Digital Medicine Market, By Technology (Mobile Health, EMR/HER, Telehealth, and Wireless Health), By Application (Diabetes, Mental Health, Heart Disease, Smoking, Drug Non-adherence, Obesity, COPD, and Asthma), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2029

Digital Medicine Market accounted for USD 2.3 Billion in 2019 and is estimated to be USD 18.6 Billion by 2029 and is anticipated to register a CAGR of 23.5%

Digital medicine technology is an advanced technology that fulfills the gap between healthcare and digital technology. Rapid evolution in healthcare has introduced the concept of digital medicine which aims to provide individualized medicine by adopting the biology of a patient through wireless sensor technology and other mobile health technologies. This technology is more advanced than the present medical practice. It is more precise, effective, well distributed, equitable, and feasible applied technology.

Impact of Covid-19 pandemic on market

The outbreak of COVID-19 has raised the demand for a number of rapid tests and healthcare providers resulting in a significant shortage of doctors and nurses. As screening is being performed at a massive scale during this outbreak hotspot. There is a high demand for Covid-19 screening, which acts as a crucial factor for revenue growth in this market space. Further, it’s difficult to monitor large patient populations with limited healthcare staff, thus many hospitals are adopting digital health solutions, which is quite obvious in current market movements. This report will quantify the impact of this pandemic on the digital medicine market.

Technological advancements in healthcare IT

Rising preference towards smartphones and tablets by healthcare professionals in order to monitor and keep track of patient health is driving the growth of the global digital health market over the forecast period. In addition, rising technological advancements in healthcare IT such as a cloud-based storage system is another major factor expected to drive growth of the target market. For example, growing adoption of the cloud-based electronic medical records in order to share the electronic records with entire healthcare investors for efficient and smooth operation. Moreover, growing government initiatives towards the adoption of numerous healthcare IT solutions such as electronic medical records, remote patient monitoring, e-prescribing systems, and wearable medical devices is also propelling the growth of the digital medicine market.

The rise in number of health apps

Significant growth in the number of health apps is also one of the factors that have driven the growth of the market. For instance, as per data reported by my health apps blog, as of 2017, there were 325,000 medical, fitness, and health apps in the market. Wherein, health apps endorse effective communication between patients living in remote areas and healthcare providers. However, the usage of mobile devices is growing among physicians.

Conversely, rising security concerns associated with patient data is a key factor projected to hamper the growth of the global digital health market over the forecast period. Further, higher capital cost for the installation of technologically advanced systems is another factor anticipated to limit the growth of the target market in the near future.

The global digital medicine market is segmented based on technology, application, and region.

On the basis of technology, the global digital medicine market is segmented into mobile health, EMR/HER, telehealth, and wireless health. Based on the application, the target market is segmented into diabetes, mental health, heart disease, smoking, drug non-adherence, obesity, COPD, and asthma.

Regional Insights:

In the region, the global digital medicine market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America led the digital medicine market in the coming years, due to the growing prevalence of chronic disease. For instance, as per the data published by the National Center for Biotechnology Information (NCBI) in 2018, chronic diseases are among the most widespread and costly health conditions in the United State. Whereas, about 133 million Americans suffer from at least one chronic disease. The Asia Pacific is projected to register substantial growth over the forecast period, owing to growing expenditure in digital healthcare. Developing economies such as Malaysia and Thailand are also promising the development of low-cost mobile technology.

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029.  For the purpose of this study, has segmented the global digital medicine market report based on technology, application, and region.

Digital Medicine Market, By Technology:

• Mobile Health

• Applications For Clinical or Assistance In Diagnosis
• Remote Monitoring
• Reminders And Alters
• Healthy Living Application
• Productivity Applications
• References Applications

• EMR/EHR
• Telehealth
• Wireless Health

Digital Medicine Market, By Application:

• Diabetes
• Mental Health
• Heart Disease
• Smoking
• Drug Non-adherence
• Obesity
• COPD
• Asthma

 Digital Medicine Market, By Region:

• North America
  • Middle East & Africa
    • • GCC
      • Israel
      • South Africa
      • Rest of Middle East & Africa
  • Latin America
    • • Brazil
      • Mexico
      • Rest of Latin America
  • Asia Pacific
    • • China
      • India
      • Japan
      • South Korea
      • Rest of Asia Pacific
  • Europe
    • • Germany
      • UK
      • France
      • Russia
      • Italy
      • Rest of Europe
  • • U.S.
    • Canada

The key players operating in the global digital medicine market include Allscripts Healthcare Solutions Inc., eClinicalWorks LLC, Philips Healthcare Informatics, Inc., McKesson Corporation, Cisco Systems, Inc., QUALCOMM Incorporated, AT&T Inc., Apple Inc., AirStrip Technologies, Inc., and Cerner Corporation. Medical device companies are highly collaborating with software developers to launch various monitoring and diagnostic applications, allowing the population to easily communicate with healthcare physicians.

• Allscripts Healthcare Solutions Inc.
• eClinicalWorks LLC
• Philips Healthcare Informatics, Inc.
• McKesson Corporation
• Cisco Systems, Inc.
• QUALCOMM Incorporated
• AT&T Inc.
• Apple Inc.
• AirStrip Technologies, Inc.
• Cerner Corporation