by The global Digital Health Market is estimated to be valued at Us$ 211.0 Bn or billion in 2022 and is expected to exhibit a CAGR Of 18.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Digital health care includes products, tools and services that utilize digital technology for improving medical services. Some key products offered include healthcare information systems, telehealth and telemedicine solutions and services, mHealth and electronic health records among others. These solutions help improve efficiency and outcomes while lowering costs. Digital health helps connect patients, doctors and payers through digital means providing options for remote monitoring, consultation and management of chronic conditions.
Market key trends:
Some key trends driving growth in the digital health market include growing preference for home monitoring and virtual consultations post covid, focus on population health management, development of IoT based medical devices, growing availability of telehealth services and increasing doctor-patient connect through digital means. Remote patient monitoring allows for continuous monitoring of vitals and early detection of issues from home improving management of chronic conditions. Digital tools help enhance decision making and optimize care pathways. Further, growing availability of 5G networks will boost scope of connected care solutions going ahead.
Porter’s Analysis
Threat of new entrants: The digital health market has high switching costs making it difficult for new entrants to enter the market and gain market share.
Bargaining power of buyers: The buyers in the digital health market have high bargaining power as there are many existing players offering similar products and services.
Bargaining power of suppliers: The suppliers have less bargaining power as there are many component suppliers and they have less differentiating products.
Threat of new substitutes: There are few product or service substitutes available for digital health products. The threat from substitutes is low.
Competitive rivalry: The competitive rivalry in the digital health market is high as the major players are focusing on new product launches and partnerships to gain market share.
Key Takeaways
The global Digital Health Market is expected to witness high growth, exhibiting CAGR of 18.6% over the forecast period 2023-2030, due to increasing adoption of telehealth and telemedicine solutions. The rapid penetration of internet connectivity and smartphones has enabled home healthcare which is driving the market growth.
The North America region dominates the digital health market owing to high healthcare expenditure and presence of major players in the US. Europe is the second largest market due to rising emphasis on self-care and patient-centered healthcare model in countries like Germany, UK and France. Asia Pacific is expected to exhibit the fastest growth with countries like India, China and Japan emerging as highly lucrative markets on account of improving healthcare infrastructure and increasing geriatric population.
Key players operating in the digital health market are Allscripts Health Solutions, Inc. McKesson Corporation, Cerner Corporation, Siemens Healthineers, GE Healthcare, Koninklijke Philips N.V., Qualcomm Inc., Proteus Digital Health, Inc.,Truven Health Analytics Athenahealth, Inc. and Cisco Systems. Major players are focusing on new product launches and targeting emerging countries through strategic partnerships to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
