Digital Therapeutics Market Size Key Technological Advancement, Expansion Plans and Imminent Growth Forecast 2027
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
Market Scenario
The global Digital Therapeutics Market Size is expanding at a much a much higher rate, which it can, in no time, will be a progressive outrage in the foreseen years (2018-2023). In its growth, it is estimated to develop at a rapid CAGR, reveals Market Research Report in its detailed report. The report thus encompasses segmental analysis, valuable insights, and factors that can impact the growth of the global digital therapeutics market in the next couple of years.
Factors Driving Market Growth
The primary factors concerning with the growth of the digital therapeutics market are attributed to the rising pressure in healthcare providers to provide quality assessments, reducing healthcare products costing, rising prevalence of diseases, increasing the presence of collaborated companies, and others.
Moreover, with the increase in the case of preventive healthcare has also supported the upsurge of the market. And due to this, investments are also being made in the field of digital therapeutics, so to increase the spread of the digital therapeutics market. On the other side, over to the benefits, digital therapeutics is counted as adherence to the improved drug, the ability to induce behavioral changes and convenience of the patients globally is hence driving the growth of the market.
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With the gradual growth in the digital therapeutics market, many potential companies are making space for themselves in helping the market to grow. With the spontaneous use of the internet and the integration of smart practices is hence developing the size of the market. The critical factor in the progress of digital therapeutics market is accounted to be the rising geriatric population. Also, with the incorporation of digital elements in the place of traditional medical devices has progressively urged the market growth. The application of digital therapeutics is being increasingly leveraged especially to large-scale patient population which is expected to advance the healthcare to result substantially in the forecast period. Other uses of digital therapeutics for the cases such as cancer management, pain management, smoking cessation and tough therapy areas like Parkinson’s and rise in the prevalence of such diseases have stubborn the growth of the global digital therapeutics market.
Market Segmentation
The segmental analysis of the digital therapeutics market is done on the basis of product type, application, and sales channel.
By mode of product, the segmentation has divided into software and devices.
By mode of application, the market segmentation has been done into cardiovascular diseases, obesity, diabetes, respiratory diseases, smoking cessation, and others.
By sales channel mode, the segmentation of the market has been divided into B2B and B2C..
Regional Analysis
The regions where the digital therapeutics market share has made its mark are North America, Asia Pacific, Europe, and Rest of the World.
Among these, the North American region has the most significant control over the global digital therapeutics market and is expected to hold the position in the next couple of years. The reasons behind spread-on of the market comprise of early adoption of technology, growing prevention of chronic diseases and increasing investments in R&D, inclusion on next-gen healthcare technology, expansion of healthcare sectors including awareness projects, etc.
Europe accounted for the second largest share of the global therapeutics market in 2016 due to increased demand for digitalization of healthcare across the region.
Market Key Holders
The global digital therapeutics market is marked by the presence of key players such as Twine Health Inc., Proteus Digital Health, Inc., Mango Health, Inc., Propeller Health, Canary Health Inc., Medtronic Plc., Noom Inc, WellDoc Inc., Omada Health, Inc., and Livongo Health.
Competitive Analysis
The global digital therapeutics market is considerably promoting the increasing number of medical firms in the market. With the diversification of product in the market is increasing open-door opportunities for the progress of the global digital therapeutics market.
December 10, 2018 – Pear Therapeutics and Sandoz proclaimed the receiving the FDA clearance of the digital therapeutic – reSET-O as the duo had developed jointly. The development – reSET-O is the first digital therapeutic to treat patients with opioid use disorder (OUD).
In April 2018: Pear Therapeutics (US), one of the leaders in prescription digital therapeutics and Sandoz (Germany), a global leader in generic pharmaceuticals and biosimilars and a division of Novartis had collaborated to commercialize development of novel prescription digital therapeutics designed for the effective treatments of the diseases and improve clinical outcomes for patients.
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