Information technology has introduced age of digital medicine, and growing number of tradition and non-traditional IT companies are stepping into new healthcare tools and service. Digital medicine refers to use of evidence based technology and product that rely on health information to diagnose, prevent, monitoring or treat disease and disease conditions. Technologies such as telemedicine are redefining how doctors and patients interact. Digital medicine technology is more privileged then current medical practice since it is more precise and effective technology. In 2017 first digital pill was approved by U.S. food and drug administration (FDA) in the U.S. which tracks if patients have taken their medication.
Digital Medicines Market - Drivers
Digital medicine market is expected to witness significant growth during the forecast period, owing to high usage of smart phone. The use of mobile devices by health care professionals (HCPs) has transformed many aspects of clinical practice. Mobile devices have become commonplace in health care settings, leading to rapid growth in the development of medical software applications (apps) for these platforms. For instance, according to Pew Research Center 2019 data, mobile technology has spread rapidly around global. It estimate that more than 5 billion people have smart phones globally.
Rising awareness of personalized healthcare factor is drive the digital medicine market growth during he forecast period. For instance, according to Dosis Personalized and Digital Medicine Consumer Report surveyed in 2019 more than 1,000 consumers, weighted for the U.S. population, to gain a better understanding between the advances in personalized medicine approaches and general consumer awareness of its benefits.
Digital Medicines Market-Regional Analysis
On the basis of region, the digital medicine market is segmented into North America, Latin America, Europe, Asia pacific, Middle East, and Africa. North America dominates the digital medicine market during the forecast period, increasing prevalence of chronic disease. For instance, according to National Center for Biotechnology Information (NCBI) 2018 report, chronic diseases are among the most prevalent and costly health conditions in the United State around 133 million Americans suffer from at least one chronic disease.
Asia pacific is expected to witness significant growth over the forecast period, owing to rising expenditure in digital healthcare. For instance, according to China Digital Health Care Revolution 2015 reports, in 2014 approximately $700 million in venture funding poured into digital healthcare in china, with investors supporting all thing digital e-commerce to online physician and patient communication service.
Digital Medicines Market-Competitive Landscape
Key player operating in the digital medicine market include i2Morrow Inc., Ginger.io Inc., Akili Interactive Labs, Livongo Health, AliveCor Inc., WellDoc Inc., Mocacare, Proteus Digital Health Inc.
Digital Medicines Market-Taxonomy
The digital medicine market is segmented on the basis of technology, application and region.