Global Digital Health Market and Trends 2023

Prompted by COVID-19, online healthcare is gaining momentum globally

The digital health market is forecasted to maintain positive growth between 2022 and 2025, reaching a value close to EUR 900 billion by 2025

Despite the forecasted surge in the digital health market, total digital health funding saw a slump in 2022

The global adoption of digital healthcare solutions is transforming the conventional healthcare market. Patients and medical professionals are embracing telemedicine, health apps, wearables, and disease management tools. The digital health market is projected to grow at a double-digit CAGR between 2022 and 2032, reaching close to EUR 900 billion by 2032, according to a report by the analyst. Investments in digital health companies have been flowing in due to their growth potential. Significant investment is directed towards companies focusing on social determinants of healthcare and expanding affordable healthcare services. However, total digital health funding witnessed a decline of nearly -50% between 2021 and 2022 due to macroeconomic challenges, including inflation, interest rate hikes, and supply chain issues. Investor risk aversion also contributed to the decline, with a focus on avoiding late-stage deals and high-valuation startups. Despite the funding decline, the changing digital health market continues to attract investors. It is anticipated that in 2023, investments in digital healthcare will be directed toward alternative healthcare models, such as out-of-hospital care. Additionally, the home-based caregiving market, providing long-term care to patients after chronic illness or injury, emerged as a trend in 2022 and is expected to see increased investment in 2023. Although digital health funding decreased, the USA generated the highest digital health funding in Q4 2022 compared to other regions, reaching nearly EUR 2,000 million, as reported by yStats.com. Health IT and telehealth were the top two segments that dominated total digital health funding globally during that period.

The digital health market is witnessing a boom in growth against the backdrop of emerging trends such as connected health, telehealth, and AI in healthcare

The global digital health industry is rapidly advancing due to technological innovations and emerging trends. AI, telehealth, and telemedicine are transforming the traditional healthcare market. AI enables early detection of conditions, reduces healthcare costs, and improves treatment efficiency and accuracy. Healthcare leaders worldwide are investing heavily in AI, with over half planning to prioritize it. In the USA, one-third of physicians aim to adopt AI within a year for practice efficiency and clinical applications. Telehealth is also gaining popularity, with many Americans accessing healthcare through telemedicine. Prescription refills, minor illnesses, and mental health conditions are the top segments for telemedicine use. Europe expects telehealth to enhance diagnosis in the next 3-5 years. Telephone-based telehealth is preferred in countries like Canada, Spain, and the USA.

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Questions Covered in the Report: 

• What is the projected value of the digital health market by 2032?
• Which countries ranked highest in the adoption of predictive analytics in clinical settings worldwide as of March 2022?
• Which digital health segment received the highest funding as of Q4 2022?
• What were the most popular methods of accessing telemedicine among adults in the USA in 2022?
• According to clinicians in Europe, what are the top technologies in digital healthcare expected to enhance the efficiency of diagnosis in the next 3-5 years as of 2022?

Countries Covered:

• Austria
• Brazil
• Canada
• China
• France
• Germany
• India
• Italy
• Mexico
• Netherlands
• Spain
• Switzerland
• UAE
• UK
• USA.