A Quick Glimpse at the Digital Health Market
The digital health landscape is constantly evolving. According to CB Insights, the global digital health market surged to a value of $180.2 billion in 2023 and is poised to accelerate to $549.7 billion by 2028, showcasing a staggering Compound Annual Growth Rate (CAGR) of 25.0%.
But what does this mean for digital health founders? Take a look at the investment breakdown provided by CB Insights for the year 2023:
Care Delivery & Navigation Tech: This sector secured the lion's share of funding, boasting $837 million.
Monitoring, Imaging, & Diagnostics Tech: Close behind, this segment raised $501 million.
Health Insurance & RCM Tech: Not to be overlooked, this category garnered $295 million in investments.
Understanding these investment trends is paramount for you as a digital health founder. It serves as validation for your market, provides insights into the competitive landscape, aids in strategizing your capital approach, and uncovers growth opportunities within the industry.
Remember, your competitive advantage lies in your ability to deeply understand your customer and your market. Taking a step back from the day-to-day fundraising grind to analyze market trends and consumer behavior can lead to more informed decisions and a sharper go-to-market strategy.
When was the last time you stepped back and analyzed your market, trends, and consumers?
As a former founder I can tell you I thought about doing this way more than I actually took the time to do it.Now, on the other side of the fence, I know firsthand the importance of this analysis.
If you're looking to decipher market trends and position yourself for investment success, feel free to reach out for advice.
