The global digital health market size was estimated at around USD 211.07 billion in 2022 and it is projected to hit around USD 1,190.91 billion by 2032, growing at a CAGR of 18.89% from 2023 to 2032.
|Market Size in 2022||USD 211.07 billion|
|Revenue Forecast by 2032||USD 1,190.91 billion|
|Growth rate from 2023 to 2032||CAGR of 18.89%|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Covered||Cerner Corporation; Allscripts; Apple Inc; Telefonica S.A.; McKesson Corporation; Epic Systems Corporation; QSI Management, LLC; AT&T; Vodafone Group; Airstrip Technologies; Google, Inc; Samsung Electronics Co. Ltd; HiMS; Orange; Qualcomm Technologies, Inc; Softserve; MQure; Computer Programs and Systems, Inc; Vocera Communications; IBM Corporation; CISCO Systems, Inc.|
Increasing penetration of smartphones, improved internet connectivity with the introduction of 4G/5G, advancement in healthcare IT infrastructure, rising need to curb healthcare costs, rising prevalence of chronic diseases, and the increase in accessibility of virtual care are some of the major factors to fuel the market growth. Furthermore, key players focus on introducing advanced applications to improve user experience. For instance, in July 2021, Teladoc Health collaborated with Microsoft to integrate its Solo platform with the Microsoft Teams environment to improve clinician and patient access across the virtual healthcare space.
Government initiatives to spread digitalization across the healthcare sector throughout the globe are further driving the market. For instance, during the 2022 budget session, the Government of India introduced a digital health ecosystem under Ayushman Bharat Digital Health Mission (ABDM). Similarly, in October 2021, France government announced that they will invest over USD 650 million to expand their digital health infrastructure on a national level.
Several developed countries and emerging economies have a shortage of trained medical professionals. As per the projection of WHO, there will be a shortage of about 15 million healthcare workers by 2030. There is an increasing demand for healthcare professionals in various regions due to the rise in the aging population and the prevalence of chronic diseases. According to United Nation estimates, there were over 703 million individuals aged 65 and above in 2019, and this number is estimated to reach 1.5 billion by 2050 globally. Telehealth/telemedicine services help doctors to reach more patients. It enhances access to healthcare, improves the use of the time of patients & doctors, and helps reduce healthcare costs. People living in remote areas have to travel for hours to gain access to treatment, but now the population can fulfill their healthcare needs through telehealth, thereby aiding the market growth.
The rapid adoption rate of the internet and smart devices in the healthcare sector is increasing issues related to cybersecurity. There has been a significant rise in the incidents of hacking and tapping of confidential information through connected & smart devices. Owing to data security concerns related to healthcare information, governments of various countries, healthcare organizations, and experts are hesitating to adopt digital health solutions on a larger and national scale. For instance, as per the statistics of the Data Protection Report, 2021, there was a rise of about 73% in healthcare cybercrimes & data breaches in 2020 leading to exposing 12 billion units of healthcare information Moreover, digital health regulations are unclear and vary across countries & regions. These reasons are hindering market growth.
Digital Health Market Segmentations: