July 23, 2024
Digital Healthcare Market

Digital Healthcare Market Valued At US$5902.43 Mn In 2024 Propelled By Increasing Adoption Rate

Digital healthcare utilizes various digital technologies like mobile health, health information technology, wearable devices, telehealth and telemedicine for the delivery of healthcare services. These digital healthcare solutions help improve healthcare access and quality of treatment while reducing costs. Digital healthcare services offer various advantages like real-time remote patient monitoring, higher efficiency and convenience. The growing need for cost-effective healthcare treatments along with rising chronic disease burden is fueling adoption of digital healthcare globally.

The Global Digital Healthcare Market Size is estimated to be valued at US$ 5902.43 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing adoption rate of digital healthcare solutions across the globe is one of the major trends driving the growth of the digital healthcare market. Various factors such as growing dependency on smartphones and smart devices, increasing internet penetration and advancement in telecommunication infrastructure are positively impacting the digital healthcare adoption. It is estimated that over 90% of the global population will be covered by mobile cellular network by 2025. Moreover, growing awareness regarding benefits of telehealth and telemedicine is further augmenting the digital healthcare trend. Rapid technological advancement in mobile health and wearable devices area is also contributing to the increasing outreach of digital healthcare services. Widespread deployment of 5G network worldwide will further accelerate this growth. The emerging trends signify immense growth prospects for digital healthcare market over the coming years.

SWOT Analysis

Strength: Digital healthcare provides convenience of remote healthcare services and access to healthcare from anywhere. It has led to reduced costs and improved outcomes.
Weakness: Data privacy and security continues to be a major challenge. Technology gap and lack of digital literacy in rural areas hampers adoption.
Opportunity: Growing geriatric population and rising prevalence of chronic diseases will drive demand. Emerging technologies like AI, VR and blockchain offer new opportunities.
Threats: Resistance to change and reluctance to adapt new technologies by some users and providers pose a threat. Rising cybercrimes and hacks threaten data security.

Key Takeaways

The global digital healthcare market is expected to witness high growth over the forecast period of 2024 to 2031. Market size for 2024 is projected to be US$ 5902.43 Mn growing at a CAGR of 4.7% till 2031.

Regional analysis: North America currently dominates the market due to rapid technological advancements and high healthcare expenditures. Growing aged population and increased focus on personalized care is also driving regional market growth. Asia Pacific is expected to be the fastest growing region over the forecast period with countries like India, China and Japan emerging as lucrative markets.

Key players: Key players operating in the digital healthcare market are AgSource, AgroLiquid, Crop Nutrition Laboratory Services Ltd., Element Materials Technology, SGS Société Générale de Surveillance SA, Eurofins Scientific, Picketa Systems Inc., Spectrum Analytic, Soilscape Solutions, Wallace Laboratories LLC., Ward Laboratories, Inc., Waters Agricultural Laboratories, Inc. The market is competitive with players focusing on enhancing their product and service offerings through R&D and strategic acquisitions.

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