May 27, 2024
Digital Healthcare Market

The Global Digital Healthcare Market Is Driven By Growing Smartphone Penetration

The digital healthcare market has advanced rapidly in recent years, as technologies allow for remote patient monitoring and online consultations. Healthcare providers are increasingly utilizing mobile apps, telemedicine, and digital tools to connect with patients and streamline care delivery. Digital services improve accessibility in remote locations and provide more personalized treatment recommendations based on real-time diagnostics and symptom monitoring. Key opportunities involve apps that track health metrics, enable video appointments with clinicians, and facilitate prescription refills or medical record access.

The Global Digital Healthcare Market Size is estimated to be valued at US$ 5,902.43 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in digital healthcare is the growing use of wearable devices. Devices like smartwatches and fitness trackers allow patients to monitor vital signs and transmit data to medical providers to identify issues early. Wearables are also being utilized in clinical trials to gather biomarkers remotely. Meanwhile, artificial intelligence is being applied increasingly to analyze patient records and medical images in order to improve diagnostics and personalized treatment recommendations. Technologies such as AI and wearables represent major opportunities to strengthen preventive healthcare and lower costs through remote monitoring and early intervention.

Porter’s Analysis

Threat of new entrants: The digital healthcare market requires high capital investments for new technologies and data security practices limiting the threat of new players.

Bargaining power of buyers: Individual customers have low bargaining power due to availability of few substitutes and benefits offered by digital healthcare services. However, large institutional buyers like hospitals have moderate bargaining power.

Bargaging power of suppliers: Major technology companies like Microsoft, IBM, and Google that provide cloud and AI solutions have moderate bargaining power in the market.

Threat of new substitutes: While teleconsultations can substitute physical visits, digital healthcare provides personalized care plans and remote patient monitoring limiting threat of substitutes.

Competitive rivalry: The global market is highly fragmented with presence of several international and regional players. Companies compete based on technologies, services, security, and customer experience.

Key Takeaways

The global digital healthcare market is expected to witness high growth over the forecast period supported by rising prevalence of chronic diseases, growing geriatric population, and increasing adoption of telehealth and remote patient monitoring services. The global digital healthcare market is estimated to be valued at US$ 5,902.43 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024-2031.

North America dominates the global market and is expected to continue its lead over the forecast period driven by high healthcare expenditure, focus on population health management, and favorable healthcare reforms and policies promoting digital technologies.

Key players operating in the digital healthcare market are AgSource, AgroLiquid, Crop Nutrition Laboratory Services Ltd., Element Materials Technology, SGS Société Générale de Surveillance SA, Eurofins Scientific, Picketa Systems Inc., Spectrum Analytic, Soilscape Solutions, Wallace Laboratories LLC., Ward Laboratories, Inc., Waters Agricultural Laboratories, Inc. Companies are focusing on partnerships, mergers and acquisitions to expand service offerings and geographic reach.

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