Latest added Digital Therapeutics Market research study by MarketDigits offers detailed product outlook and elaborates market review till 2026. The market Study is segmented by key regions that is accelerating the marketization. At present, the market is sharping its presence and some of the key players in the study are Omada Health, Pear Therapeutics, Proteus Digital Health, Resmed, Voluntis. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.
This report studies the Digital Therapeutics Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Digital Therapeutics Market by companies, region, type and end-use industry.
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Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on ” Digital Therapeutics Market, By Technology (Digital Health, Big Data, Internet of Things), Products (Video/VR/AR, Sound, Web, Chatbot) and Geography – Global Forecast To 2026″. Early buyers will get 10% customization on study.
To Avail deep insights of Digital Therapeutics Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.
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Digital Therapeutics Market Overview:
The global digital therapeutics market size was valued at $2.88 billion in 2019, and is expected to reach $13.80 billion by 2027 with a CAGR of 20.5% during the forecast period.
The report provides a comprehensive analysis of the key players operating in the global digital therapeutics market, namely 2MORROW, Inc., Akili Interactive Labs, Inc., Click Therapeutics, Inc., Fitbit, Inc. (Twine Health, Inc.), Happify, Inc., Kaia Health, Livongo Health, Inc., Medtronic Plc., Omada Health, Inc., Pear Therapeutics, Inc., Proteus Digital Health, Inc., Resmed, Inc. (Propeller Health), Voluntis, Inc., Welldoc, Inc. The other players in the value chain include (profiles not included in the report) Canary Health Inc., Mango Health Inc., Noom, Inc., and Dthera Sciences.
Digital therapeutics is a subdivision of digital health, and not all digital health solutions are digital therapeutics. The difference between digital health and digital therapeutics is based on clinical outcomes for patients. For instance, digital therapeutics does not include consumer health-oriented technologies such as step-counters and calorie-counters. It is a new class of healthcare products that uses digital technology to prevent, manage, or treat medical conditions. In addition, it utilizes digital health technologies to treat a psychological condition. Hence, these aforementioned factors help in increasing the global digital therapeutics market share across the world.
The demand for global digital therapeutics is on the rise, owing to increase in adoption of smartphones and tablets, coupled with healthcare apps; growth in need to control healthcare costs; and rise in incidences of chronic diseases. However, lack of awareness regarding digital therapeutics in developing countries and patient data privacy concerns restrain the market growth. On the contrary, high growth opportunities in untapped markets are expected to provide significant profitable opportunities for manufacturers in the digital therapeutics industry.
The COVID-19 pandemic disrupted healthcare system all over the world and as health responses to the pandemic are strengthened, a need for a substantial shift to apps and hardware capable for lifestyle enhancement and medical intervention, with potentially life-saving functionalities has emerged. The digital therapeutics market is expected to be positively impacted by the COVID-19 pandemic, owing to awareness regarding importance of digital health, rise in prevalence of mental illness, and increase in rate of drug abuse globally. Moreover, during this pandemic, people are required to stay at home, which leads to less physical activity, unhealthy lifestyle, and mental stress and, in turn, increase in prevalence of chronic diseases. Hence, there is a rise in demand for DTx devices and software across the globe.
Application segment review
On the basis of application, the digital therapeutics market is segmented into diabetes, obesity, cardiovascular disease, central nervous system disease, respiratory disease, smoking cessation, gastrointestinal disorder, and others. The diabetes segment was the major revenue contributor in 2019, and is anticipated to continue this trend during the forecast period, owing to high prevalence of diabetes. In addition, demand for cost-effective healthcare options and highest comparative prevalence rates for diabetes are observed in North America, the Middle East, and North Africa, which further boosts the demand for digital therapeutics among diabetic patients in these regions.
However, the obesity segment is projected to exhibit the highest growth during the forecast period. This is attributed to increase in number of overweight populations, which increases the number of chronic diseases, owing to obesity. In addition, better accessibility of digital therapeutics software application help patients to maintain their proper diet as well as track health data and daily physical activities. Moreover, the software application provides regular online assistance from certified doctors, which is expected to help in reducing prevalence of obesity in the future. Furthermore, several companies have launched a variety of digital therapeutics products. For instance, in 2017, Oxil launched an app to tackle increasing cases of obesity among youth. Moreover, Azumio provides fitness buddy mobile app that offers largest exercise database, which helps reduce obesity. The analysis done by Noom Inc. demonstrated that 78% of users lost weight with its mobile health coaching solutions.
Product segment review
Depending on product, the digital therapeutics market is categorized into software and devices. The software segment is projected to exhibit the highest growth during the forecast period. This is attributed to rise in demand for reducing healthcare costs across the world. This gives immense opportunities to developers to use existing software and develop new and advanced features to make them more effective and affordable. Thus, is anticipated to help in increasing the digital therapeutics market size in the future.
Region segment review
Region wise, the digital therapeutics market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America dominated the market in 2019, accounting for the highest share, and is anticipated to maintain this trend throughout the forecast period. This is attributed to increase in geriatric population, rise in incidences of chronic diseases, surge in demand for wireless & portable systems, and availability of sophisticated reimbursement structure that aims in reducing expenditure.
Key Benefits For Stakeholders
- This report provides a detailed quantitative analysis of the current digital therapeutics market trends and forecast estimations from 2019 to 2027, which assists to identify the prevailing market opportunities.
- An in-depth digital therapeutics market analysis includes analysis of various regions, which is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of factors that drive and restrain the growth of the global is provided.
- Region-wise and country-wise market conditions are comprehensively analyzed in this report.
- The projections in this report are made by analyzing the current trends and future market potential from 2020 to 2027, in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the digital therapeutics market are profiled in this report and their strategies are analyzed thoroughly, which helps in understanding competitive outlook of global digital therapeutics market.
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