Digital Health Global Market Report 2024

The digital health market size has grown rapidly in recent years. It will grow from $237.97 billion in 2023 to $283.92 billion in 2024 at a compound annual growth rate (CAGR) of 19.3%. The growth observed in the historical period can be credited to several factors, including the rise in disposable income among individuals, heightened government initiatives in the healthcare sector, increased internet penetration, adoption of advanced technology following the COVID-19 pandemic, and the rapid expansion of the elderly population.

The digital health market size is expected to see rapid growth in the next few years. It will grow to $560.14 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. Forecasted growth is driven by factors such as rising chronic diseases, aging populations, technological advancements, and increased healthcare needs. Key trends include augmented reality telecollaboration, biofeedback APIs, blockchain integration, 3D AR surgical navigation, AI integration, and heightened collaborations.

The digital health market is anticipated to experience significant growth, driven by the increasing prevalence of chronic diseases such as cancer, diabetes, and hypertension. Factors such as prolonged working hours, limited physical activity, and unhealthy dietary habits contribute to the higher incidence of chronic diseases, making individuals more susceptible to these conditions. This growing prevalence underscores the need for digital health service platforms to address and manage chronic diseases. According to a United Nations article, it is projected that by 2030, approximately 70% of global deaths will be attributed to chronic diseases, with the global burden of chronic diseases reaching around 60%. As a result, the rise in chronic diseases is expected to be a key driver for the expansion of the digital health market.

A significant factor contributing to the growth of the digital health market is the increasing aging population. The elderly population is more susceptible to long-term care needs and various chronic diseases, including cardiology, orthopedics, and others. According to estimates from the World Health Organization (WHO), the global population aged 60 and above is expected to reach 2 billion, nearly doubling from 12% to 22% of the global population by 2025. This aging demographic is more prone to chronic diseases, further emphasizing the importance of digital health solutions in managing and addressing healthcare needs for this population. Consequently, the growing aging population is anticipated to be a driving force behind the expansion of the digital health market in the forecast period.

The integration of augmented reality telecollaboration systems is a prominent trend gaining traction in the digital health market. Augmented reality (AR) involves enhancing the real physical world through digital visual elements, sound, or other sensory stimuli delivered via technology. Within the healthcare sector, AR is utilized by trained medical professionals and medical students for training and educational purposes, providing a safe, cost-effective, and comprehensive way to illustrate medical experiences. For example, in August 2021, OpticSurg, a US-based provider of an augmented reality software platform for surgeons, launched Vision Beyond, an augmented reality telecollaboration system. This system facilitates real-time connectivity between frontline healthcare workers and consulting clinicians. Compliant with HIPAA standards and securely encrypted, it enables remote clinicians to offer audio and visual guidance, conducting live voice calls, displaying a digital interface, and presenting visuals through glasses to assist on-site providers. Such systems provide on-demand access to experts, delivering informed and clear support during consultations.

Companies within the digital health market are increasingly adopting 3D augmented reality surgical navigation. This technology aids doctors in placing pedicle screws in positions that might be challenging or impossible otherwise. In February 2021, Royal Philips, a Netherlands-based health technology company, introduced ClarifEye, a 3D augmented reality surgical navigation system designed to enhance minimally invasive spine procedures. Operating within the Hybrid Operating Room, ClarifEye combines 2D and 3D visualizations at low X-ray doses with 3D augmented reality. The system provides live intra-operative visual feedback, supporting the precise placement of pedicle screws during spinal fusion procedures. This utilization of augmented reality in surgical navigation contributes to improved accuracy and efficacy in medical interventions.

In July 2021, Amwell, an American telemedicine company, completed the acquisition of SilverCloud Health and Conversa Health for $320 million. This strategic move aims to distinguish Amwell from other telehealth providers by incorporating unique offerings and enhancing the integration between physical and virtual care. SilverCloud Health, based in Boston, specializes in offering self-guided mental health programs. Conversa Health is an American digital health company focused on innovative healthcare solutions.

Major companies operating in the digital health market report are Cerner Corporation, GE Healthcare, Epic Systems Corporation, McKesson Corporation, Allscripts Healthcare Solutions Inc. Truven Health Analytics, Siemens Healthcare AG, eCLINICALWORKS, Cisco Systems Inc., Koninklijke Philips N.V., Innovaccer, Pharm Easy, 1mg, Practo, Mfine, Medi Buddy, Indegene, Ping A Good Doctor, JD Health, Honeywell Lifesciences, Philip Healthcare, Better Doc, Biovotion, BrainControl, Coimbra Genomics, Dacadoo, Doctoralia, Emperra, Exovite, Genexyx, Giraff, Healthbank, NeurNation, Nutrino, Psious, Px Healthcare, SilverCloud, Systems Healthcare Solutions, TrialReach, XtremeVRI, DOC+, Best Doctor, TeleMD, mediSensum, Apteki +, FindMeCure, ECG for Everybody, Eye read, InterAxon, Figure 1, Myndtec, Seamless MD, ApoloHealthMx, ECGlove, Heal on Site, Teladoc, MeMD, Amwell, MDlive, Aerotel Medical Systems Ltd., Care Innovations LLC, Honeywell Life Care Solutions, Polycom Inc., Didoc, Betterfly, Deenty, Examedi, Dentalink, Cero, Wecancer, MedPass, Pixeon, Hi Technologies, Conexa Saude, AXON Digital Health, Wuru, Yerbo, Welii, BioScience, Caecus, Omnia Salud, Altibbi, Dhoner Healthtech, Okadoc, DoctorsAE, Takalam, AlemHealth, DU, UAE's Mulk, Cura, Primary Health Care Corporation, AMD Global Telemedicine Inc., Safermom, Mobicure, Ubenwa, Medsaf, GenRx, Medical device as a service, Kangpe, Hudibia, Lifebank, Redbank.

North America was the largest region in the digital health market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital health market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the digital health market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Key types of digital technologies within the realm of digital health include mobile health (mHealth), health information technology, telehealth, telemedicine, and health analytics. mHealth involves healthcare and public health services supported by mobile devices such as phones, tablets, and wireless infrastructure. Health analytics encompasses the management, measurement, or analysis of healthcare data for informed decision-making. Telehealth services provide information on health-related services, medical care, patient education, and digital communication technologies. These technologies find applications in various medical specialties such as cardiology, diabetes, neurology, sleep apnea, and oncology, and are utilized by healthcare providers, payers, and pharmaceutical companies.

The digital health market research report is one of a series of new reports that provides digital health market statistics, including digital health industry global market size, regional shares, competitors with a digital health market share, detailed digital health market segments, market trends and opportunities, and any further data you may need to thrive in the digital health industry. This digital health market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The mHealth apps market consists of sales of clinical and diagnostic apps, remote monitoring apps, productivity apps, reminder apps, text and video communication apps, prescription apps, and mental health apps. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.