June 15, 2024
Digital Health Market

The Global Digital Health Market Growth is Propelled by Adoption of Telehealth Solutions

Digital health refers to use of digital and mobile tools by healthcare providers and consumers to facilitate improved health outcomes, healthcare operations and business models. Products such as telehealth and remote patient monitoring solutions allow remote monitoring of vital signs which enable timely interventions and improved healthcare access for patients.

The Global Digital Health Market Size is estimated to be valued at US$ 196.08 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The adoption of telehealth services has increased significantly during the COVID-19 pandemic as patients are opting for virtual care to avoid in-person visits. Telehealth and telemedicine solutions enable remote interactions between patients and healthcare providers through video, audio and smart devices which has resulted in improved access and convenience. Going forward, penetration of telehealth is expected to remain robust driven by continued technological advancements and favorable reimbursement policies for telemedicine services. This will positively impact the growth of the overall digital health market during the forecast period.

SWOT Analysis

Strength: The digital health market utilizes advanced technologies like artificial intelligence, cloud computing and analytics to reduce healthcare costs and improve patient outcomes. These technologies also enhance convenience and accessibility of care.

Weakness: Integration of digital health solutions with existing IT infrastructure of hospitals and care facilities poses governance challenges. Data privacy and security also remain key concerns due to sensitive patient information involved.

Opportunity: Rising incidence of chronic diseases and growing geriatric population driving the demand for remote and self-monitoring solutions. Favorable government policies in major countries promoting digital healthcare adoption.

Threats: Limitations of existing technologies can hinder full utilization of benefits from digital health solutions. High upfront investments required by healthcare facilities also pose barrier to widespread adoption.

Key Takeaways

The global digital health market is expected to witness high growth. The market size is forecast to increase from US$ 196.08 Mn in 2024 to US$ 411.24 Mn by 2031, registering a CAGR of 4.0% during the forecast period.

Regional analysis

North America is expected to dominate the global digital health market during the forecast period, with the United States being the major contributor. This is attributed to increasing government initiatives towards EHR adoption and favorable healthcare reforms promoting digital healthcare delivery models. For instance, under the HITECH Act in 2009, the US government allocated over USD 30 billion to promote EHR adoption and infrastructure development. Asia Pacific is projected to witness the fastest growth during the forecast period supported by improving access to technologies and rising medical tourism in countries like India, China and Singapore.

Key players

Key players operating in the digital health market 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 mergers & acquisitions to expand their digital healthcare services and solution portfolio.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it