Kenneth Research, in its repository of market research reports, have recently added a report on Global Digital Medicine Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Global Digital Medicine Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Digital Medicine Market products.
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.
Global Digital Medicine Market is valued approximately at USD XXX billion in 2018 and is anticipated to grow with a healthy growth rate of more than XXX% over the forecast period 2019-2026. Digital medicine technology is an innovative technological technique that has bridged the gap among the healthcare and digital technology. Due to advancement in health care, scientific medicine is pioneered the concept of digital medicine that aims in supporting individualized medicine by recognizing the biology of a patient via a wireless sensor technology and other technologies related to mobile health. Digital medicine is more privileged than recent medical practice as it is more effective, precise, feasible and well distributed technology. Growing healthcare expenditure, high penetration of smartphones, along with high percentage of population with chronic diseases are the few factor responsible for high CAGR of the market over the forecast period. For instance, In 2016, health expenditure in China was about 5% of GDP. The health expenditure has been increased from 4.3% in 2002 to 5% in 2016, growing at an average annual rate of 1.09%, according to the World Bank Organization. Also, the healthcare expenditure in India was about 3.6% in 2016, up from 3.2% since 2011. However, huge capital investment, lack of medical knowledge and limited functionality of apps are the major factors restraining the growth of global digital medicine market during the forecast period. Moreover, rising usage of healthcare apps, growing patients support for digital medicine, wide presence of prominent players is expected to offer lucrative growth opportunities to the market growth over the forecast period.
The regional analysis of global Digital Medicine Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rise in prevalence of chronic diseases, along with growing healthcare expenditure in the region. However, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period due to the rising expenditure in digital healthcare followed by growing in adoption of smartphones across the region.
Major market player included in this report are:
Proteus Digital Health Voluntis
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026
Target Audience of the Global Digital Medicine Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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