Global Digital Medicines Market Overview:
Digital medicine refers to use of evidence based technology and product that rely on health information to diagnose, prevent, monitoring or treat disease and disease conditions. Technologies such as telemedicine are redefining how doctors and patients interact. Digital medicine technology is more privileged then current medical practice since it is more precise and effective technology. Due to the growing number of chronic disease the market of digital medicine is growing while some of the factor like high cost associated with it is hampering the growth of market. Some of the key players profiled in the study are 2Morrow (United States), Livongo Health (United States), WellDoc (United States), Wellthy Therapeutics (India), Ayogo Health (Canada), Proteus Digital Health (United States), Omada Health (United States), Noom (United States), Pear Therapeutics (United States) and Propeller Health (United States).
On the basis of geography, the market of Digital Medicines has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Wearables will boost the Digital Medicines market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Personal will boost the Digital Medicines market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Growing usage of smartphones in healthcare
- Benefits associated with the digital medicines
- Growing number of population associated with the chronic diseases
- Rapid growth in development of medical software applications
- High cost associated with it
- Trust issue associated with digital medicine
- Rising expenditure in digital healthcare
- Emerging market in many regions
- Unaware about this in many regions
The ingestible sensor component associated with digital medicines was originally approved in 2012 by the U.S. Food and Drug Administration (FDA) through the Center for Devices and Radiological Health via a de novo pathway for novel, low-risk medical devices. This approval has been accompanied by FDA 510(k) clearances. The ingestible sensor is CE marked in Europe.
The market is consolidated, with a few leading players. Key companies are indulging in various strategies to expand. Those include product launch, and mergers and acquisitions. The players are working hard to expand their reach and increase their consumer base all over the globe.
Target Audience:Digital Medicines Developers, Academic research institute, Hospitals and Clinics, Pharmaceuticals companies, Biotechnology companies, Contract research organization and Market research and consulting firms
Major Objectives Focused through this Study To define, describe, and forecast the Global Digital Medicines market on the basis of product [Mobile Health, EMR/EHR, Telehealth and Wireless Health] , application [Diabetes, Mental Health, Heart Disease, Smoking, Drug Non-adherence, Obesity, COPD and Asthma], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Digital Medicines market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Digital Medicines industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization: Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are Akili Interactive Labs, Voluntis and AliveCor.
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Digital Medicines market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.