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Digital Health Market to Hit $1.5 Trillion by 2030: Grand View Research, Inc.
SAN FRANCISCO, Oct. 14, 2022 /PRNewswire/ -- The global digital health market size is expected to reach USD 1.5 trillion by 2030 and is expected to expand at a CAGR of 27.7% over the forecast period, according to a new report by Grand View Research, Inc. Advancements in the internet connectivity, growing smartphone penetration, rising healthcare IT expenses, developing IT infrastructure, technology readiness, a growing shortage of healthcare providers, overburdened healthcare facilities, and rising medical expenses are driving the market growth.
Key Industry Insights & Findings from the report:
- The market size is anticipated to be valued at USD 1.5 trillion by 2030, owing to the improving internet coverage, growing chronic disease prevalence, increasing smartphone penetration, growing demand for virtual care, and increasing access to healthcare.
- Tele-healthcare segment dominated the global market in 2021 with a market revenue share of 37.6%, due to increasing preference for remote patient monitoring services and a shortage of healthcare professionals.
- By component, the services segment dominated the global market with 45.6% of market revenue share in 2021, owing to the growing demand for pre-installation and post-installation services.
- North America dominated the market by region in 2021 with a revenue share of 45.9%, owing to the rapidly developing healthcare IT infrastructure, the emergence of startups, growing funding options, and improving technological literacy.
Read 150 page full market research report, "Digital Health Market Size, Share & Trends Analysis Report By Technology (Healthcare Analytics, mHealth), By Component (Software, Services), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Digital Health Market Growth & Trends
Additionally, increasing demand for remote patient monitoring services, the growing prevalence of chronic diseases, and the increasing accessibility of virtual care services is propelling the market to move forward at a significant rate. The growing trend of digitalization in healthcare is being supported by growth in public-private partnerships, the emergence of start-ups, and favorable government initiatives.
The tele-healthcare segment dominated by technology in 2021 with a market revenue share of 37.6%, due to the rising adoption of telehealth platforms by physicians and providers. In addition, the growing inclination toward digital communication and information technologies for virtual home health services also supporting to the segment growth. The services segment dominated the market by component in 2021 owing to the growing demand for pre-installation and post-installation services covering staffing, training, implementation, resource allocation, and maintenance.
By region, North America dominated in 2021 with a market revenue share of 45.9%, owing to the presence of key market players, advancements in health IT infrastructure, growing technological literacy, lucrative funding options, favorable government support, and the emergence of startups. The growing demand for digital health solutions is boosting key players to devise innovative product development strategies to serve the demand and expand product portfolios.
The Covid-19 pandemic overburdened the existing healthcare systems and exposed the shortfalls of the same. Simultaneously it is boosting the adoption of digital health technologies to streamline organizational workflows, provide virtual care solutions to patients, reduce the dependency on in-person consultation, track population health & fitness levels through mHealth platforms & wearables.
The Covid-19 pandemic significantly drove the demand for digital health solutions in the healthcare industry and revealed multiple opportunities in the technology space. The surge in demand boosted key participants to constantly focus on innovative product development strategies to expand their business footprint. Due to the pandemic, the scope of digital health applications witnessed a surge in virtual care, mHealth platforms, healthcare IT systems, telehealth, and wearables.
Digital Health Market Segmentation
Grand View Research, Inc. has segmented the digital health market report based on technology, component, and region.
Technology Outlook (Revenue, USD Million, 2016 - 2030)
- Tele-healthcare
- Tele-care
- Activity Monitoring
- Remote Medication Management
- Telehealth
- LTC Monitoring
- Video Consultation
- mHealth
- Wearables
- BP Monitors
- Glucose Meters
- Pulse Oximeters
- Sleep Apnea Monitors
- Neurological Monitors
- Activity Trackers/ Actigraphs
- mHealth Apps
- Medical Apps
- Fitness Apps
- Services
- mHealth Service, By Type
- Monitoring Services
- Independent Aging Solutions
- Chronic Disease Management & Post-Acute Care Services
- Diagnosis Services
- Healthcare Systems Strengthening Services
- Others
- mHealth Services, By Participants
- Mobile Operators
- Device Vendors
- Content Players
- Healthcare Providers
- Healthcare Analytics
- Digital Health Systems
Component Outlook (Revenue, USD Million, 2016 - 2030)
Regional Outlook (Revenue, USD Million, 2016 - 2030)
- North America
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Japan
- Australia
- Singapore
- South Korea
- Latin America
- MEA
- South Africa
- Saudi Arabia
- UAE
List of Key Players in the Digital Health Market
- Cerner Corporation
- Allscripts
- Apple, Inc
- Telefonica S.A.
- McKesson Corporation
- Epic Systems Corporation
- QSI Management, LLC
- AT&T
- Vodafone Group
- Airstrip Technologies
- Google, Inc
- Samsung Electronics Co. Ltd
- HiMS
- Orange
- Softserve
- Qualcomm Technologies, Inc
- MQure
- Computer Programs and Systems, Inc.
- Vocera Communications
- IBM Corporation
- Cisco Systems Inc
Check out more related studies published by Grand View Research:
- mHealth Market - The global mHealth market size is expected to reach USD 130.6 billion by 2030 and is expected to expand at a CAGR of 11.0% over the forecast period, according to a new report by Grand View Research, Inc. Increasing adoption of mHealth apps and technologies by physicians and patients and rise in penetration of internet and smartphone connectivity are among the major factors expected to drive the growth of the market. Besides, increasing government initiatives towards the digitalization of healthcare services are also anticipated to boost the adoption of mobile health platforms.
- Healthcare Analytics Market - The global healthcare analytics market size is expected to reach USD 167 billion expanding at a CAGR of 21.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. The increase in capital investments by the healthcare industry in the IT sector for better management and cost-effective patient care are key growth factors for the healthcare analytics market.
- Telehealth Market - The global telehealth market size is expected to reach USD 787.4 billion by 2028, registering a CAGR of 36.5% over the forecast period, according to a new report by Grand View Research, Inc. The development and evolution of smartphones and the strengthening of internet connectivity have made telehealth and telemedicine more affordable and accessible, and thereby contributed to its growing adoption rate. Advancements in digital infrastructure are allowing users to seamlessly monitor their health & fitness, book appointments, and avail themselves of medical assistance conveniently. For instance, several platforms and applications, such as Doctor on Demand, MDLive, and Lemonaid, are available for booking appointments, monitoring personal health, honoring medical prescriptions, tracking consultations, and storing healthcare information.
Browse through Grand View Research's Healthcare IT Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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