The Digital Medicine market industry is projected to grow from Significant Value Billion by 2032, exhibiting a compound annual growth rate (CAGR) of moderate during the forecast period (2023 - 2032). Increased perception of smartphones, improved internet connectivity, increasing need to reduce healthcare costs, and rising occurrence of chronic diseases are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for digital medicine is driven by the rising perception of smartphones. Numerous facets of clinical practice have changed due to health care professionals' (HCPs') usage of mobile devices. The prevalence of mobile devices in healthcare environments has sped up the creation of medical software applications, or apps, for these platforms.
Additionally, during the last five to six years, the Internet of Things (IoT) has become a widely used digital platform in the healthcare industry. With the help of advanced wearables, robust mobile connectivity, and integrated analytics for efficient data backup, the Internet of Things (IoT) has advanced to the point where it is significantly changing the healthcare industry by enabling a range of tasks like effective patient, staff, and inventory, tracking, medication prescription, and managing chronic illness. The development and application of big data play a significant part in enabling an uninterrupted, personalized digital experience by assisting a service provider in making the best use of their time and resources to deliver better healthcare services.
Rising chronic diseases also drive the demand for digital wearable devices such as fitness trackers, smartwatches, and health monitor devices. Wearable devices can track and monitor various health metrics in real-time, including heart rate, sleep patterns, and physical activity. Patients can use this information to recognize possible health problems and modify their lifestyles for better health. Wearable technologies can monitor patients with chronic conditions like diabetes and heart disease, giving medical professionals access to real-time information about their health and allowing them to modify treatment regimens as necessary. Patients with mobility problems or those who live in remote places can also be monitored via remote patient monitoring.
Moreover, government efforts to promote global digitization in the healthcare industry are also propelling the market. For Instance: In 2022, the Ayushman Bharat Digital Health Mission (ABDM) created a digital health ecosystem by the Indian government. As a result, it is anticipated that demand for digital medicine will increase throughout the projection period due to the rising prevalence of digitization. Thus, driving the Digital Medicine market revenue.
The Digital Medicine Market segmentation, based on technology, includes mobile health, EMR/EHR, telehealth, and wireless health. The telehealth segment dominated the market, accounting for the maximum market revenue due to the need for real-time population management, secure healthcare data storage and accurate health and fitness monitoring. Improvements in telehealth software and hardware are facilitating the expansion of the services. The market is expanding due to the increasing trend of software upgrades incorporating extensive healthcare applications. Furthermore, there is a growing need for the industry to establish successful telehealth platforms due to the increasing expenditures made on digital infrastructure, especially in developing nations.
Figure 1: Digital Medicine Market, by Technology, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Digital Medicine Market segmentation, based on application, includes diabetes, mental health, heart disease, smoking, drug non-adherence, obesity, COPD, and asthma. The diabetes category generated the most income due to innovations in the healthcare area, including computerized insulin pumps, which are life-saving medications for diabetic patients. Proteus Digital Health's technologies are being invested in by major healthcare organizations like Oracle Health Sciences to improve the accuracy of adherence measurements made during clinical studies using drugs.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American Digital Medicine market will dominate this market, owing to a quick growth in the adoption of smartphones, advancements in coverage networks, and a rise in chronic diseases. In addition, the increase in healthcare costs and advancement in network connectivity will boost market growth in this region.
Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: DIGITAL MEDICINE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Digital Medicine market accounts for the second-largest market share due to significant pressure to reduce healthcare costs and technological innovations. Further, the German Digital Medicine market held the largest market share, and the UK Digital Medicine market was the fastest-growing market in the European region.
The Asia-Pacific Digital Medicine Market is expected to grow at the fastest CAGR from 2023 to 2032 due to quick improvement in healthcare infrastructure and the soaring pool of healthcare IT vendors. Moreover, China's Digital Medicine market held the largest market share, and the Indian Digital Medicine market was the fastest-growing market in the Asia-Pacific region.
Digital Medicine Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Digital Medicine market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Digital Medicine industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Digital Medicine industry to benefit clients and increase the market sector. In recent years, the Digital Medicine industry has offered some of the most significant advantages to medicine. Major players in the Digital Medicine market, including Proteus Digital Health, Inc., WellDoc, Inc., Ginger.io.Inc., Voluntis, Livongo Health, Mocacare, AliveCor, Inc., Omada Health, Inc., 2morrow Inc., Akili Interactive Labs, and others are attempting to increase market demand by investing in research and development operations.
GlobalMed is the engine behind the most sophisticated virtual health technology platform and wellness apps available today, supporting patients across the whole continuum of care. Providers are equipped with integrated software and data-capturing technologies to provide an accurate and thorogh patient encounter for evidence-based therapy and better patient outcomes. Providers may acquire all they require from a single platform, including capacity management, cost reduction, expanding patient care, and responsible pharmaceutical delivery. GlobalMed technology, specializing in federal and commercial spaces, has allowed about 50 million consultations in nearly 100 nations. Its extremely safe virtual health platform, from the VA and White House Medical Unit to rural America, is utilized globally. It has been granted authorization by the US Defense Health Agency to operate on the DoD network. For Instance: February 2022, To enable distant telehealth audiology examinations for extended patient care, GlobalMed released the Transportable Audiology Backpack.
RxDefine, a top platform for patient and healthcare professional engagement, recently declared that the business has changed its name to Ostro and unveiled a new visual identity. In 2019, Chase Feiger, MD, Ahmed Elsayyad, and Ryan Junee established Ostro (previously RxDefine) to facilitate people's access to and discovery of the best medical care. Ostro was created out of love for empowering patients and healthcare professionals (HCPs) to choose when and how they get information and what actions they can take in response to that information. That passion was the foundation for creating the Ostro platform and is still the inspiration for the company's goods, personnel, and mission. With experiences in venture finance, healthcare, and fast-growing technology, they knew they had a special mix of skills that would enable them to upend the life sciences sector and significantly impact people's lives. In September 2022, RxDefine, a top engagement platform that aims to inform and empower healthcare professionals and consumers, announced the release of RxDefine to enable individuals to make their own health-related decisions morally. The introduction of RxTelehealth is a crucial step in achieving this goal.
Key Companies in the Digital Medicine market include
Digital Medicine Industry Developments
March 2022: Wipro GE Healthcare, a prominent worldwide leader in medical technology and digital solutions, announced the opening of a new manufacturing facility in Bengaluru, India, which will be funded by the Production Linked Incentive (PLI) Scheme of the Indian government. The new facility, the Wipro GE Medical Device Manufacturing factory (MDM), is in line with the Atmanirbhar Bharat National Agenda and will support local production of medical devices in India even more.
March 2022: The Allscripts App Expo, formerly known as the Application Store, was recently relaunched by Allscripts Healthcare Solutions. Inc. MDRX. By leveraging Allscripts' proprietary and Fast Healthcare Interoperability Resources Application Programming Interfaces (FHIR APIs) as well as the third-party solutions the company sells, this rebranding is expected to give Allscripts' clients an engaging way to identify all applications built and certified through the Allscripts Developer Programme (ADP).
| Report Attribute/Metric | Details |
| Market Size 2022 | Significant Value |
| Market Size 2023 | Significant Value |
| Market Size 2032 | Significant Value |
| Compound Annual Growth Rate (CAGR) | Moderate (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â Proteus Digital Health, Inc., WellDoc, Inc., Ginger.io, Inc., Voluntis, Livongo Health, Mocacare, AliveCor, Inc., Omada Health, Inc., 2morrow Inc., Akili Interactive Labs |
| Key Market Opportunities | ·      Increased adoption of digital health technologies |
| Key Market Dynamics | ·      Increased prevalence of smartphones ·      Advancement in healthcare IT infrastructure ·      Rising penetration of chronic diseases |
Frequently Asked Questions (FAQ) :
The Digital Medicine Market size was valued at USD Significant Value in 2022.
The global market is projected to grow at a CAGR of Moderate during the forecast period, 2023-2032.
North America had the largest share of the global market
The key players in the market are Proteus Digital Health, Inc., WellDoc, Inc., Ginger.io, Inc., Voluntis, Livongo Health, Mocacare, AliveCor, Inc., Omada Health, Inc., 2morrow Inc., Akili Interactive Labs.
The telehealth category dominated the market in 2022.
The diabetes had the largest share in the global market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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