Digital medicine technology is an innovative technological technique that has bridged the unsought gap between healthcare and digital technology. Due to evolution in health care, scientific medicine introduced the concept of digital medicine which aims in providing individualized medicine by knowing the biology of a patient through a wireless sensor technology and other mobile health technologies.
The key market players profiled in this report are 2Morrow Inc., Ginger.io, Inc., Akili Interactive Labs., Livongo Health, AliveCor, Inc., WellDoc, Inc., Mocacare, Proteus Digital Health, Inc., Voluntis and Omada Health, Inc.
Digital medicine technology is more privileged than current medical practice since it is more precise, effective, well distributed, feasible and equitable applied technology. Recent success in digital medicine services implements the measurements of heart rhythm or rate, stress levels, blood pressure, oxygen concentrations and even management and prevention of chronic or acute conditions.
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The digital medicine market is currently in its nascent stage as ABILIFY-, byOtsuka Pharmaceutical Co., Ltd. And Proteus Digital Health was the first digital medicine to be approved by the U.S. Food and Drug Administration (USFDA) in 2015. The global digital medicine market is expected to register substantial growth in the near future, which is associated with high usage of smartphones, rising healthcare expenditures, expansion of software companies, high percentage of population with chronic diseases, and mobile phone proliferations.
Other factors driving the market are rising of biopharma and biotechnological institutes, augmented R&D investment on digital medicine and rising awareness of personalized healthcare. However, factors such as huge capital investment, lack of medical knowledge and limited functionality of apps are likely to restrain the growth of market. In addition, the regulations and approvals by government imposed on the product can challenge the industrial growth. Growing use of healthcare apps, patients support for digital medicine, presence of numerous private players and variation in mobile apps technology offer lucrative business opportunities for market to nurture.
The world digital medicine market is segmented based on technology, application and geography. Based on technology, the market is segmented into mobile health, electronic medical records/electronic health records (EMR/EHR), telehealth and wireless health. Mobile health or mhealth is mostly used application and it is further bifurcated into applications for clinical or assistance in diagnosis, remote monitoring, reminders and alters, healthy living application, productivity applications and references applications. The market segmentations on the basis of application are diabetes, mental health, heart diseases, smoking, drug non-adherence, obesity, chronic obstructive pulmonary disease (COPD) and asthma. The market is analyzed across geographical regions namely North America, Europe, Asia-Pacific, and LAMEA.
Further advancements such as digital insulin pumps are lifesaving medication for diabetic patients are anticipated to expand in healthcare field. Healthcare giant such as Oracle Health Sciences is investing in Proteus Digital Healths solutions intend to increase their accuracy in measuring adherence during medical trials such as drug efficacy.
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Key Benefits for Stakeholders:
• This report provides an extensive analysis of the current and emerging market trends and dynamics in the global digital medicine market.
• This study evaluating competitive landscape and value chain has been taken into account to help in understanding the competitive environment across the geographies.
• Region-wise and country-wise global digital medicine market conditions are comprehensively analyzed in this report. High usage of smartphones, rising healthcare expenditures, expansion of software companies, high percentage of population with chronic diseases, and mobile phone proliferations are expected to drive the growth of the market.
• This report entails the detailed quantitative analysis of the current market and estimations through 2014-2022, which assists in identifying the prevailing market opportunities.
• An in-depth analysis of current research and clinical developments within digital medicine market is provided with key market dynamic factors that help in understanding the behaviour of the market.