Digital Health Market Size to grow by USD 1063.5 billion between 2024-2028
According to a research report “ Digital Health Market” by Application (Wireless health, Mobile health, EHR, Telehealth) Component (Software, Services, Hardware) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 1063.5 billion, at a CAGR of 33.53% during the forecast period. The digital health market is poised for significant expansion during the forecast period, driven by technological innovations and mergers and acquisitions (M&A) among vendors. Strategic M&A activities play a pivotal role in the market's growth, enabling the development of efficient products and enhancing service providers' profitability. Notable acquisitions include GE Healthcare's January 2024 purchase of Ohio-based MIM Software. This acquisition empowers MIM Software to offer AI-enabled image analysis and workflow tools in various care areas, such as oncology, urology, neurology, and cardiology, thereby expanding its product portfolio and market reach..
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By Application, the Wireless health segment is projected to dominate the market size in 2024
In the digital health market, wireless technologies have revolutionized traditional medical activities, enabling advanced diagnosis and treatment solutions. Notable wireless technologies include 4G, Bluetooth Low Energy (BLE), and BodyLAN. The latter is a low-power, high-speed wireless communication system that operates within the human body. The Dexcom G4 Platinum, a continuous glucose-monitoring device, transmits data wirelessly within a 6-meter range using this technology. Dexcom STUDIO, the accompanying software, processes and interprets the data. Radio-frequency identification (RFID) technology is another wireless solution prevalent in healthcare, providing contactless data transfer for enhanced efficiency and accuracy.
By Component, Software segment is expected to hold the largest market size for the year 2024
In the healthcare sector, there is a pressing requirement for service providers to enhance operational efficiency, leading to substantial investments in software solutions. Notable areas of expenditure include data management systems, workforce management tools, healthcare analytics, Hospital Information Systems (HIS), Laboratory Information Systems (LIS), Patient Information Systems (PIS), healthcare supply chain management, and financial applications. The global digital health market is poised for the highest Compound Annual Growth Rate (CAGR) and substantial expansion throughout the forecast period. This growth can be attributed to the burgeoning popularity and capabilities of mobile devices, inciting healthcare providers to invest heavily in mobile and application-based solutions.
North America is forecasted to hold the largest market size by region in 2024
In the dynamic business landscape, the Digital Health Market is experiencing significant growth. This sector encompasses telemedicine, wearable devices, health apps, and digital therapeutics. Companies are investing heavily in this space to leverage technology for improved patient outcomes, cost savings, and enhanced accessibility. The market's potential is vast, with estimates projecting a CAGR of 20% through 2025. Businesses aim to capitalize on this trend by offering innovative solutions that integrate technology with healthcare delivery.
The Digital Health Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Digital Health Market is experiencing exponential growth, driven by the integration of digital technology into healthcare delivery. Digital health tools, including mobile applications, wearable devices, and telehealthcare platforms, are revolutionizing the way adults manage chronic diseases such as cancer, heart disease, and diabetes. The IT industry is at the forefront of this transformation, with e-prescription systems, digital portals, and high-speed mobile networks enabling seamless communication between patients, physicians, and hospitals. Wearable device manufacturers and telehealthcare platform developers are leading the charge, producing low-cost devices and Internet connectivity sources that make digital health tools accessible to all. Chronic disease management is a key focus area, with mobile platforms and tablets enabling real-time monitoring and remote consultations. The healthcare ecosystem is undergoing a digital transformation, with hospitals and healthcare IT infrastructure adapting to meet the new healthcare requirements. Personal Digital Assistants and Tablet PCs are becoming essential tools for healthcare professionals, enabling them to access patient records and provide remote consultations. Digital technology is enabling preventive healthcare, allowing adults to take control of their health and manage chronic conditions more effectively. The future of healthcare is digital, and the opportunities for innovation are endless.
Market Research Overview
The Digital Health Market is experiencing rapid growth due to the increasing prevalence of obesity and other non-communicable diseases such as stroke, heart disease, and diabetes. Telehealth, fueled by the proliferation of smartphones and high-speed mobile networks, is revolutionizing healthcare delivery. Electronic Medical Records (EMRs) and digital health tools like symptom tracking apps, blood pressure cuffs, wearable ECG monitors, and continuous glucose monitors, enable patients to manage their health more effectively. Digital health startups offer telehealth platforms, medication reminders, remote monitoring, and secure messaging apps. The IT industry, including telehealthcare platform developers and wearable device manufacturers, is driving innovation in digital health technology. The elderly population and those with chronic illnesses benefit from consumer-centric approaches to healthcare, such as telehealthcare services, digital portals, and e-prescription systems. mHealth devices and mobile applications are transforming self-health management for adults and patients, enabling real-time health decisions and communication between patients and physicians. However, the digital health market faces challenges such as compromised healthcare records, fraudulent insurance claims, and data collection by criminals in the black market. The healthcare ecosystem, including hospitals, healthcare providers, payers, and patients, must work together to ensure the security and privacy of personal health information. The digital health market is segmented into services, hardware, and software, with Health Management Solutions, Digital Therapeutics, and Tele-healthcare segment leading the way. The future of digital health lies in the integration of digital technology into the healthcare infrastructure to meet the evolving healthcare requirements.
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