Digital health industry data book covers tele-healthcare, mhealth, healthcare analytics and digital health system markets. The global market size was valued at USD 211.0 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 18.6% from 2022 to 2030.
Access the Global Digital Health Industry Data Book from 2023 to 2030, compiled with details by Grand View Research
Tele-Healthcare Market Growth & Trends
The global telehealth market size was valued at USD 87.6 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 23.5% from 2023 to 2030. The rising penetration of the internet and the evolution & development of smartphones are factors that contribute to the growth of the industry. Advancements in digital infrastructure allow users to monitor their health and fitness, avail of medical assistance, and book appointments. For instance, several applications and platforms, such as Doctor on Demand, Lemonaid, and MDLive, allow their users to book appointments, monitor personal health, track consultations, and store healthcare information.
Moreover, the COVID-19 pandemic accelerated the adoption of telemedicine and teleconsultation. The pandemic exposed the shortcomings in the healthcare systems while also burdening the healthcare resources and facilities, which accelerated the adoption of the solutions. The government-imposed travel restrictions and lockdowns to curb the spread of the virus, which led to patients and healthcare institutions shifting toward teleconsultations and telemedicine. In addition, insurance companies and healthcare payers are collaborating with key industry players to provide free consultation services to patients. For instance, AIG and Cigna announced a partnership with Doctor Anywhere in Singapore.
Under this partnership, the companies will provide free consultation services to patients across Thailand, Singapore, and Vietnam. Moreover, the rising number of public-private partnerships, advancements in digital infrastructure, rise in government initiatives, and growing advancements in digital health technologies are anticipated to boost the demand for virtual care applications and services. Several key players, such as GlobalMed, Siemens Healthineers, and Doctor Anywhere, reported a significant rise in revenues and active users during the pandemic. The services segment held the largest share of the global revenue in 2022 due to the rising preference for telemedicine and teleconsultation to reduce healthcare costs and physical visits to hospitals.
mHealth Market Growth & Trends
The global mHealth market size was valued at USD 56.8 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 10.8% from 2023 to 2030. Increasing adoption of mHealth apps and technologies by physicians and patients and rise in penetration of internet and smartphone connectivity are among the major factors expected to drive the growth of the market. Besides, increasing government initiatives towards the digitalization of healthcare services are also anticipated to boost the adoption of mobile health platforms.
Based on component, mHealth apps dominated the market and accounted for revenue share of 75.4% in 2021. This high share is attributable to constantly developing startup ecosystems across the globe and increasing investments by key players to develop new health-based apps. In addition, benefits provided by these apps in maintaining health and lifestyle and managing health condition are some of the other factors boosting the growth of the segment.
Based on services, the monitoring services segment dominated the market with a revenue share of 61.5% in 2022. Monitoring services mainly involve the observation of health conditions, diseases, and other complicated medical parameters for a defined time. The rising prevalence of chronic diseases and increasing preference for remote monitoring services in post-acute care are some of the factors contributing to the growth of this segment. In addition, increasing investments by the key players in mobile health apps for patient monitoring is also expected to propel the segment growth over the years.
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Healthcare Analytics Market Growth & Trends
The global healthcare analytics market is currently valued at USD 35.3 billion as of 2022 and is expected to expand at a CAGR of 21.4% for the forecast period 2023-2030. The increase in capital investments by the healthcare industry in the IT sector for better management and cost-effective patient care are key growth factors for the healthcare analytics market.
Descriptive analytics holds the biggest revenue share, its use in studying historical data has been successfully and widely adopted during the pandemic for studies on patient populations, the current method of analysis has been studying historical data to devise actionable insights for professionals to act on. Predictive analytics accounted for the fastest growth owing to the ability to provide future prospects for growth and for delivering better results.
By component, the services component had the largest revenue share in 2022, owing to the majority of healthcare institutes outsourcing their data analytics to third-party vendors. A large number of data analytics companies have been collaborating with the institutions to deliver meaningful insights for better patient care and for maximizing their profits by cost-cutting. Better patient monitoring, and care are key factors for the growth of this component.
The on-premises delivery model holds the largest revenue share in the delivery mode segment. This has been due to the ease of access of data being on the site, i.e., at hospitals, etc. this has resulted in better patient monitoring, better management of records, etc., small institutions are manageable for on-premises delivery mode, another option for data storage is cloud-based. Cloud-based deployment has been the emerging delivery mode due to the fact that it provides a larger space virtually to store data for a multitude of patients. This is cost-effective and is a commercially more viable option for industries.
Digital Health System Market Growth & Trends
The global digital health systems market size was valued at USD 31.4 billion in 2022 is projected to grow at a compound annual growth rate (CAGR) of 6.1% from 2023 to 2030. Growing penetration rate of smartphones, improvement in internet connectivity, introducing advance healthcare IT infrastructure, rising healthcare expenditure, diseases, rising adoption rate of remote patient monitoring services, and increasing accessibility of virtual care are driving market growth. Growing prevalence of chronic diseases such CVD, diabetes, cancer and others are further driving the market growth as digital health systems help in monitoring condition from any place and at any time.
Smartphones have widened their application scope from devices just for communication & entertainment to devices monitoring health & fitness. As per the statistics of Pew Research Center about 97.0% of U.S. citizens own smartphones in the year 2021. Moreover, key players are also focusing on developing and introducing innovative mobile applications for tracking daily activities, providing information about medical queries, tracking & ordering medical prescriptions, scheduling appointments, and storing healthcare information. The ongoing COVID-19 pandemic exposed the flaws in the current overburdened healthcare systems and highlighted the potential of digital health solutions, which in turn encouraged the use of these solutions and resulted in a sharp increase in their rate of adoption.
Go through the table of content of digital health industry data book to get a better understanding of the Coverage & Scope of the study.
Competitive Landscape
Key players operating in the Digital Health Industry are –
• Apple Inc.
• AT&T
• AirStrip Technologies
• Allscripts
• Google Inc.
• Orange
• Qualcomm Technologies, Inc.
• Softserve
• MQure
• Samsung Electronics Co., Ltd.
• Telefónica S.A.
• Vodafone Group
• Cerner Corporation
• McKesson Corporation
• Epic Systems Corporation
• NextGen Healthcare, Inc. (QSI Management, LLC)
• Greenway health, LLC
• CureMD Healthcare
• HiMS
• Computer Programs and Systems, Inc.
• Vocera Communications
• IBM Corporation (IBM Watson Health)
• Siemens Healthcare GmbH
• CISCO Systems, Inc.
The digital health industry data book, compiled by Grand View Research, is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports and summary presentations on individual areas of research along with a digital healthcare statistics e-book.
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