• Digital Health

Digital Health Market Set to Reach $809 Billion by 2030: Key Insights

April 27, 2023

Despite funding challenges and macroeconomic uncertainties, the global digital health market is projected to reach a staggering $809.2 billion by 2030, according to a report by market research firm Grand View Research. 

 

The report highlights several key takeaways that shed light on the growth and trends within the digital health industry.

Robust Growth in the U.S. Digital Therapeutics Market

The report predicts that the U.S. digital therapeutics market will reach $10.5 billion by 2030. Digital therapeutics, which encompass software-based interventions for preventing, managing, or treating medical conditions, are gaining traction as effective healthcare solutions.

 

• North America accounted for a high revenue share of 44.3% in 2022. However, Asia Pacific is estimated to exhibit the fastest CAGR value of 21.8% during the forecast period. Growing investment in healthcare infrastructure, an increasing number of start-ups, and increasing penetration of smartphones and internet connectivity are projected to fuel the market growth.

Key Players in the Digital Health Market

Cerner, Allscripts, Google, and Epic are identified as key players in the digital health market. These companies have significantly contributed to advancing digital health technologies and are well-positioned to drive innovation and shape the industry’s future.

Drivers of Market Growth

The proliferation of smartphones, advancements in internet connectivity, and improvements in healthcare infrastructure are identified as primary drivers behind the growth of the digital health market.

 

Telemedicine and telehealth revenue share reached 41.5% in 2022. The increasing adoption of digital health solutions, such as telehealth and telemedicine services, remote patient monitoring, and mobile health applications, is revolutionizing healthcare delivery and empowering patients to actively manage their well-being.  

Regional Trends

While North America currently holds a significant share (44.3%) of the global digital health market, the Asia Pacific region is experiencing the highest growth during the forecast period at 21.8%. Factors such as a large population, rising healthcare investments, and the rapid adoption of digital technologies contribute to the region’s growth potential in the digital health sector.

Impact of the COVID-19 Pandemic

The COVID-19 pandemic has had a positive effect on the digital healthcare market. With lockdowns and social distancing measures in place, patients have increasingly turned to telehealth and remote monitoring solutions to access healthcare services. This shift in patient behavior has accelerated the adoption of digital health technologies, driving market growth and highlighting the value of virtual care.

 

Furthermore, the global digital health market is poised for substantial growth, with a projected value of $809.2 billion by 2030. The rise of digital therapeutics, the presence of key industry players, technological advancements, and changing patient preferences are driving this expansion. 

 

As digital health solutions continue to transform healthcare delivery, regions like Asia Pacific are emerging as important growth hubs. The COVID-19 pandemic has further propelled the adoption of digital health technologies, emphasizing the importance of telehealth and remote care in ensuring accessible and efficient healthcare services.