by Digital health technologies have enabled preventive care and remote patient monitoring, improving access and outcomes. Telemedicine uses digital communication technologies, allowing virtual visits between patients and healthcare providers. This reduces travel requirements and aids underserved communities.
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:
Telemedicine adoption has accelerated during the COVID-19 pandemic as physical distancing increased demand for virtual medical consultations. Between 2019 to 2021, telemedicine usage increased by 154% among health systems and hospitals in the US. This growth is expected to continue as patients appreciate the convenience and cost savings of remote care. Several government programs now cover telehealth services, increasing accessibility.Providers can leverage these technologies to serve more patients while avoiding overhead from additional facilities. With continued support and investment, telemedicine is positioned to become a mainstream component of primary, specialty, and post-acute care delivery.
SWOT Analysis
Strength: Digital health offers remote monitoring capabilities that can help manage chronic conditions from home and reduce healthcare costs. It provides consumers with easy access to their health data and匯銠ines to providers.
Weakness: Many patients and providers lack technology literacy, making it difficult to adopt digital health solutions. There are also privacy and security concerns regarding sensitive personal health data being stored online.
Opportunity: The increasing penetration of internet and mobile devices is enabling wider access to digital health tools. The COVID-19 pandemic has accelerated demand for telehealth and remote patient monitoring. Governments are supporting digital transformation of healthcare systems.
Threats: Vendors face challenges presented by various privacy laws and regulations across regions. Technology innovations may become obsolete quickly with new emerging solutions. High development and operating costs can limit profitability of digital health startups.
Key Takeaways
The Global Digital Health Market Size is expected to witness high growth driven by the aging population, rising prevalence of chronic diseases, and growing need for cost-effective healthcare delivery solutions. The global digital health market is estimated to be valued at US$ 170.2 Bn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the market due to rapid technology adoption, advanced healthcare infrastructure, and favorable regulations. However, Asia Pacific is expected to grow at the fastest pace supported by increasing healthcare investments, expanding consumer base, and government policies promoting digital health in countries like China, India, and Japan.
Key players operating in the digital health market are Koninklijke Philips N.V., Cerner Corporation, AT&T, Cisco Systems, and Qualcomm Technologies Inc. These firms have gained a strong foothold through technological innovations that enable telehealth, remote care delivery, clinical workflows optimization, and chronic disease management. Increased M&A activities are further enabling larger players to offer comprehensive digital health platforms and solutions.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
