Digital Medicine Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Technology, Application, Regions

Digital Medicine Market Overview:

Digital medicine is a cutting-edge technological technique that has successfully bridged the hitherto unbridged divide between healthcare and digital technology. Scientific medicine established the notion of digital medicine as a result of development in health care, which strives to provide personalized treatment by knowing a patient's biology using wireless sensor technology and other mobile health technologies. Digital medicine technology is superior to existing medical practice because it is more exact, effective, widely disseminated, feasible, and equitable. Measurements of heart rhythm or rate, stress levels, blood pressure, oxygen concentrations, and even management and prevention of chronic or acute illnesses are now available through digital medicine services.

 

The increasing popularity of healthcare IT is credited with the Digital Medicine market's growth. Many corporate and public organizations have already jumped on the IT adoption bandwagon by digitizing their entire operations. Furthermore, Digital Medicine technology enables people to make better choices, allowing them to devote more time on tasks that are more crucial to them, radically changing the market landscape.

 

The COVID-19 pandemic has wreaked havoc on practically every major industry in the world, and the digital medicine sector has reaped the benefits. Several governments in both rich and emerging economies have altered legislation governing the use of digital technologies in healthcare. This has lead to an increase in the adoption of digital medicine technologies, which has benefited the industry's growth. Also driving demand for EHR systems and healthcare analytics is the huge number of cases and the need to track long-term effects of immunizations. The impact is likely to encourage the use of digital medicines, resulting in industry growth. However, as digital health becomes more widely accepted, security breaches and data leaks are becoming more common.

 

 

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Digital Medicine Market Dynamics:

As ABILIFY-, developed by Otsuka Pharmaceutical Co., Ltd., shows, the digital medicine market is still in its infancy. In 2015, the US Food and Drug Administration (USFDA) approved Proteus Digital Health as the first digital pharmaceutical. The worldwide digital medicine industry is predicted to increase rapidly in the near future, thanks to rising smartphone usage, rising healthcare expenditures, software company expansion, a high percentage of the population with chronic conditions, and the proliferation of mobile phones. Other market drivers include the growth of biopharmaceutical and biotechnological institutes, increased R&D investment in digital medicine, and increased awareness of personalized healthcare.

 

Over the projection period, the worldwide digital medicine market will increase due to healthcare professionals' increasing preference for smartphones and tablets for monitoring and tracking patient health. Furthermore, emerging technical improvements in healthcare IT, such as a cloud-based storage system, are likely to propel the target market forward. Growing usage of cloud-based electronic medical records, for example, in order to share electronic records with all healthcare investors for more efficient and seamless operations. Furthermore, rising government initiatives to embrace a variety of healthcare IT technologies, including as electronic medical records, remote patient monitoring, e-prescribing systems, and wearable medical devices, are driving the digital medicine industry forward.

 

One of the factors surging the market's development is the significant increase in the number of health apps. According to data from my health apps blog, there were 325,000 medical, fitness, and health applications on the market in 2017. Health applications advocate for improved communication between patients in rural locations and healthcare providers. Physicians, on the other hand, are increasingly using mobile devices. Because of the low cost of various software programmes, the software industry is expected to increase positively in the future. Furthermore, as people become more aware of various digital medicine technologies for keeping track of their everyday activities and as people's concerns about their health and fitness grow, the industry's need will grow.

 

The abrupt emergence of the COVID-19 pandemic triggered the imposition of stringent lockdown laws in some countries, causing difficulties in digital medicine import and export. COVID-19 has the capability to have three major effects on the global economy: directly impacting production and demand, impacting supply chain and market disruption, and having a financial impact on businesses and financial markets. But healthcare sector was the industry which had the least restrictions and instead they got a boost in revenue since the covid-19 outbreak.

 

On the other hand, huge financial expenditure, a dearth of medical understanding, and restricted app functionality are all expected to slow the market's growth. Furthermore, government rules and clearances put on the Digital Medicine Market to impede market growth.

 

Patient data security concerns may impact from the Digital Medicine Market’ value. The use of digital health technologies like electronic health records, e-prescriptions, and healthcare apps demands a sufficient level of data protection. Breach of information security can result in significant losses of essential and personal information, such as medical records, which commonly contain social security numbers, insurance IDs, addresses, and medical details, harming the company's brand and operations results. Uncoordinated individual attempts to gain unlawful access to information technology systems directed at physicians, hospitals, customers, and third-party service providers are common cyber security concerns.

 

Digital Medicine Market Segment Analysis:

By Technology, the digital medicine market is segmented into Mobile Health (mHealth), Telehealth, Wireless Health and EMR/EHR. Due to increased usage of mobile phones for various healthcare purposes such as clinical or help in diagnosis, reminders and changes, remote monitoring, healthy living applications, and productivity applications, the Mobile Health segment consisted of the highest market share for the Digital Medicine Market in 2023.

 

 

By Application, Diabetes, mental health, heart disease, smoking, drug non-adherence, obesity, chronic obstructive pulmonary disease (COPD), and asthma are the market segments based on application.

 

Digital Medicine Market Regional Insights:

In 2023, the largest market share in the Digital Medicine Market was held by North America. The increased adoption of modern healthcare solutions, as well as the presence of prominent market players such as 2Morrow, Inc. (US) and Ginger.io Inc., have contributed to regional market growth in U.S. Due to rising awareness of personalized healthcare solutions and higher healthcare spending, the market in Asia-Pacific is estimated to develop at the fastest CAGR over the forecast period. Due to increased public awareness and rapid adoption of electronic records and smartphone apps, the APAC market is estimated to grow at a very high compound annual growth rate. Due to an ageing population, Germany will lead the European digital medicine market. By 2030, the country's geriatric population is predicted to grow by 29 percent, with 22 million people aged 65 and more.

 

The report aims to provide industry stakeholders with a comprehensive analysis of the Digital Medicine market. The report includes the most dominant trends in the Digital Medicine market and how these trends affect new business investment and market development during the forecast period. The report also helps to understand the dynamics of the Digital Medicine market and the competitive structure of the market by examining market leaders, market followers, and regional players.

 

Qualitative and quantitative data provided in the Digital Medicine Market Report will drive market-influencing factors and industry and market growth, which market segments and regions are expected to grow at a faster rate. The forecast period is designed to help you understand the critical areas of opportunity to do. The report also includes the competitive landscape of key industry players, as well as recent developments in the Digital Medicine market. The report looks at factors such as company size, market share, market growth, sales, production, and profits of key players in the Digital Medicine market.

 

The document affords Porter's Five Force Model, which facilitates designing the enterprise techniques withinside the marketplace. The Report facilitates in figuring out what number of competitors are existing, who they are, and the way their product exceptional is withinside the Global Digital Medicine marketplace. The Report additionally analyses if the Global Digital Medicine marketplace is straightforward for a brand-new participant to benefit a foothold withinside the marketplace, do they input or go out the marketplace often if the marketplace is ruled via way of means of some Players, etc.

 

The document additionally consists of a PESTEL Analysis, which aids withinside the improvement of enterprise techniques. Political variables assist in identifying how an awful lot a central authority can have an impact on the Global Digital Medicine marketplace. Economic variables useful resource withinside the evaluation of monetary overall performance drivers which have an effect at the Global Digital Medicine marketplace. Understanding the effect of the encircling surroundings and the have an impact on of environmental issues at the Global Digital Medicine marketplace is aided via way of means of felony factors.

 

Digital Medicine Market Scope:

Digital Medicine Market
Market Size in 2023	USD 6.60 Bn.
Market Size in 2030	USD 28.95 Bn.
CAGR (2024-2030)	23%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by Technology Mobile Health Telehealth Wireless Health EMR/EHR
	by Application Diabetes Mental health Heart disease Smoking Drug non-adherence Obesity Chronic obstructive pulmonary disease (COPD) Asthma
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Digital Medicine Market Key Players:

• 2Morrow, Inc. (U.S.)
• Ginger.io Inc. (U.S.)
• Akili Interactive Labs (U.S.)
• Livongo Health Inc (U.S.)
• AliveCor Inc. (U.S.)
• WellDoc Inc. (U.S.)
• MOCACARE (U.S.)
• Proteus Digital Health Inc. (U.S.)
• Voluntis (France)
• Omada Health Inc (U.S.)