Press release
Global Digital Health Market to Reach $595.47 Billion by 2029, Growing at 16.9% CAGR
Digital Health
The escalating occurrence of long-term illnesses like cancer, diabetes, and hypertension is anticipated to significantly drive demand in the digital health market. Extended work schedules, limited physical exercise, coupled with poor habits often lead to wide-spread chronic diseases. Those suffering from such diseases become more susceptible to further health complications, thereby catalyzing the demand for digital health service platforms. For instance, the American Cancer Society, a non-profit cancer advocacy organization based in the US, reported that cancer cases rose to 2,001,140 in January 2024, indicating a 2.19% increase from the 1,958,310 cases reported in 2023. Consequently, the surge in chronic disease cases is likely to stimulate the market's expansion.
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How will the growth rate of the digital health market shape industry trends by 2034?
The size of the digital health market has experienced rapid expansion in the past few years. In 2024, it was valued at $271.53 billion and is estimated to increase to $319.16 billion in 2025, witnessing a compound annual growth rate (CAGR) of 17.5%. Factors such as growing disposable income, enhanced government action in healthcare, increased Internet accessibility, the adoption of high-end technology following the COVID-19 outbreak, and a substantial rise in the senior citizen demographic have all contributed to the remarkable growth in the historic period.
With an expected rapid expansion in the upcoming years, the digital health market is projected to burgeon to $595.47 billion in 2029 with a compound annual growth rate (CAGR) of 16.9%. This notable growth anticipated in the forecast period is believed to be due to factors such as increasing occurrences of chronic diseases, a progressively aging populace, demographic changes in burgeoning markets, ongoing advancements in technology, and a growing demand for healthcare access, all of which serve as major propellants for the digital health market's growth. Prevailing trends during the forecast period entail augmented reality telecollaboration systems, biofeedback APIs, adoption of blockchain technology, 3D AR surgical navigation, the incorporation of artificial intelligence, along with a rising number of collaborations and partnerships.
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What trends are poised to drive the future success of the digital health market?
A rising trend seen in the digital health market is the application of augmented reality telecollaboration systems. Augmented Reality (AR) is a technologically enhanced version of our real world, adding digital visual, audio, and other sensory elements. AR is becoming popular amongst trained healthcare professionals and medical students, used extensively as a teaching tool for medical experience, providing a safe, affordable, and comprehensive solution. Take for example, in May 2024, the American medical technology company, AppliedVR, introduced RelieVRx, the first-ever FDA-approved virtual reality therapy that aids patients with chronic lower back pain (CLBP), specially targeted at compensating workers. This breakthrough device provides a complete VR encounter that helps these patients learn techniques to manage and reduce their CLBP. This affordable and non-drug supplemental therapy has been scientifically verified to decrease both the severity of the pain and its impact on daily activities. The strategy combines elements of cognitive behavioral therapy, biofeedback, and emotional regulation.
Which primary segments of the digital health market are driving growth and industry transformations?
The digital health market covered in this report is segmented -
1) By Technology: Mobile Health (Mhealth), Health Information Technology, Telehealth And Telemedicine, Health Analytics, Other Technologies
2) By Application: Cardiology, Diabetes, Neurology, Sleep Apnea, Oncology, Other Applications
3) By End-User: Healthcare Providers, Healthcare Payers, Pharmaceutical Companies, Other End Users
Subsegments:
1) By Mobile Health (mHealth): Health Apps, Wearable Devices, Remote Patient Monitoring
2) By Health Information Technology: Electronic Health Records (EHR), Health Information Exchange (HIE), Practice Management Systems
3) By Telehealth And Telemedicine: Virtual Consultations, Remote Diagnosis, Teletherapy
4) By Health Analytics: Predictive Analytics, Data Management Solutions, Population Health Management
5) By Other Technologies: Blockchain In Health, Artificial Intelligence In Health, Internet Of Medical Things (IoMT)
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Which geographical regions are pioneering growth in the digital health market?
North America was the largest region in the digital health market in 2024. 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.
Who are the influential players reshaping the digital health market landscape?
Major companies operating in the digital health market include 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
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What Is Covered In The Digital Health Global Market Report?
• Market Size Forecast: Examine the digital health market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the digital health market for a structured understanding.
• Key Players Overview: Analyze major players in the digital health market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the digital health market.
• Segment Contributions: Evaluate how different segments drive overall growth in the digital health market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the digital health market.
• Industry Challenges: Identify potential risks and obstacles affecting the digital health market.
• Competitive Landscape: Review strategic developments in the digital health market, including expansions, agreements, and new product launches.
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