The Digital Medicine market value is set to reach USD 788 billion by 2030.
Digital medicine technology is an innovative technology that bridges the gap between medical and digital technology. The evolution of health care has led scientific medicine to introduce the concept of digital medicine, which aims to provide individualized care by identifying a patient's vitals through wireless sensor technology and other mobile health technologies. Digital medicine technologies are more privileged than current medical practice because they are more precise, effective, well-distributed, viable, and equitable application technologies. Recent successes in digital health services enable monitoring of heart rate or rate, stress level, blood pressure, oxygen concentration, and even management and prevention of chronic or acute conditions.
Market Dynamics:
Drivers:
Due to widespread smartphone use, rising healthcare spending, the growth of software companies, the high prevalence of chronic diseases among the population, and the proliferation of mobile phones, the global digital medicine market for digital medicine is anticipated to experience significant growth in the near future. Increased research facilities for biopharmaceuticals and biotechnology, rising R&D spending on digital medicine, and rising public awareness of personalised medicine are further market-driving drivers.
Restraints:
However, factors such as huge capital investment, lack of medical knowledge and limited functionality of apps are likely to limit the digital medicine market growth. Additionally, government regulation and approval of products can challenge industry growth. The growing use of medical apps, patient support for digital medicine, the presence of numerous private players, and the diversity of mobile app technologies provide lucrative business opportunities for the digital medicine market to nurture.
Key players:
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AirStrip Technologies
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Allscripts
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Apple
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AT&T
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Cerner Corporation
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CISCO Systems
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Computer Programs and Systems
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Epic Systems Corporation
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Google
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HiMS
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IBM Corporation
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Mckesson Corporation
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MQure
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Orange
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QSI Management
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Qualcomm Technologies
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Samsung Electronics
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Softserve
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Telefónica
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Vocera Communications
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Vodafone Group
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And Others
Market Segmentation:
Digital Medicine Market, By Type,
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Tele-healthcare
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mHealth
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Healthcare Analytics
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Digital Health Systems
Digital Medicine Market, By Application,
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Healthcare Providers
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Healthcare Payers
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Pharmaceutical Companies
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Others
Digital Medicine Market, By Sales Channel
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Direct Channel
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Distribution Channel
North America dominated the digital medicine market with a revenue share of XX% in 2022. North America is one of the first regions to adopt smart healthcare solutions, including a range of technologies such as mobile apps, smart wearables, EHRs and eHealth services such as telehealth services to remotely access information about severe and chronic medical conditions. Rapid growth in smartphone adoption, advancements in coverage networks, increasing prevalence of chronic diseases, growing geriatric population, rising healthcare costs, acute shortage of primary caregivers, and improved prevention and management of chronic diseases are responsible for the growth of the industry.
Asia Pacific is estimated to witness the exponential growth rate during the forecast period. Increased adoption of eHealth platforms and rising healthcare spending in the region are expected to drive the growth of digital medicine market. Growing demand for remote patient monitoring and other telemedicine services owing to rising government spending on healthcare is expected to propel digital medicine market growth in the Asia Pacific region.
Scope of the Report:
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Report Metric |
Details |
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Market Size Available For Years |
2020–2030 |
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Base Year Considered |
2020 |
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Forecast Period |
2021–2030 |
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Forecast Unit |
Value (USD) |
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Segments Covered |
Type, Deployment Model, Provider, Application, Enterprise Size, and Region |
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Regions Covered |
North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa) |
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Companies Covered |
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User
Tab Content
Introduction
Our market research is an extensive, iterative process that takes into account a combination of primary and secondary research tools with the aim of minimizing deviation and producing the most precise estimate and prediction. For the future course of action, this approach meticulously outlines the actual changes and industry trends. It gives incredibly valuable data that is drawn from the insights and opinions of analysts and professionals. Our papers include in-depth research and analysis based on several factual inputs obtained from expert interviews, accurate data, and local information.
Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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