Creating Potential Revenue Opportunities in Digital Medicine Market

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Digital medicine is a product of the technological advancements taking place in the healthcare sector all around the world. Digital medicine provides customized medicines after knowing the biology of the patients through wireless sensor technology and various mobile health technologies like mobile MIM, AliveCor applications. Digital medicine has been proven to be more precise and effective and has also led to reductions in allergic reactions. Measurements of heart rate, blood pressure, stress level, and oxygen concentration are recent achievements. 

What are Drivers and Market Restraints?

In 2017 there were 2.7 billion smartphone users, whereas, in 2019, this number rose to 3.2 billion, globally. The global market for digital medicine is likely to face a surge in the near future with such an increase in the number of smartphone users. People who cannot access medical services physically will now be able to access it virtually. Moreover, mobile devices have become a useful tool in the medical setting, paving the way for the development of more medical software apps. AliveCor detects cardiac arrests when the mobile is placed against the skin near the heart. It has often been praised for helping in providing timely treatment by detecting irregular heartbeats before the cardiac arrest takes its peak. 

According to the Pew Research Centre 2019 data, mobile technology has expanded rapidly around the globe, thus increasing the demand for digital medicines. In 2020, nearly 23 million people in rural India use smartphones. Such people will now be able to access all the mobile healthcare apps and get treatment in a condition where they cannot access adequate healthcare services around them. Thus, an increase in the number of such people will expand the market demand for digital medicines. 

The Coronavirus pandemic has restricted almost everyone to their houses. In such a case, people have now resorted to digital platforms to consult doctors and buy medicines or even to diagnose their problems through various apps like ResolutionMD and AirStrip ONE. All these factors can also prove to be some of the drivers of the market. Nonetheless, factors such as large capital investment, lack of medical competency, and restrictive functionality of apps or inability to use the apps by patients can be some restraints faced by this market. 

A Focus on Different Parts of the World

North America currently dominates the market due to the increased prevalence of chronic diseases. In 2018, the National Centre for Biotechnology Information (NCBI) reported that chronic diseases are the most common and prevalent diseases. Moreover, the treatment of such diseases is costly in the US, and around 133 million Americans suffer from one chronic disease in a year. With the use of a digital medicine platform, patients will be able to access medical treatment according to their convenience easily. The burden on doctors for treating a vast number of patients in a day will also be reduced. 

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Asia-Pacific region is estimated to witness the highest growth in the future due to the rising adaptation and expenditures on digital healthcare. For instance, the introduction of mHealth applications by the Indian govt., such as the Vaccine Tracker and Kilkari app, provide audio guidance and awareness about digital health. Various companies are shifting their focus to Japan. For example, Otsuka pharmaceuticals and IBM signed an agreement to establish Otsuka Digital Health Co., which aims at providing digital health solutions for patients with mental health-related problems in Japan. 

Competitive Landscape

Key competitors in the market are i2Morrow Inc, Ginger.io Inc, Akili Interactive Labs, Livongo Health, AliveCor Inc., WellDoc, Proteus Digital Health, AT&T Inc., Philllips, Apple Inc, AirStrip Technologies, eClinicalWorks LLC, McKesson Corp., and Cerner Corp Allscripts Healthcare Solution.

In 2019, Northwell health and Allscript announced an agreement to create cloud-based, voice-enabled, artificial intelligence-based Electronic Health Record (EHR) which will be tested using Northwell’s clinicians and technology experts. Such mergers and acquisitions and collaborations are being actively undertaken by companies to launch new products or to improve existing technologies. 

 

 

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