Digital Therapeutics Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2018-2023
Digital
Therapeutics Market Research Analysis By Product Type (Software, Devices And
Others), Application (Cardiovascular Diseases, Obesity, Diabetes, Respiratory
Diseases, Smoking Cessation and Others) and Sales Channel (B2B and B2C) and End
Users - Global Forecast 2027
Digital Therapeutics Market Highlights
The global digital therapeutics market size
is anticipated to grow at a favorable CAGR between 2018-2023, as per the latest
MRFR’s digital therapeutics statistics. Digital therapeutics offer patients
with therapeutic interventions that are evidence-based and are driven by
superior quality software programs for preventing, managing, or treating a
disease or medical disorder. They are used together with other therapies,
devices or medications, or independently for optimizing health outcomes and
patient care.
Various factors are propelling
the digital therapeutics market growth. Such factors, according to the latest
Market Research Future report, include an increased requirement for reduced
healthcare spending coupled with improved therapeutic outcomes, favorable
initiatives undertaken by the government to reinforce the development as well
as the implementation of various digital therapeutic solutions, technological
advancements, growing geriatric population, and increasing prevalence of
chronic diseases. Additional factors propelling the growth of the digital
therapeutics market include rising penetration of tablets and smartphones and
rising awareness about its different benefits such as improved doctor and
patient communication, managing patient’s health supplements effectively, and
low healthcare expenditure.
On the contrary, concerns about
patient data privacy, lack of awareness about digital therapeutics, resistance
from traditional practitioners, reluctance among patients for adopting digital
therapeutics, lack of digital therapeutics reimbursement, and strict regulatory
needs are factors that may restrict the digital therapeutics growth during the
forecast period.
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Market
Segmentation
The Market Research Future
report offers a complete segmental analysis of the digital therapeutics market
based on sales channel, type, and application.
By product, the digital
therapeutics market is segmented into devices and software. Of these, the software
segment will lead the market during the forecast period. The software includes
various health-related platforms and apps, thus comprises the base of digital
therapeutics. It helps to transmit a patient’s data to physicians from wearable
devices through various electronic devices, namely tablets and mobiles.
By application, the digital
therapeutics market is segmented into smoking cessation, respiratory diseases,
diabetes, obesity, cardiovascular diseases, and others. Of these, the obesity
segment will dominate the market during the forecast period. An increase in the
obese population and a
sedentary lifestyle that increases the risk of type-2 diabetes, hypertension,
and stroke are adding to the market growth.
By the sales channel, the
digital therapeutics market is segmented into B2C and B2B. Of these, the B2B
segment will have the maximum share in the market during the forecast period.
Regional
Analysis
By region, the digital
therapeutics market report covers the latest trends and growth opportunities
across the Asia Pacific, North America, Europe, and the Rest of the World. Of
these, North America will have the lion’s share in the market during the
forecast period. Various factors propelling the growth of the digital
therapeutics market in the region include expansion of healthcare sectors, the
inclusion of the next-generation healthcare technology, rising investments in
research and developments, rising prevention of chronic diseases, and early
adoption of technology. The US is the major contributor in the market.
Increasing incidence of chronic diseases, rising investments in the field of
digital therapeutics, and improving reimbursement structure are the key factors
boosting the growth of the US digital therapeutics market.
The digital therapeutics market
in Europe will have the second-largest share during the forecast period.
Various factors propelling the growth of the digital therapeutics market in the
region include the growing demand in the region for digitalization of
healthcare coupled with widespread awareness about the advantages of digital
therapeutics.
The digital therapeutics market
in the APAC region will grow at the fastest pace during the forecast period.
Various factors propelling the growth of the digital therapeutics market in the
region include increasing government initiatives, rising use of smartphones,
and improved healthcare infrastructure. India is a major contributor in the
region. Rising geriatric population is generating huge demand for digital
therapeutics in India, especially digital health applications, namely AI,
mHealth, chatbots, and telemedicine.
The digital therapeutics market
in the Rest of the World will have steady growth during the forecast period.
Key
Players
Notable players profiled in the
digital therapeutics market report include Livongo Health, Omada Health, Inc.,
WellDoc Inc., Noom Inc, Medtronic Plc., Canary Health Inc., Propeller Health,
Mango Health, Inc., Proteus Digital Health, Inc., and Twine Health Inc.
Industry
News
November 2019: Astellas Pharma
Inc. and Welldoc, Inc. have entered into a license agreement and collaboration
for the development as well as commercialization of digital therapeutics.
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