The Global Digital Health market is projected to grow from $211 Bn in 2022 to $825.96 Bn by 2030, registering a CAGR of 18.6% during the forecast period of 2022 - 2030. The market will be driven by increased investment in digital health solutions and government initiatives to modernize healthcare systems. The market is segmented by solution, by deployment & by end-use. Some of the major players include Apple Inc., Cerner Corporation, and Philips Healthcare.
The Global Digital Health market is projected to grow from $211 Bn in 2022 to $825.96 Bn by 2030, registering a CAGR of 18.6% during the forecast period of 2022 - 2030. Global health spending reached $ 9000 Bn in 2020, or 10.8% of global GDP, and was extremely uneven across socioeconomic categories. Per capita spending on medical supplies increased by 3% on average in around two-thirds of the 50 nations.
The application of information and communication technology in the healthcare industry for the treatment of chronic illness in distant places is referred to as digital health. Mobile health (mHealth), wearable technology, telehealth & telemedicine, healthcare information technology (IT), Electronic Health Records (EHRs) and customized medicine are all part of the digital health sector. It provides a variety of services to consumers, including early detection of life-threatening diseases and chronic illness management.
North America seems to dominate the global digital health market because of the existence of significant market players, developments in health IT infrastructure, increasing technology literacy, lucrative funding possibilities, favorable government assistance, and the rise of start-ups.
Market Growth Drivers
The rising need for remote patient monitoring services, the rising prevalence of chronic illnesses, and the expanding accessibility of virtual care services are all moving the industry ahead at a rapid pace. The expanding trend of healthcare digitization is being fuelled by a boost in public-private collaborations, the creation of start-ups, and favorable government initiatives.
A scarcity of skilled medical personnel exists in several industrialized and emerging economies. Because of the ageing population and the increase in chronic illnesses, there is a rising demand for healthcare workers. This is also one major driving force to aid the growth of the digital health market via telehealth/telemedicine services.
Several constraints are impeding the growth and acceptance of the digital health sector. One of the major issues is that severe government regulations and privacy rules limit the development and usage of digital health solutions. Another difficulty is a lack of interoperability, which renders it challenging for patients to find their health information across multiple platforms. Furthermore, healthcare providers are discouraged from investing in digital health services due to inadequate reimbursement. Cybersecurity hazards are also a concern because digital health technology is subject to cyber-attacks and can jeopardise sensitive patient data. Compatibility concerns with current systems and technology might potentially impede the introduction of digital health technologies. Inadequate familiarity and acceptability of digital health technology among healthcare practitioners and patients may hinder uptake and utilization. Finally, the expense of designing, deploying, and sustaining digital health might be too expensive for small businesses.
February 2021: Philips completed the acquisition of BioTelemetry, Inc. a leading U.S.-based provider of remote cardiac diagnostics and monitoring
March 2020: AT&T Healthcare has engaged with LifeMedID and Elo Self-Service Solutions to help with patient registration.
In the US, The Centers for Medicare and Medicaid Services (CMS) offers rewards to eligible physicians (EP) that care for Medicaid and Medicare patients and use electronic health records (EHR) systems in their practices, healthcare organizations, or institutions. In Europe, The European Medicines Agency (EMA) and the European Commission (EC) govern the digital health industry in Europe. The EMA is in charge of medical devices and software, whereas the EC is in charge of data protection and privacy regulations. Asia has a patchwork of digital health legislation, with each nation having its own set of policies and laws. The State Food and Drug Administration of China controls digital health technology. The Ministry of Health and Family Welfare in India is in charge of overseeing the development and application of digital health technology.
In the US, CMS has expanded the list of covered telehealth services for Medicare beneficiaries to include more than 130 additional services. CMS has also introduced new reimbursement models such as the Merit-Based Incentive Payment System (MIPS) and the Alternative Payment Models (APM), that rewards providers for using digital health technologies and achieving better outcomes. In European countries such as the UK and Germany telemedicine services are covered by the National Health Service (NHS) and Statutory Health Insurance (SHI) respectively while in a few European countries, private insurance companies are responsible for reimbursement. Reimbursement for digital health services in Asia is limited, with only a few insurance companies covering digital health services where policies and regulations are expected to be established and consistent in the near future.
1. Report Description of the Global Digital Health Market
1.1 Research Scope and Assumption
1.2 Objective of the study
1.3 Research Methodology
1.4 Reason to buy the report
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2.1 Global Chronic Obstructive Pulmonary Disease (COPD) Clinical TrialsMarket – Industry Snapshot & key buying criteria, 2021-2030
2.2 Market Size, Growth Prospects, and Key findings
3. Market Dynamics of Global Digital Health Market
3.1 Market Growth Drivers Analysis
3.2 Market Restrains Analysis
4. Global Digital Health Market Segmentation
4.1 By Solution
4.2 By Deployment
4.3 By End User
4.3.1 Diagnostic Centres
4.3.2 Healthcare Payers
4.3.3 Healthcare Research Centres
4.3.4 Hospitals & Clinics
4.3.5 Nursing Care Centres
5. Global Digital Health Market Share
5.1 Market Analysis, Insights, and Forecast – By Revenue
6. Competitive Landscape
6.1 Major Top Market Players
7. Key Company Profiles
7.1 Company 1
7.1.2 Financial Performance
7.1.3 Product & Services
7.1.4 Strategic initiatives
7.2 Company 2
7.2.2 Financial Performance
7.2.3 Product & Services
7.2.4 Strategic initiatives
7.3 Company 3
7.3.2 Financial Performance
7.3.3 Product & Services
7.3.4 Strategic initiatives
7.4 Company 4
7.4.2 Financial Performance
7.4.3 Product & Services
7.4.4 Strategic initiatives
7.5 Company 5
7.5.2 Financial Performance
7.5.3 Product & Services
7.5.4 Strategic initiatives
8. Healthcare Policies and Regulatory Landscape
8.1 Healthcare Policies in Global
8.2 Regulatory Framework in Global
8.3 Pricing & Reimbursement Scenario in Global Digital Health Market
9. Factors Driving Future Growth
9.1 New Trends and Development Global Digital Health Market
9.2 Future Opportunities
10. Strategic Recommendations
The Digital Health Market is segmented as mentioned below:
By Solution (Revenue, USD Billion):
By Deployment (Revenue, USD Billion):
By End-use (Revenue, USD Billion):
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