nForming Digital Health Market Smart Book

The nForming Digital Health Market Smart Books offer a comprehensive compilation of data pertaining to historical revenue, user volume, prices, and other relevant information for each segment. This includes digital health offering type, end-users, application, product and services, and medical conditions, with coverage at both regional and country levels. The data spans the past three years and provides projections up until 2030.

The smart book also provides extensive information on the leading suppliers and their corresponding market shares in the digital health market. The digital health market comprises a range of qualitative factors, including major growth drivers, opportunities, and challenges.

Digital Health Market Investment Opportunities

The digital health market is growing rapidly, and there are a number of investment opportunities available across different segments. Owing to this, venture capital (VC) firms are investing heavily in digital health startups. In 2022, VC firms invested $59.6 billion in digital health startups, which was a 40% increase from the previous year.

Following are some of the VCs actively invested into digital

• Accel is a venture capital firm that has invested in a number of successful digital health companies, including Oscar Health, Livongo Health, and 23andMe.
• Andreessen Horowitz is another major venture capital firm that has invested in digital health companies, including Nurx, Curology, and Grail.
• Google Ventures is the venture capital arm of Google, and it has invested in a number of digital health companies, including Verily, DeepMind, and HealthTap.
• Lightspeed Venture Partners is a venture capital firm that has invested in a number of digital health companies, including Livongo Health, 23andMe, and Oscar Health.
• Sequoia Capital is a venture capital firm that has invested in a number of digital health companies, including Cerner, Athenahealth, and Nuance Communications.

Following are few of the many promising digital health startups that have received VC funding in recent years

• Oscar Health is a health insurance company that uses technology to provide personalized care to its members.
• Livongo Health is a company that provides remote patient monitoring services for people with chronic diseases.
• 23andMe is a company that provides genetic testing services to consumers.
• Nurx is a company that provides prescription birth control and other medications through a telehealth platform.
• Curology is a company that provides personalized acne treatment through a telehealth platform.
• HealthTap is a company that provides on-demand doctor visits through a mobile app.

From 2023 to 2030 following could be few of the most promising segments for investment in the digital health market

• Remote patient monitoring (RPM): RPM is the use of technology to track patient health data remotely. This can be done using wearable devices, sensors, and other technologies. RPM has the potential to improve patient outcomes, reduce healthcare costs, and increase patient satisfaction.
• Virtual care: Virtual care is the use of technology to provide healthcare services remotely. This can be done through video conferencing, telehealth, and other technologies. Virtual care has the potential to improve access to healthcare, reduce healthcare costs, and increase patient satisfaction.
• Personalized medicine: Personalized medicine is the use of a patient’s individual genetic and clinical data to tailor treatment plans. This can be done using genetic testing, data analytics, and other technologies. Personalized medicine has the potential to improve patient outcomes and reduce healthcare costs.
• AI in healthcare: Artificial intelligence (AI) is being used in a variety of healthcare applications, including:
  • Diagnosis and treatment: AI can be used to help diagnose diseases and recommend treatments.
  • Drug discovery: AI can be used to identify new drug targets and design new drugs.
  • Clinical trials: AI can be used to improve the efficiency and effectiveness of clinical trials.
  • Healthcare management: AI can be used to manage healthcare organizations and improve the quality of care.
• Wearables: Wearable devices are becoming increasingly popular, and they can be used to track a variety of health metrics, including heart rate, sleep patterns, and step count. Wearable devices have the potential to improve patient engagement and help people live healthier lives.
• Digital therapeutics: Digital therapeutics are software-based interventions that are designed to treat or manage a medical condition. Digital therapeutics have the potential to provide a more convenient and affordable way to deliver care, and they can be used to reach people who may not have access to traditional healthcare services.

Read more opportunities of digital health market in the Smart Book.

Digital Health Market Drivers and Trends

The digital health market is expected to grow at a CAGR of 15.5% between 2023 to 2030. This market is driven by a number of factors. These include:

• The increasing adoption of mobile technology. Smartphones, tablets, and other mobile devices are becoming increasingly ubiquitous, and this is opening up new opportunities for digital health applications. For example, mobile apps can be used to track health data, provide remote patient monitoring, and deliver educational content.
• The rising prevalence of chronic diseases. Chronic diseases such as diabetes, heart disease, and cancer are becoming increasingly common, and these conditions require ongoing care and monitoring. Digital health solutions can help to manage these conditions more effectively, and they can also help to reduce the cost of care.
• The growing demand for personalized medicine. Personalized medicine is a field of medicine that seeks to tailor treatments to the individual patient. Digital health solutions can help to collect and analyze patient data, which can then be used to develop personalized treatment plans.
• The increasing focus on value-based care. Value-based care is a healthcare delivery model that rewards providers for providing high-quality care at a lower cost. Digital health solutions can help to improve the quality of care and reduce costs, which makes them attractive to value-based care providers.
• The favorable regulatory environment. In recent years, governments around the world have been enacting policies that support the development and adoption of digital health solutions. This has created a more favorable environment for the growth of the digital health market.

These are just some of the factors that are driving the growth of the digital health market. As the technology continues to evolve, we can expect to see even more innovative digital health solutions emerge in the years to come.

The increasing adoption of mobile technology

Mobile technology is becoming increasingly important in healthcare. As the technology continues to evolve, there will be more ways that mobile devices can be used to improve healthcare delivery.

Here are some mobile technology statistics in healthcare from 2022-2023:

• The most popular apps are those that track fitness and wellness (40-42%), followed by those that provide medical information (33-35%) and those that connect patients with healthcare providers (25%).
• The average person spends from 8 to 12 minutes per day using Mobile Health Application.
• The most common uses of mHealth apps in healthcare are for chronic disease management (40-45%), patient education (35-38%), and remote patient monitoring (30-35%).
• ~65% of healthcare organizations in the United States use Mobile Health Application.
• 5G is expected to have a major impact on the mHealth market, as it will enable faster data transfer and more reliable connectivity

Further increasing adoption of the mobile technologies will be fueling digital health market.

• Number of mobile users worldwide: In 2023, there will be 7.33 billion mobile users worldwide, and this number is expected to reach 7.49 billion by 2025. (Source: bankmycell.com)
• Number of smartphones in use: In 2023, there will be 6.92 billion smartphones in use worldwide, and this number is expected to reach 7.33 billion by 2025. (Source: bankmycell.com)
• Penetration of mobile internet: In Jany 2023, 92.3% and 91.0% of the total users of mobile devices and smartphones were using the internet. (Source: Kepios, Exploding Topics)
• More the yearly growth rate of mobile, smart phone and internet users is expected to remain between 0.8% to 2.0% till 2030.

These statistics show that mobile technology has the potential to revolutionize healthcare. As the technology continues to evolve, we can expect to see even more ways that mobile devices can be used to improve the lives of patients and healthcare providers alike.

Read all major drivers and trends of digital health market in the Smart Book.

Digital health Market for New Entrants

The digital health market is a highly competitive market, and it can be difficult for new entrants to succeed. Here are some of the challenges that new entrants face in the digital health market:

• Established players: The digital health market is already dominated by a number of well-established players, such as Apple, Google, and Amazon. These companies have significant resources and brand recognition, which can make it difficult for new entrants to compete.
• Regulatory hurdles: The digital health market is also subject to a number of regulatory hurdles, which can make it difficult for new entrants to bring products to market. For example, the FDA has strict regulations for medical devices, which can make it difficult for new entrants to develop and market new devices.
• Technology challenges: The digital health market is constantly evolving, and new entrants need to be able to keep up with the latest technological trends. This can be a challenge, as the technology landscape in digital health is constantly changing.
• Customer Adoption: New entrants also need to be able to convince customers to adopt their products. This can be a challenge, as customers may be reluctant to switch to new products from established players.

Despite these challenges, there are still opportunities for new entrants in the digital health market. The market is growing rapidly, and there is a demand for new and innovative solutions. New entrants that can overcome the challenges and provide valuable solutions to customers have the potential to be successful in the digital health market.

Here are some tips for new entrants in the digital health market:

• Focus on a niche: The digital health market is broad, and it can be difficult for new entrants to compete in all areas. Instead, focus on a specific niche where you can provide a unique value proposition.
• Partner with established players: Partnering with established players can help you to gain access to their resources, expertise, and customer base. This can be a valuable way to accelerate your growth.
• Be innovative: The digital health market is constantly evolving, and new entrants need to be able to keep up with the latest trends. This means being innovative and developing new and innovative solutions.

Build a strong brand: In a crowded market, it is important to build a strong brand that will differentiate you from your competitors. This means focusing on your unique value proposition and communicating it effectively to your target audience.

Read more competitive developments in the Digital Health Market Smart Book.

Digital Health Market’s Key Suppliers

• Allscripts Healthcare Solution, Inc.
• Cerner Corporation
• Cisco system
• eCINCICALWORKS
• General Electric company
• Koninklijke Philips N.V.
• Honeywell International Inc.
• Mckesson Corporation
• Siemens Healthcare AG
• Qualcomm technology Inc.
• AT&T Inc.
• AirStrip Technologies LP
• Alcatel-Lucent Corporation
• Symantec Corporation
• Agfa-Gevaert N.V.
• Epic Systems Corporation

Digital Health Market Segmentation: