption in recent years owing to the increasing prevalence of chronic diseases and growing geriatric population worldwide. These integrated health solutions leverage digital technologies like mobile apps, wearables, telehealth services, and electronic health records to provide affordable and convenient care to patients. Digital health tools help in remote patient monitoring, disease management, and timely diagnosis by connecting providers, payers, researchers, and patients. Patients can use mobile apps to track health metrics, search for providers, schedule appointments, pay bills online and get reminders for medications or follow-ups. Telehealth services facilitate virtual consultations with doctors and enable remote monitoring of vital signs through connected devices at home.
The global Digital Health Market is estimated to be valued at US$ 170.2 Bn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. With the growing demand for connected healthcare services, the market for digital health solutions is gaining immense traction across the globe.
Market key trends:
The digital health market is witnessing significant growth and technological advancements. The adoption of artificial intelligence and machine learning has enabled more accurate disease prediction, risk analysis and prevention. AI-powered chatbots and virtual assistants are helping patients answer basic questions online without needing to see a doctor in person. Wearable sensors and devices are playing a vital role in remote patient monitoring by tracking activity levels, sleep patterns, vitals and other health metrics. Digital therapeutics is another emerging trend in the market with the development of software apps and online programs for managing conditions like diabetes, obesity, hypertension etc. Telehealth is gaining prominence due to the convenience of virtual visits and its ability to expand healthcare access in underserved regions. With growing investments and extensive research, digital health solutions are poised to transform preventive and personalized medicine in the coming years.
Porter’s Analysis
Threat of new entrants: The digital health market requires large capital investments and there are already well established players operating in this space making it difficult for new players to enter.
Bargaining power of buyers: Individual consumers have low bargaining power in this market as digital health solutions provide added convenience. However, large healthcare providers and insurance companies have significant bargaining power.
Bargaining power of suppliers: Major technology companies that provide key software, platforms, and technologies for digital health have considerable bargaining power over smaller players in this industry.
Threat of new substitutes: While alternative healthcare delivery methods may emerge, there are no direct substitutes for digital health solutions in the near future given their advantages.
Competitive rivalry: The digital health market has high competition with dominant players continuously enhancing their product and service offerings through increased investments in research and development.
Key Takeaways
The Global Digital Health Market Demand is expected to witness high growth over the forecast period supported by rising adoption of telehealth and remote patient monitoring solutions. The growth is also driven by increasing investments of technology companies in developing innovative digital tools for healthcare providers and consumers.
Regional analysis – North America dominates the global digital health market currently owing to rapid technological advancements and increasing healthcare costs that are encouraging payers and providers to adopt digital health solutions in the region. Asia Pacific is expected to emerge as the fastest growing regional market over the coming years led by growing medical tourism, rising disposable incomes, and government initiatives to modernize healthcare infrastructure through digital technologies.
Key players operating in the digital health market include J&J, AT&T, CISCO Systems, Cerner, Philips, IBM. J&J has a particularly strong position in digital therapeutics domain while AT&T and CISCO provide key telehealth infrastructure and platforms. Cerner and Philips offer comprehensive suites of digital tools for healthcare providers. IBM focuses on applying artificial intelligence capabilities to advance clinical research through its Watson Health platform.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
