The market for digital health was valued at USD 181 billion in 2023–2024 and is expected to reach USD 279 billion by 2030, growing at a compound annual growth rate (CAGR) of 64%. Digital health includes a range of tools and platforms, including wearable technology, telemedicine, electronic health records (EHRs), mobile health (mHealth) apps, and health information systems. The market is growing due to the rise of AI, IoT, and big data. Enhancing patient outcomes, improving healthcare delivery, and enabling people to take charge of their own health are the main goals of digital health.

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Since software improves patient care, healthcare delivery, and overall health outcomes through the use of digital tools, it is predicted to be the segment of the digital health market with the fastest rate of growth. Software is created to increase patient-physician communication, expedite procedures, and provide creative solutions for patients and healthcare providers. Many market participants are focusing their efforts on creating cutting-edge platforms that will make it easier for patients to access digital products. The healthcare company AmerisourceBergen created and introduced “DTx Connect” in July 2022. The purpose of this fully integrated ordering, dispensing, and fulfillment platform is to expedite patient access to digital therapeutics and diagnostics prescribed by physicians. Electronic medical records (EMR) are seamlessly integrated into this platform, giving doctors easy access to patient data. Using their e-prescribing workflow, doctors can prescribe both prescription and over-the-counter DTx and track patient fulfillment.

Digital Health Market

Telehealth involves utilizing digital communication technologies to provide healthcare services remotely. This includes the exchange of medical information and the delivery of clinical care through virtual means, allowing healthcare professionals to engage with patients, diagnose conditions, monitor health remotely, and conduct consultations without requiring physical visits. The rising prevalence of chronic disease and the changing shift of medical services towards remote monitoring are shaping the digital health market. Telehealth offers personalized health solutions and enables regular check-ins and monitoring of chronic conditions.

For instance, in February 2023, Softermii, a US-based software development company stated that according 2022 survey in the US, 38% of patients accessed healthcare through telehealth services. In the aftermath of the pandemic, telemedicine has evolved into an essential component of basic medical services.

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Asia Pacific is the fastest growing market due to the growing aging population and rising adoption of advanced technology integrated with digital health. AI holds the promise of enhancing care by making it more efficient and accessible to a broader population. Despite its potential benefits, the advancement of AI initiatives in healthcare has been hindered by substantial concerns regarding patient safety and a shortage of high-quality data.

This scenario is undergoing transformation, and progress is already evident. According to Asian Hospital & Healthcare Management, healthcare organizations are at the forefront of AI investment. The study revealed that 44% of surveyed healthcare organizations reported a consistent increase in AI investment across various major business functions.

The key companies in the digital health market are actively working on technological innovation to sustain their position in global market. The digital health market is dominated by key players such as Abbott, Beckman Coulter, Medtronic, J&J MedTech, Philips Healthcare, GE Healthcare, Abbott, Siemens Healthineers, Teladoc, Samsung Healthcare, and McKesson.

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