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.
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