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Redding, California - May 29, 2024

Digital Health Market to be Worth $1,338.52 Billion by 2031

Digital Health Market Size, Share, Forecast, & Trends Analysis by Component (Hardware, Services, Software), Technology (Telehealth, mHealth [Apps, Monitoring Devices], DTx), Application (Cardiovascular, Primary Care, Respiratory) – Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Digital Health Market Size, Share, Forecast, & Trends Analysis by Component (Hardware, Services, Software), Technology (Telehealth, mHealth [Apps, Monitoring Devices], DTx), Application (Cardiovascular, Primary Care, Respiratory) – Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the digital health market is projected to reach $1,338.52 billion by 2031, at a CAGR of 20.4% during the forecast period 2024–2031. The growth of this market is primarily driven by the increasing access to smartphones and the internet in developing economies, the rising adoption of fitness apps, the increasing use of mHealth and digital therapeutics, the growing adoption of wearable medical devices, and the increasing focus on preventive healthcare. Moreover, the focus on developing advanced medical technologies, the shift toward intelligent health ecosystems, and the growing adoption of remote patient monitoring and home healthcare are expected to generate growth opportunities for the players operating in the digital health market.

Key Players

The key players operating in the digital health market are ResMed Inc. (U.S.), Teladoc Health, Inc. (U.S.), Noom, Inc. (U.S.), Aerotel Medical Systems (1998) Ltd. (Israel), Cerner Corporation (U.S.) (a subsidiary of Oracle Corporation), Medtronic plc (U.K.), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers AG (Germany), Cisco Systems, Inc. (U.S.), Johnson and Johnson (U.S.), Allscripts Healthcare, LLC (U.S.), Omron Healthcare Inc. (Japan), GE Healthcare (U.S.), Abbott Laboratories (U.S.), International Business Machines Corporation (U.S.), and Samsung Electronics Co. Ltd. (South Korea).

Digital Health Market: Future Outlook

The digital health market is segmented by Component (Services [Subscription-based, Pay Per Service-based], Hardware [Wearable Devices, Non-wearable Devices], Software [Subscription-based, Licensing-based]), Technology (mHealth [mHealth Apps {Disease Management & Treatment Apps (Women's Health Apps, Clinical & Diagnostic Apps, Mental Health Apps, Chronic Disease Management Apps, Medication Management Apps, Sleep Monitoring Apps, Other Disease Management & Treatment Apps), Wellness Apps (Diet & Nutrition Apps, Fitness & Workout Apps), Other mHealth Apps}, mHealth Monitoring Devices {Vital Sign Monitoring Devices (Heart Rate Monitors, Activity Monitors, Electrocardiographs, Pulse Oximeters, Spirometers, Blood Pressure Monitors, Blood Glucose Monitors), Sleep Monitoring Devices, Fetal Electrocardiographs & Obstetric Devices, Neuromonitoring Devices (Electroencephalographs, Electromyographs), Other mHealth Monitoring Devices}], Telehealth [Hardware {Activity Monitoring (Blood Glucose Monitors, Blood Pressure Monitors, Weighing Scales, Pulse Oximeters, Peak Flow Meters, ECG Monitors, Patient Monitors, Other Activity Monitoring Devices), Telemedicine Kiosks, Telemedicine Carts, Remote Medication Management Devices}, Software & services {RPM, Video Consultation, Store & Forward}], Digital Therapeutics [Disease Management & Treatment DTx, Disease Prevention DTx], Digital Health Systems [EHR, E-prescribing Systems, Healthcare Analytics, Other Digital Health Systems]), Application (Telehealth Applications [Psychiatry, Radiology, Cardiology, Primary Care, Dermatology, Remote ICU, Other Telehealth Applications], mHealth Applications [Cardiology, Diabetes, Respiratory Conditions, Neurology, Other mHealth Applications], Digital Therapeutics Applications [Mental Health, Diabetes, Cardiovascular Diseases, Gastrointestinal Disorders, Neurology, Rehabilitation & Patient Care, Oncology, Respiratory Disorders, Addiction Management , Sleep Disorders, Smoking Cessation, Other DTx], Digital Health System Applications [Practice Management, Population Health Management {Population Health Analytics, Patient Portals}, Computerized Physician Order Entry, Clinical Decision Support, Clinical Analytics, Financial Analytics, Other Digital Health System Applications]), End User (Providers, Individual Consumers, Employers, Payers [Public Payers, Private/Out-of-pocket Payers], Other End Users), and Geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on component, the digital health market is segmented into hardware, software, and services. In 2024, the services segment is expected to account for the largest share of 63.5% of the digital health market. The large market share of this segment is attributed to the high costs of telehealth services, the high adoption of telehealth services, the growing availability of subscription-based services for telehealth, the high use of home healthcare settings in developed countries, and the high adoption of telemonitoring services for geriatric individuals. Telemonitoring refers to digital patient monitoring that may be used remotely with appropriate devices and software. For instance, a patient in a coma can stay at home while being regularly monitored remotely by a medical facility. Telemonitoring is also beneficial for older adults with dementia, cognitive decline, or chronic diseases requiring frequent follow-ups with physicians. According to the United Nations, there were 727 million people aged 65 years or over globally in 2020. The global share of the aged population (65 years or over) is expected to increase from 9.3% (727 million) in 2020 to 16.0% (1,548.9 million) in 2050. Older adults commonly develop dementia and other neurological diseases, which makes it difficult for them to visit health institutions. Telehealth provides teleconsulting at home, providing convenience and saving the time and costs involved in hospital visits.

Based on technology, the digital health market is segmented into telehealth, mHealth, digital therapeutics, and digital health systems. The digital therapeutics segment is expected to grow at the highest CAGR of 31.5% during the forecast period. The growth of this segment is attributed to the rising prevalence of chronic diseases, growing focus on preventative healthcare and self-testing, growing access and penetration of digital technologies in developing countries, including rural areas, and increasing investments in the digital therapeutics industry.

Furthermore, market players’ strategies, such as expanding their presence, diversifying product portfolios, and launching new products, further support the segment’s growth. For instance, in January 2023, Teladoc Health Inc. (U.S.) launched its digital application for individualized whole-person care. The app enables consumers to access Teladoc Health’s full range of services, including primary care, mental health, and chronic condition management, from one place and under a single portable account.

Based on application, the digital health market is segmented into telehealth applications, mHealth applications, digital therapeutics applications, and digital health system applications. In 2024, the telehealth applications segment is expected to account for the largest share of the digital health market. The large market share of this segment is attributed to the high adoption of telehealth for psychiatry, the increased adoption of telehealth since the COVID-19 pandemic, the significant global burden of chronic diseases, and the high adoption of telehealth services for medication management and teleconsulting in home care settings.

Based on end user, the digital health market is segmented into providers, individual consumers, employers, payers, and other end users. In 2024, the payers segment is expected to account for the largest share of the digital health market. Payers have a vested interest in improving patient outcomes while reducing costs. Digital health technologies offer tools for remote monitoring, preventive care, and improved data analysis, which can ultimately lead to cost savings and improved healthcare delivery for payers, leading to the segment’s large share.

Geographical Review

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, and Rest of Asia-Pacific), Latin America, and the Middle East & Africa. Based on geography, in 2024, North America is expected to account for the largest share of the digital health market. However, APAC is expected to register the highest CAGR during the forecast period. This growth can be attributed to growing digitalization, the rising demand for quality healthcare, growing access to the internet and smartphones, rising awareness regarding personal care, the growing demand for preventative care, and the increasing adoption of digital health technologies in APAC countries such as India and China.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5898

Key Questions Answered in the Report:

What is the revenue generated from the sales of digital health hardware, software, and services across the globe?
At what rate is the demand for digital health technologies projected to grow over the next 5-7 years?
What is the historical market size and growth rate of the digital health market across the globe?
What are the major factors impacting the growth of this market at the global and regional levels?
What are the major opportunities for existing market players and new entrants in the market?
Which segments are creating major traction for the vendors in this market in terms of component, technology, application, and end user?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors operating in the digital health market?
Who are the major players in the digital health market, and what are their offerings in the industry?
What are the recent key developments in the digital health market, and what are the impacts of these strategic developments?

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Redding, California - May 29, 2024

Digital Health Market to be Worth $1,338.52 Billion by 2031

Digital Health Market Size, Share, Forecast, & Trends Analysis by Component (Hardware, Services, Software), Technology (Telehealth, mHealth [Apps, Monitoring Devices], DTx), Application (Cardiovascular, Primary Care, Respiratory) – Global Forecast to 2031

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