Digital Health Market to Reach USD 881 Billion in 2031 on the Back of Growing Digitization of Healthcare | SkyQuest Technology
WESTFORD, Mass., July 30, 2024 /PRNewswire/ — According to SkyQuest, the global Digital Health Market size was valued at USD 178 billion in 2022 and is poised to grow from USD 211 billion in 2023 to USD 881 billion by 2031, growing at a CAGR of 18.6% in the forecast period (2024-2031).
Growing penetration of digital technologies in the healthcare space is setting the tone for digital health adoption. The rising popularity of telehealth and telemedicine practices is also estimated to promote the demand for digital health over the coming years. High investments in adoption of digital technologies in healthcare to streamline processes and improve patient outcomes will also create new business scope going forward. The global digital health market is segmented into component, technology, application, end user, and region.
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Digital Health Market Overview:
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Report Coverage |
Details |
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Market Revenue in 2023 |
$ 211 billion |
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Estimated Value by 2031 |
$ 881 billion |
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Growth Rate |
Poised to grow at a CAGR of 18.6% |
|
Forecast Period |
2024–2031 |
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Forecast Units |
Value (USD Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
Component, Technology, Application, End User, and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. |
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Report Highlights |
Investments in the digitization of the healthcare industry |
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Key Market Opportunities |
Growing popularity of mHealth devices and applications |
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Key Market Drivers |
Rising emphasis on improving healthcare outcomes and reducing workload on healthcare providers |
Segments covered in Digital Health Market are as follows:
- Component
- Hardware, Software, Services
- Technology
- Tele Healthcare (Telecare/Rpm, Activity Monitoring, Remote Medication Management), Telehealth (LTC Monitoring, Video Consultation), Mhealth (Wearables [Vital Signs Monitors, Peak Flow Meters, Fetal Monitors, Sleep Apnea Monitors, Neurological Monitors, Other wearables], Mhealth Apps [Medical Apps, Fitness Apps]), Digital Therapeutics (Preventive Applications, Treatment Applications), Health Management Solutions (Electronic Health Records, Healthcare Analytics, Eprescribing)
- Application
- Chronic Disease Management, Behavioral Health, Health & Fitness, Other Applications
- End User
- Providers (Hospitals & clinics, Long-term care centers & assisted living centers), Payers (Public, Private), Patients & consumers
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Enhanced Internet Connectivity Estimated to Boost Demand for Digital Health for Telehealth Technology
Growing penetration of digital technologies and improved internet connectivity are projected to help promote the adoption of telehealth technologies in the healthcare space. With more and more healthcare providers offering telehealth services, patients are also preferring to opt for the same resulting in the high market share of this segment. Advancements in digital health technologies are projected to help this segment maintain its dominance across the study period.
The rise of wearables in the healthcare industry is projected to make mHealth technology highly popular over the coming years. New companies looking to make a mark in the global digital health market should target this segment to penetrate the market. The growing use of smartphones and the rising use of smart wearable health monitors will also help this segment generate substantial revenue in the future. High emphasis on preventive healthcare around the world is also estimated to create new opportunities for digital health companies going forward.
Digital Health Services Projected to be Most Lucrative for Digital Health Providers
From deployment to maintenance, almost all digital health solutions require services. This is why digital health companies should target the services segment to maximize their business scope. Companies can provide standalone services as well as provide complete service packages covering all aspects of digital health.
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Healthcare Providers Projected to Be at Forefront in Terms of Digital Health Adoption
The growing burden on hospitals and other healthcare providers owing to rapidly increasing hospitalization and incidence of chronic diseases is pushing providers to opt for digital health solutions. These digital health offerings help automate or streamline multiple healthcare processes thereby saving costs and resources as well. Increasing investments in improving patient outcomes and the growing use of electronic health records (EHR) are also forecasted to promote digital health demand among healthcare providers in the long run.
Investing in almost any segment will offer good returns for any digital health company but targeting the telehealth and provider segments will be most beneficial.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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SOURCE SkyQuest Technology
