Press release
Digital Health Market on Track for Strong Growth, Estimated to Grow at 16.3% CAGR Through 2029
Digital Health
What Is the Expected CAGR for the Digital Health Market Through 2025?
Spanning the years from 2024 to 2025, the digital health market segment is projected to see substantial expansion, escalating its valuation from $271.53 billion to $318.01 billion, which corresponds to a compound annual growth rate of 17.1%. This past period of advancement has been fueled by several factors, including greater levels of consumer spending capacity, escalating support from governmental bodies within healthcare sectors, broader access to the internet, the swift integration of sophisticated technologies spurred by the COVID-19 pandemic, and the swift increase in the demographic segment comprised of older adults.
What's the Projected Size of the Global Digital Health Market by 2029?
Anticipated for substantial expansion in the coming years, the digital health sector is projected to reach a valuation of $580.86 billion by the year 2029, fueled by a compound annual growth rate (CAGR) amounting to 16.3%; this upward trajectory over the forecast duration is underpinned by several key factors, such as the escalating incidence of long-term illnesses, an increasing number of older individuals, significant population changes occurring within developing economies, ongoing technological advancements, and a heightened demand for accessible medical services, which collectively propel the digital health market forward, while notable trends expected to shape this period involve telecollaboration frameworks incorporating augmented reality, the deployment of biofeedback application programming interfaces, the utilization of blockchain mechanisms, surgical guidance tools employing three-dimensional augmented reality, deeper incorporation of artificial intelligence, alongside a rise in cooperative ventures and strategic alliances.
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Top Growth Drivers in the Digital Health Industry: What's Accelerating the Market?
An increasing incidence of long-term health conditions, including but not limited to diabetes, hypertension, and various cancers, is anticipated to serve as a significant impetus for the expansion of the digital health sector. Sedentary lifestyles stemming from extended work schedules, coupled with poor dietary and consumption patterns, exacerbate the frequency of these chronic ailments, subsequently heightening the susceptibility of affected populations to further health complications, thereby stimulating the demand for digital healthcare solutions. To illustrate this trend, data released by the American Cancer Society, a non-profit advocacy group in the United States, indicated that the estimated cancer diagnoses advanced to 2,001,140 in January 2024, marking an increase from the 1,958,310 cases reported in 2023, which signifies a 2.19% upward trajectory, thus suggesting that the escalation in chronic disease prevalence will fuel market advancement.
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What Trends Will Shape the Digital Health Market Through 2029 and Beyond?
A significant trend emerging within the digital health sector involves the increasing adoption of telecollaboration platforms augmented by reality features. Augmented reality (AR) fundamentally describes an enriched perception of the actual physical environment, created by integrating digital sensory inputs, such as visual graphics or audio, delivered through technological means. Within healthcare contexts, AR proves beneficial for both experienced clinicians and in educational settings for medical trainees, presenting complex medical knowledge in a manner that is secure, budget-friendly, and thorough. To illustrate this, in May of 2024, AppliedVR, an American medical equipment developer, introduced RelieVRx, which secured authorization from the FDA as the inaugural prescription therapy utilizing virtual reality specifically tailored for individuals suffering from chronic lower back pain (CLBP) within the realm of workers' compensation. This apparatus provides an entirely enveloping VR encounter designed to equip workers' compensation recipients with strategies for lessening and controlling persistent lower back discomfort. This economical therapeutic supplement, which does not rely on pharmaceuticals, has demonstrated in clinical studies its efficacy in lowering both how intensely pain is felt and how much it disrupts everyday functioning. The overall curriculum strategically incorporates established foundations of cognitive behavioral therapy alongside biofeedback mechanisms and emotional management techniques.
What Are the Main Segments in the Digital Health Market?
The digital healthmarket 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 Top Companies are Driving Growth in the Digital Health Market?
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
Which Regions Will Dominate the Digital Health Market Through 2029?
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.
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With over 17500+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.Our flagship product, the Global Market Model (GMM), is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
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