Global Digital Health Outlook and Growth Opportunities, 2024

Global Digital Health Outlook and Growth Opportunities, 2024

The Move to Deliver Care Beyond Hospital Walls and Unique AI Use Cases will Ensure Transformational Growth

RELEASE DATE
24-Apr-2024
REGION
North America
Deliverable Type
Market Outlook
Research Code: K9F4-01-00-00-00
SKU: HC_2024_686
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Description

The digital health industry has maintained a consistent growth trajectory. Investing in technologies that help organizations achieve the quintuple aim of healthcare is a constant priority. However, high inflation and tight monetary policy will impact the investment landscape as it shifts from top-line growth to profitability.

The use of AI technology to improve clinical and operational workflows will be at the top of the agenda of healthcare facilities. Gen AI will be the undeniable truth in every organization’s digital strategy. The convergence of telehealth technologies to create a digital workforce will become a key enabler in addressing workforce shortage and moving care closer to the patients.

The interest in meeting the patients where they are is leading to the growth of new partnership models to achieve better equity. More provider-vendor ecosystems will emerge to improve product development while minimizing data breaches. As the focus changes to making care facilities smarter by increasing the adoption of IoT sensors, dynamic AI, cloud, and robotics, provider and payer enablement will become the key discussion point. Change management initiatives will require stakeholder education to understand the pros and cons of newer technology initiatives and work alongside these to improve clinical and operational processes.

Author: Sagar Mukhekar

Table of Contents

Key Highlights

The 2023 Digital Health Market—Forecast vs. Actual

Top Digital Health Predictions for 2024

Growth Environment

Why is it Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top Three Strategic Imperatives on Digital Health Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Segmentation

Definitions

Key Trends in Digital Health

Advancements in Healthcare Delivery

Technology Innovation and Organic Growth

M&A—The Preferred Route for Inorganic Growth

The Impact of Dynamic AI on the Digital Health Industry

The Impact of Dynamic AI on the Digital Health Industry (continued)

The Impact of Dynamic AI on the Digital Health Industry (continued)

Top Macroeconomic Factors Impacting the Digital Health Industry

High Inflation and Interest Rates

Investment

Mergers & Acquisitions and Top VC Deals

Workforce Shortage

Forecast Methodology and Assumptions

Revenue Forecast

Revenue Forecast by Segment

Revenue Forecast by Region

Trend Analysis by Region

Trend Analysis by Region

Prediction 1—Generative AI will Become a Key Part of the Digital Strategy; The Focus will be on Adoption Across Clinical and Operational Use Cases

Prediction 2—Meeting Patients Outside the Traditional Four Walls will Become Popular; Care at Home and Alternative Sites will See a Growing Preference

Prediction 3—Business Model Innovation will Take Pace in Retail Health

Prediction 4—Staff Shortage will Continue to Plague the Healthcare Industry, Even as Leaders Look at Virtual and AI Models for Possible Solutions

Prediction 5—ROI will be the Biggest Concern Among Digital Health CEOs

Patient IT, 2024—Industry Snapshot

Provider IT, 2024—Industry Snapshot

Payer IT, 2024—Industry Snapshot

Digital Health Attractiveness

Regional Digital Health Attractiveness Ranking and Mapping

Digital Health Attractiveness Ranking and Mapping—North America

Digital Health Companies to Action—North America

Digital Health Attractiveness Ranking and Mapping—Europe

Digital Health Companies to Action—Europe

Digital Health Attractiveness Ranking and Mapping—APAC

Digital Health Companies to Action—APAC

Digital Health Attractiveness Ranking and Mapping—LATAM

Digital Health Companies to Action—LATAM

Digital Health Attractiveness Ranking and Mapping—MEA

Digital Health Companies to Action—MEA

Conclusions and Future Outlook

Growth Opportunity 1: Generative AI Based on Small and Large Language Models

Growth Opportunity 1: Generative AI Based on Small and Large Language Models (continued)

Growth Opportunity 2: Virtual Care

Growth Opportunity 2: Virtual Care (continued)

Growth Opportunity 3: Digital Health Initiatives in the Middle East

Growth Opportunity 3: Digital Health Initiatives in the Middle East (continued)

Your Next Steps

Why Frost, Why Now?

List of Exhibits

Legal Disclaimer

The digital health industry has maintained a consistent growth trajectory. Investing in technologies that help organizations achieve the quintuple aim of healthcare is a constant priority. However, high inflation and tight monetary policy will impact the investment landscape as it shifts from top-line growth to profitability. The use of AI technology to improve clinical and operational workflows will be at the top of the agenda of healthcare facilities. Gen AI will be the undeniable truth in every organization s digital strategy. The convergence of telehealth technologies to create a digital workforce will become a key enabler in addressing workforce shortage and moving care closer to the patients. The interest in meeting the patients where they are is leading to the growth of new partnership models to achieve better equity. More provider-vendor ecosystems will emerge to improve product development while minimizing data breaches. As the focus changes to making care facilities smarter by increasing the adoption of IoT sensors, dynamic AI, cloud, and robotics, provider and payer enablement will become the key discussion point. Change management initiatives will require stakeholder education to understand the pros and cons of newer technology initiatives and work alongside these to improve clinical and operational processes. Author: Sagar Mukhekar
More Information
Deliverable Type Market Outlook
Author Sagar Mukhekar
Industries Healthcare
No Index No
Is Prebook No
Podcast No
WIP Number K9F4-01-00-00-00