Digiceuticals Market Trends

Growth Drivers

• Increasing adoption of wearable technology - Wearable technology have revolutionized the healthcare industry by providing real-time health monitoring and tracking capabilities. These devices, such as smart watches and fitness trackers, enable individuals to monitor their vital signs, activity levels, and sleep patterns, empowering them to take control of their health and well-being.
  According to a study over 22% of Americans make use of smart watches or wearable fitness trackers. In the year 2019 consumers in the United States purchased, over 52 million units of fitness trackers, including both smart watches and fitness bands.
• Rise in use of mobile health apps - Mobile health apps have become increasingly popular as a tool for managing health and wellness. As of 2019 over 2.6 billion individuals across the globe possessed smartphones, with a staggering 52% of them having mobile health applications installed on their devices. These apps allow users to track their exercise, monitor their diet, and receive personalized health recommendations. They also provide access to a wealth of health information and resources, making it easier for individuals to make informed decisions about their health.
  As people are increasingly relying on their mobile devices for health information, there has been a rise in the use of mobile health apps. This has enabled the development of digital therapeutics, which are apps that are designed to help people with chronic illnesses manage their symptoms.
• The rising popularity of remote patient monitoring (RPM) systems - Remote patient monitoring systems enables healthcare providers to remotely monitor and manage patients' health conditions. A thorough study revealed that patient involvement increased when using remote patient monitoring (RPM). The study involved than 7,000 patients from 42 different states and the results indicated that patient engagement, with digital RPM tools reached an impressive rate of 82%.
  These systems use connected devices to collect and transmit patient data, allowing healthcare professionals to track vital signs, detect early warning signs, and intervene when necessary. With the rising cost of healthcare, mobile remote patient monitoring systems are becoming increasingly popular as they allow for remote monitoring of patients, reducing the need for in-person visits and allowing for more cost-effective care. This rise in the use of mobile remote patient monitoring systems is driving the growth of the digiceuticals market.

Challenges

• Regulatory challenges - The digiceuticals industry is heavily regulated, with strict guidelines governing the development and marketing of digital health products. This can create significant barriers to entry for new companies and limit innovation in the industry.

• The lack of standardization and interoperability between different digital platforms
• Data security and privacy concerns are also set to impeding the digiceuticals market growth in the forecast period.