The global digital health market value is estimated to be USD 8,131.3 million in 2024. The overall market is predicted to grow at a promising CAGR of 7.4% during the forecast period. The global digital health industry share is estimated to reach a value of nearly USD 16,603.7 million by 2034.
| Report Attribute | Details |
|---|---|
| Global Digital Health Market Size (2024) | USD 8,131.3 million |
| Market Anticipated Forecast Value (2034) | USD 16,603.7 million |
| Market Projected Growth Rate (2024 to 2034) | 7.4% CAGR |
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The global digital health market was valued at USD 4,384.4 million in 2019. The global demand for digital health services surged at a rate of 12.5% between 2019 and 2023. Several governments' supportive initiatives along with the rising demand for digital healthcare apps in remote patient monitoring services advanced the market fast during the pandemic years. The overall market value was about USD 7,909.9 million by 2023.
| Attributes | Details |
|---|---|
| Global Digital Health Market Value (2019) | USD 4,384.4 million |
| Market Revenue (2023) | USD 7,909.9 million |
| Market Historical Growth Rate (CAGR 2019 to 2023) | 12.5% CAGR |
Digital health service market participants are creating cutting-edge mobile applications to monitor daily activities like fitness, exercise, nutrition, and well-being, providing users with high-quality healthcare and comfort. Additionally, mobile apps give users the ability to find out about medical questions, make appointments, track consultations, and store their medical information, and track and order prescriptions for medications.
So, telemedicine and telehealth services are being quickly embraced by the medical community and are being acknowledged by both public and private market players.
Patient data security issues could reduce the value of the digital healthcare market. This can have a negative impact on the operations' reputation and outcomes and in turn, affect the overall market's future trends. Technology behemoths Apple, IBM, and Google are concentrating on enhancing data security features and improving the mobile health experience by providing a variety of subscription plans.
The table below lists the countries that are expected to witness a promising growth in adoption of digital healthcare solutions and services in the coming days.
| Regional Market Comparison | CAGR (2024 to 2034) |
|---|---|
| United States | 6.8% |
| Germany | 6.6% |
| United Kingdom | 6.2% |
| India | 22.5% |
| Thailand | 16.4% |
The United States dominated the digital health market and is expected to progress at a rate of 6.8% through the projected years.
Adoption of digital health technologies in the United Kingdom is projected to grow at a moderate rate of 6.2% during the forecast years.
The digital health industry of Germany is poised to expand at a rate of 6.6% per year till 2034.
Digital health service providers are expected to witness a lucrative CAGR of 22.5% on average during the projected years.
Thailand is predicted to present some attractive opportunities for global digital health companies growing at a rate of 16.4% through 2034.
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Based on product type, the software segment is anticipated to account for 57% of the total digital health business in 2024.
| Attributes | Details |
|---|---|
| Top Product Type or Segment | software |
| Market Share in 2024 | 57% |
Based on deployment type, the cloud-based segment is expected to capture 28% of the global revenue share in 2024. However, this segment is predicted to witness a faster growth rate over the next ten years.
| Attributes | Details |
|---|---|
| Top Deployment Type or Segment | Cloud-based |
| Market Share in 2024 | 28% |
The digital health market providers employ the tactic of introducing cutting-edge and reasonably priced solutions to eliminate rivals. In order to outperform rivals, the provider of digital health solutions also employs strategic partnerships, collaborations, and joint ventures.
In order to meet the rising demand for digital health broaden their business horizons and increase sales of digital health, digital health technology market players were compelled to revise their product innovation strategies, investment strategies, mergers and acquisitions plans, and partnership plans.
The emergence of start-ups and businesses that specialize in digital health solutions is fostering value of the digital health and winning the support of both public and private investors. The driving forces in the digital therapeutics market ecosystem are currently the big-tech players, healthcare providers, and health informatics market start-ups.
Recent Developments in Global Digital Health Market
In 2021, the digital health market had a breakout year, with start-ups raising USD 29.1 billion in 729 transactions. Start-ups raised USD 6.7 billion in the first quarter of 2021, at the peak of the funding boom.
This increased to USD 8.3 billion in the second quarter and USD 6.8 billion in the third quarter. In the first quarter of 2022, digital health start-ups signed 183 deals, with an average deal size of USD 32.8 million.
The American Telemedicine Association (ATM) collaborated with a United Kingdom-based digital health firm to release a brand-new tool for evaluating mHealth apps.
Omron Healthcare, Inc., a division of Omron Corporation, unveiled The Heart Guide in January 2019 as the first wearable blood pressure monitor with a digital health service.
Funding in the first quarter shifted to different digital health sectors than in previous quarters. Funding for start-ups that catalyze research and development in biopharma and medical technology fell to second place while funding for start-ups that augment clinical workflow raised eight spots to third place.
Mental health care is still a hotspot, with start-ups raising USD 1 billion in the first quarter. For the first time since 2019, investment in start-ups supporting reproductive and maternal health totaled USD 424 million during the quarter, re-entering the top six for the first time in 2019.
| Attribute | Details |
|---|---|
| Estimated Market Size (2024) | USD 8,131.3 million |
| Projected Market Size (2034) | USD 16,603.7 million |
| Anticipated Growth Rate (2024 to 2034) | 7.4% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | USD million or billion for Value and Units for Volume |
| Key Regions Covered | North America, Latin America, Europe, Middle East & Africa (MEA), East Asia, South Asia and Oceania |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa |
| Key Segments Covered | By Solution Type, By Deployment, By End User Verticals, and By Region |
| Key Companies Profiled | AT&T Inc.; Apple Inc.; AirStrip Technologies LP; Alcatel-Lucent Corporation; Cerner Corporation; Symantec Corporation; Aruba Networks, Inc.; Cisco Systems, Inc.; Qualcomm, Inc.; Siemens Healthcare; Philips Healthcare |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The global digital health market is estimated to be around US$ 8,131.3 million in 2024.
The global digital health market is to grow at 7.4% during the forecast period.
The global digital health market is predicted to be valued at US$ 16,603.7 million by 2034.
The global digital health market was valued at US$ 4,384.4 million in 2019.
The United States is a key digital health market.
India is predicted to witness high adoption of digital health solutions through 2034.
| Market Estimated Size (2023E) | USD 15,904.1 million |
|---|---|
| Projected Market Valuation (2033F) | USD 77,489.3 million |
| Value to based CAGR (2023 to 2033) | 15.6% |
| Market Size (2023) | USD 4.2 Billion |
|---|---|
| Market Value (2033) | USD 16.2 Billion |
| Value CAGR (2023 to 2033) | 14.5% |
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