Increased penetration of technical gadgets like smartphones,laptops, tablets in healthcare, rising chronic diseases with effective andcontrolled cost of therapies, increasing government initiative for preventive healthcare,and growing technological advances drives the growth of digital therapeuticsmarket.
The Global DigitalTherapeutics Market was valued at USD 3.7 billion in 2020, and it isexpected to reach USD 14.3 billion by 2027, with a CAGR of 21.3 %, during theforecast period-2021-2027.
Digital therapeutics are changing the healthcare andmedicine delivery system with evidence-based technologies to improve patientoutcomes. Digital therapeutics helps to deliver medical therapies ortreatments directly to the patients using scientific reports, clinicallyevaluated software used to treat patients, their management and used for theprevention of chronic diseases or disorders. Digital therapeutics products havethe same set of standards and regulations as that of traditional medicinalproducts and treatments. Digital therapeutics must follow some of the corevalues like product safety, patient centricity, privacy, quality, and ongoingclinical trials impact on the product.
Digital therapeutics helps to reduce the gaps betweentechnology and the patients by delivering treatments or therapies throughsmartphones or tablets, by increasing patient access to the safety andeffectiveness associated with the treatments, presentation of information indifferent languages, providing relevant information related to the diseases andtreatments and expanding physicians' ability to care for patients.
There is increase in demand for the digital therapeuticproducts with rise in adoption and acceptance of smartphones and tablets forhealthcare delivery system across the globe. On the contrary, there is lack ofawareness and availability of digital therapeutics system in developingcountries. This provides an opportunity for the players to explore untappedmarkets of developing countries to gain significant profit in the digitaltherapeutics industry.
Covid-19 pandemic has shuffled entire healthcare system allover the world. This gave an opportunity for the growth of the digitaltherapeutics market by increase in prevalence of mental disorders and awarenessregarding digital therapies.
Digital therapeutics is broadly segmented based onapplications, sales channel, and region. Based on the applications, the marketis segmented into prediabetes, nutrition, obesity, lifestyle management,diabetes, cardiovascular, chronic respiratory disorders, gastrointestinaldisorders, and rehabilitation. Diabetes held the largest market share in year2020. This is due to rise in diabetic population across the world and patientsrequires effective diseases management which boost the growth of digitaltherapeutics market growth. Further, based on sales channel, in caregiverchannel accounted for largest share of digital therapeutics market andproviders segment is expected to grow with highest CAGR in coming years.Geographically, North America dominated the digital therapeutics market in year2020 and it is expected to expand more during the forecast period. Presence ofadvanced technology, developed healthcare infrastructure, and rising chronicdiseases surge the demand for digital therapeutics market.
Major players operating in the digital therapeutics marketinclude Noom, Livongo Health, Omada Health, Pear Therapeutics, Proteus DigitalHealth, Propeller Health, Mango Health, Akili Interactive Labs, BetterTherapeutics, Happify, Kaia Health, WellDoc, and Click Therapeutics.
Digital Therapeutics Market Key Findings:
Based on application, diabetes segment accounted for thehighest market share in 2020 and anticipated to increase more during forecastperiod. Obesity segment also captured significant share in 2020.
Based on sales channel, caregiver segment accounted for thelargest market share. However, providers segment is projected to grow at thefastest rate during the forecast period.
Based on Geography, North America dominated the market inyear 2020 and Asia Pacific is expected to propel the market with the highestCAGR during the forecast period.
The Global Digital Therapeutics Market Segmentation:
The Global Digital Therapeutics Market is segmented on thebasis of Applications, Sales Channel, and by region.
By Applications
· Preventive
· Prediabetes
· Nutrition
· Obesity
· Lifestyle Management
· Treatment/Care
· Diabetes
· Cardiovascular
· Chronic Respiratory Disorders
· Gastrointestinal Disorders
· Rehabilitation
By Sales Channel
· Patient
· Caregiver
· Employer
· Providers
· Others
By Geographical Region
· North America
· Europe
· Asia- Pacific
· South America
· Middle East & Africa
Digital Therapeutics Market Company Profiles andCompetitive Intelligence
The key players operating in the market are:
· Noom
· Livongo Health
· Omada Health
· WellDoc
· Pear Therapeutics
· Proteus Digital Health
· Propeller Health
· Akili Interactive Labs
· Better Therapeutics
· Happify
· Kaia Health
· Mango Health
· Click Therapeutics
· Canary Health
Read More- https://www.alltheresearch.com/report/464/digital-therapeutics-market
Digital Therapeutics Market Recent News:
In June 2021, Epillo Health System launched EHR system forclinics and pharmacies and mobile app to the patients which provides medicalreports and prescriptions. It is web based INTRx Clinical system helps tomanage patients' health, lab/diet reports and monitors diseases. It also helpsto manage finances and appointments.
In June 2021, an India based digital therapeutic company,Fitterfly, launched digital recovery programme for diabetic patients whocontracted COVID-19, which helped patients to contact with their family andgroups, virtual discussions.
