Digital Specialist and Chronic Care Market Research Report - Segmentation by Solution Type (On-Premise, Cloud-Based, Web-Based); Service Type (Telehealth and Telemedicine, Remote Monitoring Services, Digital Therapeutics, E-prescription Services, Education Services, Others); Technology (Mobile Health (mHealth), Wearable Devices, Internet of Medical Things (IoMT); Artificial Intelligence and Machine Learning, Big Data Analytics, Blockchain, Others); End Users (Hospitals and Clinics, Home Care Settings, Long-term Care Facilities, Rehabilitation Centers, Health Payers, Health Providers, Others (e.g., governments, employers); and Region - Size, Share, Growth Analysis | Forecast (2024 2030)

Digital Specialist and Chronic Care Market Size (2024 - 2030)

The digital specialist and chronic care market, valued at USD 835.03 Billion in 2023, is anticipated to achieve USD 24.03.03 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 16.3% during the forecast period spanning from 2024 to 2030.

Market Size Overview

Comprising diverse components such as mobile health (mHealth), telemedicine, telehealth, wearable devices, digital therapeutics, and e-prescription services, digital specialist and chronic care solutions represent a transformative force in healthcare. The integration of artificial intelligence and machine learning has played a pivotal role in advancing these technologies, offering improved disease diagnosis, treatment precision, and personalized healthcare delivery. Leveraging computing platforms, software, connectivity, and sensors, these solutions extend across applications ranging from general wellness to medical products, encompassing companion diagnostics, medical devices, drugs, and biologics. They serve as invaluable tools for healthcare providers and stakeholders, addressing inefficiencies, enhancing access, reducing costs, ensuring quality, and delivering personalized medical treatments to patients. Notably, digital tools, including smartphones, social networks, and internet applications, empower patients to monitor and manage their health proactively.

Global Digital Specialist and Chronic Care Market Drivers:

Escalating Prevalence of Chronic Diseases

The global surge in chronic diseases, such as diabetes, hypertension, heart disease, arthritis, and obesity, fuels the demand for digital specialist and chronic care services. Telemedicine, telehealth, remote patient monitoring, and digital therapeutics emerge as cost-effective strategies to monitor patients with chronic conditions. Enabling patients to use home monitoring devices for daily vital sign tracking, these solutions empower healthcare practitioners to exercise better control over patient health, facilitating prompt responses to medical emergencies.

Improved Healthcare Access in Remote Areas

Enhanced access to healthcare services in geographically remote or disaster-affected areas is a key catalyst for the digital specialist and chronic care market. Technologies like telehealth, telemedicine, remote patient monitoring, and mobile health overcome challenges associated with delivering consistent healthcare in such locations. By enabling emergency medical care remotely, these solutions prove particularly beneficial for individuals residing in hard-to-reach remote areas, sparing them the need for strenuous journeys to access clinical healthcare services.

Global Digital Specialist and Chronic Care Market Challenges:

The global digital specialist and chronic care market grapples with challenges primarily related to building trust with patients and addressing technical limitations. Establishing and maintaining connections with patients during remote consultations pose difficulties, especially for new patients unfamiliar with digital medical practices. Challenges also arise in collecting and exchanging patient records among different medical practices. Successful implementation of digital specialist and chronic care services necessitates reliable internet connections for both healthcare providers and patients, access to specialized healthcare devices for remote monitoring, and patient familiarity with technical aspects of healthcare applications.

Global Digital Specialist and Chronic Care Market Opportunities:

Advancements in technology present lucrative opportunities for the global digital specialist and chronic care market. The increasing demand for these technologies, driven by enhanced healthcare access, patient engagement, improved outcomes, and reduced expenses, positions businesses specializing in digital specialist and chronic care for significant gains. Integration of artificial intelligence (AI), machine learning (ML), and enhanced sensor technology in healthcare devices can yield more precise and comprehensive health data, providing personalized insights and recommendations. This evolution has the potential to lead to more accurate diagnoses, early detection of health issues, and improved treatment recommendations, ultimately expanding customer bases and boosting overall revenue.

COVID-19 Impact on the Global Digital Specialist and Chronic Care Market:

The COVID-19 pandemic presented both challenges and opportunities for the global digital specialist and chronic care market. Disruptions in supply chains and distribution initially hindered the market's growth. However, as patients sought remote health monitoring and communication with healthcare professionals, the pandemic accelerated the adoption of digital specialist and chronic care services such as telehealth, telemedicine, remote patient monitoring, and mHealth. For instance, connected telehealth devices for remote monitoring played a crucial role in preventing disease exacerbations and reducing the necessity for in-person visits.

Global Digital Specialist and Chronic Care Market Recent Developments:

In May 2023, Siemens Healthineers AG collaborated with Scorpio Labs, providing digital cell morphology technology for hematology microscopy and diagnostics.

In February 2023, GE HealthCare Technologies Inc. signed an agreement with My Clinic in Saudi Arabia to offer high-tech precision diagnostic and imaging solutions.

In April 2020, Omron Healthcare, Inc. partnered with AliveCor to combine ECG technology with blood pressure devices, aiming to enhance remote patient care.

Global Digital Specialist and Chronic Care Market Segmentation:

By Solution Type

• On-Premise
• Cloud-Based
• Web-Based

In 2022, the cloud-based segment dominated the market share, experiencing growth attributed to increased adoption by healthcare professionals and patients. This shift is fueled by the introduction of technologically advanced solutions. Cloud-based platforms offer easy data accessibility, ample storage, data-sharing capabilities, scalability, and robust data security. They present a cost-effective alternative to on-site data centers and a more secure option than storing data on personal computers.

By Service Type

• Telehealth and Telemedicine
• Remote Monitoring Services
• Digital Therapeutics
• E-prescription Services
• Education Service
• Others

The telehealth and telemedicine segment led the market share in 2022. This growth is credited to the surging popularity of these services, driven by advancements in communication technologies, computer science, informatics, and medical technologies. Telehealth and telemedicine services enable remote communication between healthcare providers and patients, catering to individuals unable to receive in-person healthcare due to location, mobility, or time constraints. These services often involve healthcare devices recording data, such as blood pressure and heart rate, for remote monitoring by healthcare experts.

By Technology

• Mobile Health (mHealth)
• Wearable Devices
• Internet of Medical Things (IoMT)
• Electronic Health Records (EHR)
• Artificial Intelligence and Machine Learning
• Big Data Analytics
• Blockchain
• Others

In 2022, the mobile health (mHealth) segment held the highest market share, driven by the widespread use of mobile technology globally. mHealth involves practicing medicine and healthcare through smartphones, tablets, laptops, wearables, and medical devices. In underdeveloped countries, mHealth aims to gather information swiftly for diagnosing illnesses, monitoring disease outbreaks, and disseminating critical health information promptly, especially in remote areas lacking immediate access to healthcare professionals.

By End Users

• Hospitals and Clinics
• Home Care Settings
• Long-term Care Facilities
• Rehabilitation Centers
• Health Payers
• Health Providers
• Others (e.g., governments, employers)

In 2022, the healthcare providers segment held the highest market share. This growth is attributed to increased adoption of digital specialist and chronic care services among healthcare providers, enhancing convenience by facilitating quick access to patient health records. These services also contribute to real-time quality reporting, improved data management, and enhanced decision-making, ultimately alleviating the burden on healthcare facilities.

By Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

North America secured the largest share of the global digital specialist and chronic care market in 2022. The region's growth is fueled by the rising incidence of chronic diseases, a well-established healthcare industry in the United States and Canada, and early adoption of advanced healthcare technologies and services. Notable market players in North America include GE HealthCare, McKesson Corporation, iHealth Labs, Inc., AirStrip Technologies, and Teladoc Health, Inc.

Asia-Pacific is anticipated to witness the fastest expansion over the forecast period due to increasing prevalence of chronic conditions, technological advancements in healthcare industries of countries such as China, India, and Japan, growing internet penetration, and rising adoption of mobile devices.

Global Digital Specialist and Chronic Care Market Key Players:

1. GE HealthCare (United States)
2. Koninklijke Philips N.V (Netherlands)
3. Omron Healthcare Inc. (Japan)
4. McKesson Corporation (United States)
5. Siemens Healthineers AG (Germany)
6. iHealth Labs, Inc. (United States)
7. Medtronic plc (Ireland)
8. AirStrip Technologies (United States)
9. Teladoc Health, Inc. (United States)
10. Dexcom, Inc. (United States)