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., 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.

By Technology

  • Mobile Health
  • Telehealth
  • Wireless Health

By Application

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

By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East
  • Africa

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users