Digital Health Market (By Technology: Healthcare Analytics, mHealth, Tele-healthcare, Digital Health Systems; By Component: Software, Hardware, Services) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2023-2032

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.

Key Pointers

• By technology, the telehealthcare segment dominated the market with a revenue share of 41.52%.
• By component, the service segment accounted for the largest revenue share of 45.46% in 2022.
• The software segment is projected to grow with the fastest CAGR of 19.93% in the forecast period.
• North America dominated the market in 2022 with a revenue share of 44.37%.

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:

By Technology

• Tele-healthcare
  • Tele-care
    • Activity Monitoring
    • Remote Medication Management
  • Telehealth
    • LTC Monitoring
    • Video Consultation
• mHealth
  • Wearables
    • BP Monitors
    • Glucose Meters
    • Pulse Oximeters
    • Sleep Apnea Monitors
    • Neurological Monitors
    • Activity Trackers/ Actigraphs
  • mHealth Apps
    • Medical Apps
    • Fitness Apps
  • Services
    
    • mHealth Service, By Type
      • Monitoring Services
        • Independent Aging Solutions
        • Chronic Disease Management & Post-Acute Care Services
      • Diagnosis Services
      • Healthcare Systems Strengthening Services
      • Others
    • mHealth Services, By Participants
      • Mobile Operators
      • Device Vendors
      • Content Players
      • Healthcare Providers
• Healthcare Analytics
• Digital Health Systems
  • EHR
  • E-Prescribing Systems

By Component

• Software
• Hardware
• Services