Digital Medicine refers to use of evidence-based technology and products that rely on health information to diagnose, prevent, monitor or treat diseases or conditions. Digital medicine allows for continuous remote monitoring of patients, earlier intervention and predictions of individual health outcomes based on individual, environmental or other aggregate information. Digital medicine also empowers patients by enabling them to monitor their symptoms, provide relevant data to providers and connect with other patients with similar conditions. Furthermore, digital medicine, digital research and artificial intelligence (AI) have the power to transform the field of medical with continuous and no-burden remote monitoring of patients’ symptoms, physiological data, behaviors and environmental contexts through the use of wearable’s, sensors and smartphone technologies. In addition, digital technologies and electronic healthcare, represent a major opportunity to rethink various chronic diseases, as they are expected to have a major impact on all aspects of diseases, from prevention to research, including medical health care and management.
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DIGITAL MEDICINE MARKET OUTLOOK
The digital medicine market has gained significant growth owing to the growing occurrence of preventable chronic diseases and increasing focus on preventive healthcare. Moreover, changing lifestyle, increasing affordability and advancements in technologies are some of the major factors contributing to the growth of this market. However, lack of awareness and access to digital therapeutics programs in developing countries is one of the factor hampering the growth of digital medicine market.
DIGITAL MEDICINE MARKET SEGMENTAL OVERVIEW
The digital medicine market is classified by product services, application, end user and geography
DIGITAL MEDICINE MARKET BY PRODUCT SERVICE
The products services in this report are healthcare information systems, wearable devices and services. The healthcare information systems segment is further classified into EHR/EMR, clinical decision support system (CDSS), computerized physician order entry (CPOE), mhealth, telehealth, population health management and others. The wearable devices segment is bifurcated into diagnostic monitoring devices and digital therapeutic devices. Furthermore, the digital therapeutic devices is categorized into pain management devices, rehabilitation devices, respiratory therapy devices and insulin pumps. Moreover, the services segment is sub segmented into remote monitoring services, diagnosis consultation services, database management services and others. Among these, the healthcare information systems segment is on high demand owing to the surge in the acceptance of technological advanced products, such as EHR/EMR, telehealth and population health management.
DIGITAL MEDICINE MARKET BY APPLICATION
Based on application, the digital medicine market is segmented into preventive applications and treatment/care-related applications. The preventive applications segment is further bifurcated into prediabetes and obesity. Likewise, the treatment/care-related applications segment is divided into diabetes, central nervous system (CNS) disorders, chronic respiratory diseases (CRD), musculoskeletal disorders, cardiovascular diseases, smoking cessation, medication adherence and other applications.
DIGITAL MEDICINE MARKET BY END USER
Various end user studied in this report are self/home healthcare, hospitals specialty clinics and academic research institutes. The self/home healthcare segment dominated the market in 2018, due to the move toward home care self-management of diabetes and advancement in technology.
DIGITAL MEDICINE MARKET BY GEOGRAPHY
On the basis of geography, the digital medicine market is segmented into North America, Europe, Asia-Pacific and Rest of the world. North America region dominated the digital medicine market in 2018 due to advancement in technology solutions, high adoption of remote online coaching services for diabetes management and favorable reimbursement policies.
DIGITAL MEDICINE MARKET KEY PLAYERS
Some of the major players operating in the digital medicine market includes Alphabet Inc., Cisco Systems, Inc., Qualcomm, Inc., UnitedHealth Group (Optum), Agfa-Gevaert N.V., Allscripts Healthcare Solutions, Inc., Cerner Corporation, Epic Systems Corporation, GE Healthcare, McKesson Corporation, Truven Health Analytics (an IBM Company), 2morrow, Inc., Akili Interactive Labs, Inc., AliveCor, Inc., Glooko, Inc., Livongo, Mocacare, Omada Health, Inc., Proteus Digital Health, Inc., Voluntis, WellDoc, Inc., Ginger.io, Inc., Philips Healthcare and Siemens Healthineers. Leading companies have invested massive capital in research development and mergers acquisitions activities to develop innovative products in the market.
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