Global Digital Medicine Market is estimated to be US$ 18.6 Billion by 2029 with a CAGR of 23.5% during the forecasted period

The global digital medicine market accounted for US$ 2.3 billion in 2019 and is estimated to be US$ 18.6 billion by 2029 and is anticipated to register a CAGR of 23.5%.

The rising demand for cloud-based systems coupled with mobile apps is anticipated to create potential revenue opportunities for players working in the global digital medicine market during the forecast period.

The report "Global Digital Medicine Market, By Technology (Mobile Health, EMR/HER, Telehealth, and Wireless Health), By Application (Diabetes, Mental Health, Heart Disease, Smoking, Drug Non-adherence, Obesity, COPD, and Asthma),  and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.

Key Highlights:

• In October 2019, Northwell Health, New York State’s largest health system, and Allscripts announced an innovative agreement to create the next-generation electronic health record (EHR). The cloud-based, voice-enabled, artificial intelligence-based EHR will be designed and tested using input from Northwell clinicians, information technology experts, and administrators with the goal of ultimately deploying it systemwide.
• In March 2020, Royal Philips, a global leader in health technology, announced the HealthSuite System of Engagement, an integrated, modular set of standards-based capabilities that support the development of digital health propositions, including new capabilities for cloud-based managed AI workflow and DICOM interoperability.

Analyst View:

Technological advancements in healthcare IT

Rising preference towards smartphones and tablets by healthcare professionals in order to monitor and keep track of patient health is driving the growth of the global digital medicine market over the forecast period. In addition, rising technological advancements in healthcare IT such as a cloud-based storage system is another major factor expected to drive growth of the target market. For example, growing adoption of the cloud-based electronic medical records in order to share the electronic records with entire healthcare investors for efficient and smooth operation. Moreover, growing government initiatives towards the adoption of numerous healthcare IT solutions such as electronic medical records, remote patient monitoring, e-prescribing systems, and wearable medical devices is also propelling the growth of the digital medicine market.

The rise in the number of health apps

Significant growth in the number of health apps is also one of the factors that have driven the growth of the market. For instance, as per data reported by my health apps blog, as of 2017, there were 325,000 medical, fitness, and health apps in the market. Wherein, health apps endorse effective communication between patients living in remote areas and healthcare providers. However, the usage of mobile devices is growing among physicians.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Digital Medicine Market”, By Technology (Mobile Health, EMR/HER, Telehealth, and Wireless Health), By Application (Diabetes, Mental Health, Heart Disease, Smoking, Drug Non-adherence, Obesity, COPD, and Asthma), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029

Key Market Insights from the report:        

The global digital medicine market accounted for US$ 2.3 billion in 2019 and is estimated to be US$ 18.6 billion by 2029 and is anticipated to register a CAGR of 23.5%. The market report has been segmented on the basis of technology, application, and region.

• By technology, the global digital medicine market is segmented into mobile health, EMR/HER, telehealth, and wireless health.
• By application, the target market is segmented into diabetes, mental health, heart disease, smoking, drug non-adherence, obesity, COPD, and asthma.
• By region, North America led the digital medicine market in the coming years, due to the growing prevalence of the chronic disease. For instance, as per the data published by the National Center for Biotechnology Information (NCBI) in 2018, chronic diseases are among the most widespread and costly health conditions in the United State.

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Competitive Landscape:

The prominent player operating in the global digital medicine market includes Allscripts Healthcare Solutions Inc., eClinicalWorks LLC, Philips Healthcare Informatics, Inc., McKesson Corporation, Cisco Systems, Inc., QUALCOMM Incorporated, AT&T Inc., Apple Inc., AirStrip Technologies, Inc., and Cerner Corporation.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

• Explains an overview of the product portfolio, including product development, planning, and positioning
• Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
• Detailed analysis of the market revenue over the forecasted period.
• Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
• Study on the segments that are anticipated to dominate the market.
• Study on the regional analysis that is expected to register the highest growth over the forecast period

Key Topics Covered

1. Introduction

• Study Deliverables
• Study Assumptions
• Scope of the Study

1. Research Methodology
2. Executive Summary

• Opportunity Map Analysis
• Market at Glance
• Market Share (%) and BPS Analysis, by Region
• Competitive Landscape
• Heat Map Analysis 
• Market Presence and Specificity Analysis

1. Investment Analysis
2. Competitive Analysis

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