Wednesday, 08 May 2024
Chronic Disease Management Segment, by Application, to Dominate Digital Health Market During 2022–2030
According to our new research study on "Digital Health Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis," the market is expected to grow from US$ 306,443.04 million in 2022 to US$ 1,909,524.56 million by 2030. The market is estimated to register a CAGR of 25.7% from 2022 to 2030. Factors such as increasing internet connectivity and smart device penetration, rising government regulatory support and policy initiatives, and technological development in healthcare IT infrastructure propel the digital health market growth. Furthermore, integrating artificial intelligence (AI) and data analytics in healthcare creates opportunities in the digital health market during 2022–2030.
According to WHO, digital health is the field of information and practice concerned with developing and applying digital technology to enhance health. Digital health broadens the concept of eHealth to encompass digital consumers and a broader spectrum of smart devices and linked equipment. It also includes other digital health applications such as the Internet of Things, artificial intelligence, Big Data, and robots.
Digital Health Market, by Geography, 2022 (%)
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Source: The Insight Partners Analysis
Integration of Artificial Intelligence (AI) and Data Analytics in Healthcare is Creating Opportunities in Digital Health Market
The healthcare industry increasingly utilizes recent AI technologies such as Big Data, machine learning applications, and robots to monitor, detect, and measure risks and benefits. Medical data and analytics are heavily relied upon to enhance procedures and facilitate the administration of medical services. The utilization of artificial intelligence (AI), one of the tools in terms of digital health, is increasing. For instance, according to WHO, 90% of American hospitals will use AI to quickly diagnose chronic conditions, such as cancer and diabetes, by 2025. Digital health is perceived as a strategy in response to the needs arising from the digital transformation in health and innovations in the sector, considering the scenario full of uncertainties and complexities.
Integrating AI tools in healthcare is expected to open various opportunities for the digital health market growth during 2022–2030.
Additionally, key players focus on strategic partnerships, mergers, and collaborations and launching advanced technologies with integrated AI systems. For instance, in March 2023, Nuance Communications, Inc., a part of Microsoft, announced the launch of Dragon Ambient eXperience (DAX) Express. This fully automated clinical documentation application combines conversational and ambient AI with OpenAI's latest and most powerful model, GPT-4. DAX Express is the first application to integrate proven workflow technology with leading-edge AI to create a new standard of intelligence-infused healthcare experiences. Similarly, in April 2023, HCA Healthcare partnered with Augmedix to speed up the development of AI-powered ambient documentation solutions that cater to acute care providers. These solutions will use natural language processing (NLP) and automatic speech recognition (ASR) technology to convert conversations between clinicians and patients into medical notes. The care teams will then review and finalize these notes before being seamlessly integrated into the patient's electronic health records (EHRs).
Furthermore, the study published by the National Bureau of Economic Research in October 2023 estimated that wider adoption of AI in the US healthcare system led to annual savings of US$ 200 billion to US$ 360 billion (in 2019 dollars), which accounts for 5–10% of healthcare spending.
Therefore, as mentioned above, such strategic actions will help digital health market to grow.
Digital health market analysis is carried out by identifying and evaluating key players in market across different regions. Apart from factors driving the market, the digital health market report emphasizes prominent players' developments. Players like Cerner Corporation; Eclinicalworks; Allscripts Healthcare Solutions Inc.; Honeywell International Inc.; Cisco Systems; GE HealthCare; Koninklijke Philips N.V.; Siemens Healthineers AG; Qualcomm Technologies, Inc.; and Fitbit, Inc. are among the key companies operating in the digital health market. The companies have been implementing various strategies that contributed to their growth and led to various changes in the market. The companies utilize organic strategies such as product launches, expansions, and product approvals and inorganic strategies such as collaborations and partnerships.
The digital health market forecast involves the segmentation of the market based on offerings, technology, application, and end user.
The digital health market, by offering, is segmented into software, services, and hardware. The services segment held the largest digital health market share in 2022 and is anticipated to register the highest CAGR during 2022–2030.
The digital health market, by technology, is segmented into mHealth, tele-healthcare, digital health systems, and others. The mHealth segment held the largest digital health market share in 2022. The tele-healthcare segment will grow fastest from 2022 to 2030.
The digital health market, by application, is segmented into chronic disease management, behavioral health, health and fitness, and others. In 2022, the chronic disease management segment held the largest market share.
The digital health market, by end user, is segmented into hospitals & clinics, patients & consumers, and others. The hospitals and clinics segment held the largest share in 2022.
Based on geography, the digital health market report is primarily divided into North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, the UAE, Saudi Arabia, and Rest of Middle East & Africa), and South & Central America (Argentina, Brazil and the Rest of South & Central America). The strategic presence of key players positioned North America as a key region for the digital health market growth in 2022. For instance, US based, Malama Health enables HIPAA-compliant remote diabetes monitoring in pregnancy. In August 2022, they signed 5 pilot partners, including Stanford Hospital and Santa Clara Valley Medical intending to lower C-section and preterm birth rates by making it easy for patients and providers to track glucose and meal data.
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