The Global Digital Health Market Growth Accelerated By Increased Adoption Of Telehealth Services

 

The digital health market comprises solutions and services that utilize digital technologies, such as mobile health (mHealth), healthcare analytics, telehealth, and telemedicine, to assist care providers deliver healthcare services. The digital health technology enables collection of comprehensive data on patients' health for better delivery of care. It allows remote monitoring of patients' vital signs outside of conventional clinical settings, which improves health outcomes.

The Global Digital Health Market Size 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 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increased adoption of telehealth services is one of the key trends driving the growth of the digital health market. Telehealth allows remote consultation and monitoring of patients virtually using digital means. It has emerged as a viable alternative to in-person care delivery amidst the COVID-19 pandemic. The pandemic has accelerated the adoption of telehealth globally as social distancing measures increased demand for alternative modes of care delivery. Various government organizations and private companies are focusing on telehealth solutions development and adoption to address healthcare needs remotely. For instance, Medicare in the US has expanded coverage for telehealth consultations. This increasing focus on telehealth is expected to boost the digital health market during the forecast period.

Segment Analysis

The global digital health market is dominated by the mobile health sub segment which accounts for over 45% share. This is due to the growing adoption of smartphones and increasing penetration of internet across the globe. The mobile health sub segment enable doctors to monitor patients remotely and allow patients to directly consult doctors through video conferencing on mobile applications. It also helps in managing various healthcare activities such as booking appointments, ordering prescriptions and monitoring fitness & health goals.

Key Takeaways

The global digital health market is expected to witness high growth during the forecast period of 2024 to 2031. The market size is projected to increase from US$ 196.08 Mn in 2024 to US$ 455.87 Mn by 2031, growing at a CAGR of 4.0%.

Regional analysis
North America is currently the largest and fastest growing regional market for digital health. This is attributed to high healthcare expenditure, well developed healthcare infrastructure and early adoption of advanced technologies in countries like United States and Canada. Asia Pacific is expected to showcase significant growth opportunities over the coming years. Rapidly improving healthcare infrastructure and increasing investments by key players are driving the digital health market in Asia Pacific region.

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. Johnson & Johnson Services, Inc. and Medtronic have established strong presence across various segments of digital health market including telehealth, mHealth and health analytics.

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