Global Digital Medicine Market: Overview
In last few years, there has been a notable rise in digital healthcare. It is based on an intersection of genomic & digital technology with healthcare and society. Bridging the gap between healthcare and digital technology, digital medicine allows for highly personalized and precise medicine, enhancing healthcare delivery to a point where a new benchmark is created. Therefore, it should come as no surprise that in the forecast period of 2019- 2027, the CAGR (Compound Annual Growth Rate) would be stellar.
Using wireless sensor technology, along with mobile health solutions, it has become easier than ever to understand the biology of patients from afar. Besides, it gives precise and effective information, smoothing out creases existing prior. Hence, it is effectively measures heart rate, stress levels, oxygen in the body and also facilitates management and prevention of illness.
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Global Digital Medicine Market: Notable Developments
As digital transformation takes global healthcare by a storm, there are few notable developments that are shaping its future. One among them is mentioned below:
April 2017 – The Australian Digital Health Agency partnered with eHealth NSW and the Sydney Children’s Hospitals Network to institute the significant National Children’s Digital Health Collaborative. It aims to improve accessibility as well as efficiency in programs related to children’s health. This is expected to drive growth owing to participation by both the government and healthcare communities in bringing more awareness regarding use of digital medicine and healthcare.
Prominent players in the digital medicine market include 2Morrow Inc., Ginger.io, Inc., Akili Interactive Labs., Livongo Health, AliveCor, Inc., and WellDoc, Inc. It should be noted here that the digital medicine market is slightly fragmented and in a nascent stage. In 2015, ABILIFY - by Otsuka Pharmaceutical Co., Ltd. And Proteus Digital Health – became the first digital medicine to be approved by the U.S. Food and Drug Administration (USFDA).
Global Digital Medicine Market: Key Trends and Drivers
Digital medicine is relatively new in the field of healthcare but is catching up on really swiftly. Major trends and drivers identified are mentioned below.
- Increase in the use of smartphones, expansion in use of digital apps and soft wares along with the growing costs of healthcare expenditure are leading to a substantial growth in the global digital medicine market. This can also be read in the sub trend of rising biotechnology institutes and increasing investment in research and development of digital medicine.
- The rise of chronic diseases expected in the coming years has led both the government as well as individual healthcare organizations to actively participate in controlling costs and encouraging precision diagnostics and medicine. As per a CDC report of 2012, about 50% adults in the United States suffered from chronic illness. Some of the biggest culprits were diabetes, and cancer. Therefore, investment in technology in the field of nutrition science, medicine as therapy, digitized dentistry and psychotherapy is undertaken.
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Global Digital Medicine Market: Geographical Analysis
The country which is all set to dominate the global digital medicine market is the United States of America. Reason behind it would be the rapid advancement in digital health. Quite a few reforms in healthcare and a slew of policies that promise the region substantial growth are underway.
The other significant regions would be Europe and the Asia Pacific (APAC). The latter is projected to demonstrate the a very high compound annual growth rate due to a rise in awareness levels among the masses and a swift adoption of electronic records and smartphone apps.
In the European digital medicine market, Germany will lead owing to a rise in ageing population. Increase in geriatric population in the country is expected to rise to 29% by 2030, reaching the figure of 22 mn people over 65 years of age.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.