Digital health refers to the use of information technology/electronic communication tools, services and procedures to provide healthcare services or to promote improved health care.
The digital health market consists of sales of digital health services by entities (organizations, sole traders and partnerships) that are engaged in using digital health technologies to provide digital health services for the smooth functioning of healthcare-related services.
The global digital health market was valued at $98,096.93 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 18.0%.
Increase In Demand For Personalized Medicine
During the historic period, an increase in demand for personalized medicine drove the growth of the digital health market. Personalized medicine, also known as precision medicine or individualized medicine, is an approach to medical care that aims to tailor treatments and interventions to the specific characteristics of each patient. Personalized medicine is increasing due to advancements in genomics, big data analytics, targeted therapies, companion diagnostics, patient-centric approaches and regulatory support. Digital health enhances personalized medicine by facilitating the collection, analysis and utilization of personalized health data, enabling tailored treatment plans, proactive monitoring, patient engagement and informed decision-making. In October 2022, according to the Personalized Medicine Coalition's latest estimates, more than 75,000 genetic testing products and 300 personalized medicines were on the market for people with multiple types of cancer, genetic rare diseases and a range of chronic and infectious diseases. Therefore, the increase in demand for personalized medicine drove the growth of the digital health market.
Focus On Launch Of Digital Innovation Businesses
Companies in the digital health market are focusing on the launch of innovative businesses, to strengthen their position in the market. For instance, in November 2023, AstraZeneca plc, a UK-based pharmaceutical company, launched Evinova, a health-tech business. Evinova prioritizes the commercialization of established and enhanced digital technology solutions utilized globally by AstraZeneca to optimize clinical trial design and execution. This approach aims to reduce both time and costs associated with drug development, facilitate localized patient care and alleviate pressure on healthcare systems. Additionally, with a robust pipeline of digital innovations, Evinova explores opportunities in digital therapies and remote patient monitoring.
The global digital health market is concentrated, with a small number of large players dominating the market. The top ten competitors in the market made up 44.57% of the total market in 2022.
Digital Health Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global digital health market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for digital health? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The digital health market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider digital health market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by technology, by application and by end-user.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the digital health market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by technology, by application and by end-user in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for digital health providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Technology: Mobile Health (M Health); Health Information Technology; Telehealth; 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
- Companies Mentioned: McKesson Corporation; International Business Machinery Corporation; Abbott Laboratories; Medtronic plc; Cisco Systems Inc.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; digital health indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.