Digital healthcare involves the use of digital and electronic healthcare technology to help improve access to care and treatment, monitor health conditions or communicate with healthcare providers remotely. These digital healthcare tools include electronic health records, telemedicine, mobile health apps and wearable devices that can monitor vital signs and activity levels. Digital healthcare offers advantages like remote monitoring capabilities that improve patients’ quality of life and allow them to remain at home. It also provides clinicians with real-time access to health data that helps facilitate faster diagnosis and treatment while reducing healthcare costs through more efficient delivery solutions.
The Global Digital Healthcare Market is estimated to be valued at US$ 5902.43 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period from 2024 to 2030.
Key Takeaways
Key players operating in the digital healthcare are AgSource, AgroLiquid, Crop Nutrition Laboratory Services Ltd., Element Materials Technology, Eurofins Scientific, Picketa Systems Inc., Spectrum Analytic, Soilscape Solutions, Wallace Laboratories LLC., Ward Laboratories, Inc., Waters Agricultural Laboratories, Inc. The increasing demand for remote patient monitoring and mobile health apps is driving the growth of the digital healthcare market. The growing awareness about telemedicine and the need to expand healthcare access in rural areas is further fueling the market expansion. Major players are focusing on partnerships and mergers and acquisitions to strengthen their geographic presence across regions.
Market key trends
The growing prevalence of chronic diseases is driving the adoption of Digital Healthcare technologies. Remote patient monitoring tools allow the monitoring of health conditions like diabetes, cardiovascular diseases and respiratory illnesses from home. This trend is expected to further surge demand over the forecast period. Another major trend is growing emphasis on personalized healthcare where digital tools help clinicians develop customized treatment plans based on a patient’s medical history, symptoms and genetic profile. Technologies like AI and blockchain are also being utilized to develop more powerful digital tools and solutions that help improve health outcomes. Data analytics capabilities of digital healthcare platforms help glean valuable insights that can enhance clinical decision making.
Porter’s Analysis
Threat of new entrants: New players need large capital investment to enter the digital healthcare industry due to stringent regulations.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of established players and differentiated products and services.
Bargaining power of suppliers: Suppliers have low bargaining power due to presence of many players supplying raw materials and components.
Threat of new substitutes: Threat of substitutes is low as digital healthcare offers unique monitoring and treatment benefits.
Competitive rivalry: The industry sees high competition owing to presence of established global players offering similar product portfolios.
Geographical regions:
North America accounts for the largest share of the global digital healthcare market, valued at around US$ 2.3 billion in 2024 owing to increasing healthcare expenditure and presence of advanced IT infrastructure.
Asia Pacific is poised to grow at the fastest pace during the forecast period. This can be attributed to rising healthcare awareness, improving healthcare facilities, and growing medical tourism industry in countries such as India and China.
Geographical Regions:
North America accounts for the largest share of the global digital healthcare market, valued at around US$ 2.3 billion in 2024 owing to increasing healthcare expenditure and presence of advanced IT infrastructure.
Asia Pacific is poised to grow at the fastest pace during the forecast period. This can be attributed to rising healthcare awareness, improving healthcare facilities, and growing medical tourism industry in countries such as India and China.