April 20, 2024
Digital Health Market

The Digital Healthcare Market is Transforming Medical Care Delivery Through Technology

The growing use of digital technologies like mobile health apps, telemedicine, electronic health records and wearable devices is revolutionizing how medical care is delivered in the global digital healthcare industry. By facilitating remote patient monitoring and diagnosis, digital health is enabling healthcare providers to better manage chronic conditions and expand access to quality care in underserved areas.

The Global Digital Health Market is estimated to be valued at US$ 196.08 Mn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the Digital Health 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. The increasing prevalence of chronic diseases and rising need for cost-effective healthcare delivery models are driving the demand for digital health solutions globally. Major digital health companies are actively expanding their presence across developed and emerging markets through strategic partnerships and acquisitions to tap new growth opportunities.

The growing burden of chronic diseases worldwide along with the rising geriatric population susceptible to various health issues is propelling the demand for digital health solutions for remote monitoring and management of long-term medical conditions. Key digital health players are actively launching advanced connected devices, AI-powered diagnostics and virtual care platforms to enhance access to care and treatment outcomes for chronic patients. Furthermore, the need for curbing escalating healthcare costs is encouraging healthcare providers and governments to adopt value-based care models using digital technologies. This is expected to boost investments into digital health startups and services over the forecast period.

The digital health industry is poised to disrupt healthcare markets globally through technology innovation. Key players are expanding their digital healthcare portfolios to developed countries and rapidly developing regions in Asia Pacific and Latin America witnessing rising medical expenditures and shortage of physicians. Strategic partnerships between tech giants and medtech players will further catalyze digital transformation of healthcare delivery worldwide.

Market key trends

One of the key trends gaining prominence in the digital health market size is increasing adoption of telehealth and virtual care services. The Covid-19 pandemic has further accelerated transition to virtual care as it allows safe remote treatment of patients without risk of infection. Continuous advancements in telecommunications including 5G networks, mobility and AI are enhancing telemedicine capabilities for real-time monitoring, medical record access and virtual consultations. This trend is expected to significantly drive the digital health market over the coming years.

Porter’s Analysis

Threat of new entrants: New entrants face high capital requirements and established network of existing players.

Bargaining power of buyers: Buyers have high bargaining power due to presence of many regional players and bargaining power increases with increased adoption.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are many component manufacturers.

Threat of new substitutes: Threat of substitution is low as Digital Health solutions provide unique value propositions like remote health monitoring.

Competitive rivalry: Market has significant competitive rivalry among regional and global players due to large market size and growth opportunities.

Geographical regions: North America currently holds the largest market share primarily due to high adoption rates and developed infrastructure. The region accounted for around 45% of the global digital health market share in 2024.

Fastest growing region: Asia Pacific region is expected to emerge as the fastest growing regional market during the forecast period. Increasing healthcare expenditure, large patient population and improving healthcare infrastructure are driving factors for the digital health market in Asia Pacific region.

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