Digital healthcare market predicted to hit $836bn by 2031

The global digital healthcare market is on a trajectory for significant expansion, with a projected value of $836.10 billion by 2031, according to a report. 

The report, published by Coherent Market Insights on 4 July 2024, says this represents a compound annual growth rate (CAGR) of 21% from 2024, highlighting the increasing adoption of digital technologies in healthcare delivery.

It notes that “various healthcare organisations have started implementing telehealth solutions to provide care to patients from remote locations and reduce disease exposure in clinical settings”.

This shift towards remote care, fuelled by the Covid-19 pandemic, is a major driver of growth in the digital healthcare market, according to the report.

It also credits the ageing population and the associated need for remote patient monitoring as a further driver for the market’s growth.

The report also identifies growing investments and initiatives in digital transformation across healthcare systems as a key contributor to market growth.

It says the launch of new products is a significant driver for the digital healthcare market, including the move towards electronic health records, revenue cycle management solutions and other digital tools that streamline processes and improve data accessibility.

The report adds that healthcare analytics accounts for more than 30% market share.

Data-driven insights from healthcare analytics solutions help in population health management, clinical variability reduction and financial performance.

It also notes that the mobile health segment is rapidly growing, including apps and solutions which enable remote monitoring of patients, medical personnel connectivity or delivery of healthcare services and information.

Restraints and challenges identified by the report include data security and privacy concerns, along with the lack of digital infrastructure in developing regions.

Digital Health Intelligence released its latest report in June 2024, analysing picture archiving and communication system and radiology information system market changes across English NHS acute trusts from September 2018 to May 2024.