May 29, 2024
Digital Health Market

The Global Digital Health Market Growth Is Driven By Growing Internet And Smartphone Penetration

Digital health refers to the use of digital and mobile health technologies for healthcare services, such as monitoring health signs remotely, managing chronic diseases, electronic health records, telemedicine and telehealth. These solutions aid physicians and caregivers in monitoring patient health and determining appropriate interventions. Common technologies used include connected sensors, remote patient monitoring devices, app-based health programs and healthcare analytics. Digital health improves patient experience by enabling access to healthcare services from remote areas and helps manage the growing burden of chronic diseases worldwide more efficiently.

The Global Digital Health Market Size is estimated to be valued at US$ 196.08 million in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in the digital health market is growing integration of digital technologies like wearables, connected devices and mobile apps with healthcare services. This allows continuous monitoring of health metrics outside of clinical settings. For example, connected blood pressure cuffs, glucose monitors and ECG patches linked to apps enable at-home monitoring with data transfer to physicians. This boosts access and lowers costs compared to regular clinical visits. Another trend is increased adoption of telehealth and telemedicine solutions following the COVID-19 pandemic. Lockdowns highlighted the need for remote consultations and virtual care. Many clinicians have started offering e-visits and teleconsultation options. This trend is expected to further grow investments in telehealth platforms, 5G networks and technologies that support virtual care.

Porter’s Analysis

Threat of new entrants: The digital health market requires considerable investments in R&D, as well as strong brand recognition which makes it difficult for new players to enter this market.

Bargaining power of buyers: The bargaining power of buyers is moderate since digital health solutions provide benefits to both patients and healthcare providers.

Bargaining power of suppliers: A few large players dominate the supply market which gives them significant bargaining power over pricing and supply of digital health technologies.

Threat of new substitutes: The digital health market faces low threat from substitutes currently as there are no close alternative to digital health services.

Competitive rivalry: The digital health market experiences high competitive rivalry with the presence of many global as well as regional players.

Key Takeaways

The global digital health market is expected to witness high growth. Digital health technologies help in improving patient outcomes and streamlining healthcare operations which is driving their adoption across various regions. The global digital health market is estimated to be valued at US$ 196.08 million in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031.

Regional analysis: North America dominates the global digital health market currently due to advanced healthcare infrastructure and growing penetration of healthcare IT in the region. Asia Pacific is expected to grow at the fastest rate during the forecast period supported by increasing investments to develop digital healthcare platforms and rising medical tourism in countries like India and China.

Key players: Key players operating in the digital health market are Johnson & Johnson Services, Inc., Teleflex Incorporated, Cooper Surgical, Inc., Genicon, Medtronic, B. Braun SE, Applied Medical Resources Corporation, LaproSurge, Purple Surgical, CONMED, Hangzhou Boer Medical Instruments Co., Ltd., Duomed, Changzhou Cheayoo Medical Devices Co., Ltd., and Tianjin Zhichao Medical Technology Co., Ltd. These players are focusing on new product launches and partnerships to strengthen their market position.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it