Digital Health Industry | Forecast 2030
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.
mHealth Market Insights
The global mHealth market size was estimated at USD 62.7 billion in 2023 and is projected to grow at a CAGR of 14.1% from 2024 to 2030. The demand for mHealth apps is increasing with the growing use of digital health services for remote patient monitoring. People are becoming more aware of the benefits of mHealth solutions, and governments are also promoting remote digital healthcare, which is expected to boost the market further. The widespread use of smartphones among teenagers and adults is also anticipated to drive the growth of mHealth platforms and technologies. For instance, as per The Mobile Economy 2023, smartphone penetration was 76% in 2022 and is expected to reach 92% by 2030.
Access the Global Digital Health Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
The rising demand for patient-centric care drives the adoption of mHealth apps and services globally. The healthcare industry is shifting its focus from provider-centric care to patient-centric care. mHealth solutions empower patients to actively participate in managing their health by providing them with access to their medical records, medication reminders, wellness programs, and remote consultations. The demand for personalized, convenient, and accessible healthcare services drives the adoption of mHealth solutions globally. The growing utilization of mobile health (mHealth) applications for diverse purposes is significantly fueling the expansion of the mHealth market.
Healthcare Analytics Market Insights
The global healthcare analytics market size was valued at USD 43.1 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 21.1% from 2024 to 2030. The healthcare industry faces challenging issues such as the lack of better patient care, skyrocketing costs of treatment, and less patient retention & engagement. As a result, healthcare analytics are being incorporated into every aspect of the industry to give better care to patients and for better industry operations. These factors are key reasons for the growth of the healthcare analytics industry.
COVID-19 saw significant growth in the industry due to an increase in the need for digital solutions and better analytics tools to manage patient load in the healthcare industry. The amount of clinical data generated during the pandemic needed proper management. With the help of analytics tools and platforms, researchers and professionals derive better outcomes, predict trends, and understand the dynamics of disease outbreaks much better. An increasing burden on health establishments and professionals has created a need to adopt healthcare analytics platforms for better management and delivery of better care to patients.
In June 2020, NIH launched a healthcare data analytics platform to collect patient data for actionable insights on COVID-19. However, the post-pandemic effect shows healthcare analytics as a part of a larger solution that has much wider implications for understanding clinical data for healthcare professionals. In May 2021, the WHO and a German federal agency established a hub for pandemic data for analyzing the spread of disease, innovation in the field of medicine, and surveillance of patients to mitigate further risks in the future.
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Digital Health Systems Market Insights
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
Tele-Healthcare Market Insights
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. Growing pentration of internet and innovation in smartphones are filling the gaps in the delivery and availing the telehealth services easily. Furthermore, COVID-19 positively impacted the market growth owing to imposed restrictions to curb the infections as most people opted for tele-health services rather than visiting clinics and hospitals. For instance, Teladoc Health Inc., recorded a 63% year on year growth in the first two quarters of 2020 compared to the first two quarters of 2019. Growing awareness about tele-health services and rising need to monitor health in order to mange chronic conditions further drives the market growth over the forecast period.
Furthermore, the use of telehealth services is being driven by increased funding and measures being taken by governments all over the world. For instance, in August 2021 the Biden-Harris Administration announced an investment of about 19 million dollars to enhance healthcare delivery and alleviate gaps in care faced by rural communities with limited due to access to essential services. Healthcare professional shortages have been a problem in developing nations, and shortage of physicians is a huge challenge in rural and distant healthcare settings. For instance, as per the statistics of WHO, there will be shortage of about 15 million healthcare professionals by 2030. This shortage is expected to impact the market positively as it will increase the adoption rate of tele health services in order to reduce healthcare expenses and improve the accessibility of healthcare services.
Competitive Landscape
Increasing demand for technologically advanced digital health platforms and services are increasing competition in the market and thus, forcing key players to introduce new solutions in the market. Additionally, it is projected that rising industry consolidation activities, such as acquisitions and mergers by the leading market participants, as well as expanding efforts in R&D of digital health applications by key players, is also expected to boost the market share. Increasing funding and growing awareness and acceptance to adopt healthcare application is further projected to open new opportunities for the market especially at entry level.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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