by The global digital health market has witnessed significant growth in recent years owing to growing prevalence of chronic diseases worldwide and increasing adoption of connected healthcare devices and telehealth services. Digital health involves the use of information and communication technologies in healthcare to collect health data to monitor patients, communicate treatment plans, and distribute healthcare services. Products associated with digital health include connected medical devices, health apps, electronic health records, telemedicine solutions, and others. These tools help improve patient care and management of health conditions from remote locations. The global digital health market offers potential for more personalized care through remote monitoring and management of chronic diseases.
The global Digital Health Market is estimated to be valued at US$ 170.2 billion 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.
Market key trends:
Telehealth and telemedicine continue to witness widespread adoption driven by their ability to address issues around accessibility and affordability of healthcare services. Also, growing consumerization is leading healthcare providers to shift focus from volume-based to value-based care through IT-enabled tools and services. Players in the global digital health market are focusing on strategic partnerships and collaborations with other stakeholders in the healthcare ecosystem to expand their presence and drive innovation.
Porter’s Analysis:
Threat of new entrants: The digital health market has high capital requirements and regulations act as a barrier for new companies. Existing players have established brand names.
Bargaining power of buyers: Individual customers have low bargaining power but large healthcare organizations and insurance companies can negotiate on price and quality.
Bargaining power of suppliers: A few large players dominate the supply of digital health solutions, giving them significant power in negotiating prices and contracts.
Threat of new substitutes: Alternatives like mobile health apps and other emerging tech pose a potential threat.
Competitive rivalry: The market has numerous global and regional players leading to high competition. Players differentiate based on innovations, partnerships and service quality.
Key Takeaways:
The Global Digital Health Market Size is expected to witness high growth. The global Digital Health Market is estimated to be valued at US$ 170.2 billion in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023-2030.
Regional analysis comprises North America dominated the market in 2022 due to factors such as rising healthcare costs, prevalence of chronic diseases, fast adoption of new technologies, and presence of prominent players in the region. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period with China, India, and Japan being major contributors.
Key players operating in the digital health market are Cerner Corporation, Allscripts Healthcare Solutions, Epic Systems, McKesson Corporation, GE Healthcare, and Philips Healthcare. Key players focus on product launches and partnerships to expand their product portfolios and geographic presence. For instance, in 2023 Epic partnered with Amazon Web Services to launch virtual care platform.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
