The global Digital Health Market is estimated to be valued at US$ 170.20 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The digital health market consists of products and services that utilize digital technologies such as mobile health, health information technology, wearable devices, telehealth and telemedicine to provide healthcare services. These digital solutions help improve public health education, healthcare services, surveillance of diseases and behavior changes. The key advantage of digital healthcare products is that they are cost effective solutions for disease management, remote monitoring and health record maintenance as compared to traditional healthcare systems.
Market key trends:
The rise of remote patient monitoring is a key trend in the digital health market. Remote patient monitoring involves using digital technologies to collect medical and other forms of health data from individuals in one location and electronically transmitting this information securely to health care providers in a different location for assessment and recommendations. This allows patients to receive care while residing and performing normal activities at home, thereby improving outcomes and reducing costs. For example, wearable biosensor devices can help monitor health indicators such as heart rate, blood pressure and blood glucose levels in real time. This collected data is then transmitted to healthcare providers for review. This leads to early detection of abnormalities and efficient management of chronic conditions.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the digital health market requires significant initial investments in R&D, technological infrastructure and partnerships with healthcare providers.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many players offering digital health solutions. Buyers can negotiate on price and demand customized solutions.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers of key digital technologies and healthcare data provide specialized inputs. However, there exists threat from substitute technologies.
Threat of new substitutes: The threat of substitutes is high as new innovative technologies like AI, 3D printing, cloud computing and IoT based solutions can disrupt existing digital health business models.
Competitive rivalry: Fierce competition exists among key players to gain market share and expand their service offerings.
Key Takeaways
The Global Digital Health Market Demand is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing smartphone and internet penetration, growing consumer spending on digital health solutions, and rising healthcare expenditure.
Regional analysis: North America dominates the global digital health market with the highest share due to supportive regulatory environment and advanced healthcare infrastructure for digital solutions. Asia Pacific is expected to experience the fastest growth over the forecast period supported by increasing investment in digital technologies by Chinese and Indian governments and healthcare providers.
Key players: Key players operating in the digital health market are DP, Population Health, and internet penetration. Digital health firms are focusing on strategic acquisitions and partnerships to expand their product and service portfolio as well as geographical footprint. For instance, in 2022 DP acquired Anthropic, an AI safety company to strengthen its clinical AI capabilities and population health solutions.
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