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How Much Will The Digital Health Market Be Worth By 2029?
The size of the digital health market has seen a substantial rise in recent times. There are predictions of its growth escalating from $271.53 billion in 2024 to $318.01 billion in 2025, with a compound annual growth rate (CAGR) of 17.1%. The upswing witnessed during the historical period can be linked to several factors, including an increase in disposable income, intensified government efforts in healthcare, greater internet penetration, embracing of modern technology amidst the COVID-19 pandemic, and a swift increase in the aging population.
Anticipations indicate that the digital health market will witness a substantial surge in size in the upcoming years, expanding to $580.86 billion by 2029, with a compound annual growth rate (CAGR) of 16.3%. The accelerated growth during the predicted period can be linked to the escalating prevalence of chronic illnesses, aging demographics, shifting populations in developing markets, ongoing technological advancements, and a growing demand for healthcare accessibility. These elements are expected to fuel the expansion of the digital health market. The forecast period will likely bring trends like augmented reality telecollaboration systems, biofeedback APIs, the employment of blockchain technology, 3D augmented reality surgical navigation, artificial intelligence integration, and the rise in collaborations and partnerships.
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What Market Forces Are Contributing To The Growth Of The Digital Health Market?
The escalating occurrence of persistent illnesses such as cancer, diabetes, and hypertension is projected to be a significant catalyst for the expansion of the digital health marketplace. Sedentary working hours, insufficient physical exertion, and detrimental dietary and drink habits contribute to the propagation of chronic ailments, thereby making those who are already afflicted more susceptible to other chronic diseases. This fosters the requirement for digital health facilities platforms. For example, as reported by the American Cancer Society, a nonprofit entity advocating for cancer located in the US, the count of cancer cases surged to 2,001,140 in January 2024, an increase from 1,958,310 in 2023, depicting a growth of 2.19%. Therefore, it’s anticipated that the surge in chronic disease prevalence will accelerate the digital health market’s growth.
Which Segments Define The Structure Of 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)
Which Long-Term Trends Will Play A Crucial Role In The Digital Health Market?
A significant trend gaining traction in the digital health market is the utilization of augmented reality telecollaboration systems. Augmented reality (AR) essentially enhances the real physical world via the application of digital visual elements, audio, or other sensory stimuli delivered through technology. Healthcare professionals, as well as medical students, employ AR during their medical training or education, providing a thorough, safe, and affordable method to communicate medical experiences. For example, in May 2024, AppliedVR, a healthcare technology company based in the US, unveiled RelieVRx, the initial FDA-approved virtual reality prescription therapy for chronic lower back pain (CLBP) targeting workers’ compensation patients. This gadget offers an all-encompassing VR experience, helping patients to acquire tools to mitigate and manage chronic lower back pain (CLBP). This non-pharmacological adjunct therapy, known for its cost-effectiveness, has been clinically demonstrated to reduce not only the severity of pain but also its impact on everyday activities. The program merges validated principles of cognitive behavioral therapy, biofeedback, and emotional regulation.
Which Firms Are Making The Biggest Impact 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
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Which Region Is Forecasted To Lead The Digital Health Market In The Coming Years?
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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