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Global Digital Health Market to Reach US$ 393.3 Billion by 2024, Spurred by Increasing Adoption of Telemedicine

According to the latest report by IMARC Group, titled “Digital Health Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024,” the global digital health market size reached US$ 144.2 Billion in 2018. Digital health utilizes information and communication technologies for diverse healthcare processes. It is widely used in the healthcare sector for conducting research, the early diagnosis of chronic conditions, and improving an individual’s overall health and wellness. It assists patients in making informed decisions pertaining to their well-being, which often leads to improved quality of life. Digital health tools also aid in relieving the patients of certain symptoms associated with their illness or in shortening the length of the disease. This results in the reduction of healthcare bills, thereby providing improved disease management and patient care. These tools can be further employed for tracking diseases, monitoring public health and identifying new illnesses or the worsening of existing ones.

Global Digital Health Market Trends:

The global market is primarily driven by the increasing adoption of telemedicine by medical professionals. The growing geriatric population and the increasing occurrence of chronic diseases have led to the rising demand for advanced IT-based monitoring systems. Electronic intensive care unit (e-ICU) models are gaining widespread prominence in the healthcare sector, which enables doctors and professionals to monitor patients despite geographical constraints. This trend, in confluence with the increasing adoption of cloud-based systems by various hospitals and physician-owned ambulatory surgery centers (ASCs), is expected to impact the market growth positively. Moreover, governments of several countries, along with various international organizations, are undertaking initiatives to improve the overall healthcare infrastructure, which is expected to significantly contribute to the market growth. For instance, the World Health Organization (WHO) is working extensively to maximize the use of digital health technology on the global level. In partnership with the International Telecommunications Union (ITU), WHO has implemented an mHealth program called “Be He@lthy Be Mobile (BHBM),” which aims to prevent and control noncommunicable diseases (NCDs) by exploiting the widespread base of mobile subscriptions, majority of which lies in developing economies of the world. The initiative is aimed at the emerging economies, such as those in the African region, with a poor healthcare infrastructure. It operates through the BHBM application, which creates awareness through health content, can be integrated with other health services apps on the phone, and aims to be in tandem with the national health system of the country in which it is being used. On account of the aforementioned factors, the market is expected to reach a value of US$ 393.3 Billion by 2024, growing at a CAGR of around 18% during 2019-2024.

Market Summary:

  • On the basis of the type, the market is divided into telehealth, medical wearables, EMR/EHR systems, medical apps, healthcare analytics and others.
  • Based on the component, the market has been classified into software, hardware and services.
  • On the geographical front, the market has been segregated into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has been analyzed, with the detailed profiles of the key players operating in the market. Some of these players include iHealth Lab Inc., Allscripts Healthcare, LLC, AirStrip Technologies, Inc., Qualcomm Incorporated, Cerner Corporation, McKesson Corporation, Philips Electronics Nederland B.V., BioTelemetry, Inc., eClinicalWorks, LLC, Omron Healthcare, Inc., athenahealth, Inc., and AT&T Inc.

 

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