The global digital health industry size was valued at USD 211.0 billion in 2022 and will grow at a CAGR of 18.6% CAGR during the forecast period 2022-2030, according to the “Digital Health Industry Data Book, 2022 – 2030,” published by Grand View Research. The need to foster accuracy and efficiency with innovation has propelled the demand for digital technologies and innovations. Soaring demand for remote patient monitoring using sensors, apps, wearables and apps has spurred the penetration of tele-healthcare and mhealth. For instance, artificial intelligence has garnered traction to assess a trove of data, make predictions and identify patterns.
The demand for telehealth has become pronounced to screen and engage patients remotely, leverage interventional physicians to explore virtual collaboration platforms and offer advice for self-management of health care. Additionally, tele-ultrasounds have emerged as a viable portfolio to provide instant reassurance to the patient using a live collaboration platform that can support a sonographer at a remote site to perform the exam. Advanced economies, such as the U.S., have exhibited potential opportunities for virtual care stations, providing virtual care services in neighborhood locations. The telehealth market size logged USD 87.6 billion in 2022, registering a 23.5% CAGR between 2023 and 2030.
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The emerging trend for wearables has spurred the footprint of mhealth across advanced and emerging economies. Limited access to fitness centers against the backdrop of the COVID-19 pandemic furthered the demand for mobile health technologies, prompting industry leaders to emphasize machine learning and the use of sensors in wearables. Moreover, skyrocketing demand for smartphones has added a fillip to the mhealth market size which was valued at USD 56.8 billion in 2022 and could observe around 10.8% CAGR from 2023 through 2030. Besides, an exponential penetration of smartphones has encouraged stakeholders to prioritize innovation and advancements in mhealth. End-users envisage the technology as a viable platform for better patient engagement and to boost patient care in remote areas.
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Well-established and emerging players are poised to respond to the global dynamics that can reshape the digital health industry. Some drivers, opportunities and trends are highlighted below:
- The advent of wearable biosensors has boded well for market growth. The havoc wrecked by the COVID-19 outbreak and the shortage of PPE kits compelled healthcare workers to seek wearable biosensors to foster patient monitoring. The trend is expected to continue post-pandemic to minimize the cost of care and facilitate patient care.
- Industry leaders envisage opportunities and challenges in digital health technologies amidst the surging generation of data from electronic medical records, apps, wearables, sensors and laboratory tests. The application of AI and encryption for cybersecurity will likely gain steam to protect data and detect cyber threats.
- Europe is poised to be a favorable destination for stakeholders in the light of rising footfall of mhealth, AI in healthcare and healthcare analytics across the U.K., France, Italy, Germany and Spain.
North America digital health industry share will gain momentum on the heels of the trend for the internet of medical things (IoMT) and bullish demand for healthcare analytics. For instance, the demand for telemedicine and smart sensor technologies rose across the U.S. and Canada to minimize the potential exposure to contagious diseases and streamline communication between doctors and patients. Moreover, blockchain-based EMR could gain ground to reduce the time required to access patient information, and bolster data privacy and security. Industry players expect big data to further receive impetus to forecast admission rates, underpin preventive care and minimize medication errors.
The evolving competitive landscape suggests forward-looking companies could inject funds into technological advancements, innovations, product launches, collaborations and research & development activities. For instance, in January 2023, Philips joined forces with Masimo to enhance telehealth for patients and clinicians globally. Masimo W1 advanced health tracking watch will undergird enterprise patient monitoring ecosystem and provide continuous pulse oximetry measurements and accurate and other health data.
