Digital Therapeutics Market Growing at a CAGR 20.3%

Digital Therapeutics Market Growing at a CAGR 20.3%

Apr 19, 2021, 7:02:18 AM Business

The global digital therapeutics market size is projected to be valued at USD 11.82 billion by 2027, expanding at a CAGR of 20.3% from 2020 to 2027.

The latest report on digital therapeutics market by Precedence Research, Market Insight, Overview By Industry Top Manufactures, Size, Trends, Industry Growth Analysis & Forecast till 2027. The research report offers complete information related to market growth, demand and supply, opportunities and research updates in the digital therapeutics market. The report analyzes and forecasts the digital therapeutics market at a global and regional level. The study includes drivers and restraints of this market. The study provides an analysis of the global digital therapeutics market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2020 is considered as the base year.

Growth Factors

Increasing penetration of internet usage and smartphones particularly in the developing countries estimated as the key factor to propel the market growth. For instance, India ranked 47th and 36th in 2013 and 2015 by Google Inc. for smartphone penetration. In addition, rising need to curb the increasing spending on healthcare sector also anticipated to drive the market growth over the forecast timeframe.

Furthermore, rising prevalence of chronic diseases such as diabetes, obesity, smoking cessation, and many others across the globe is the other most prominent factor that impels the market growth. As per the statistics published by the International Diabetes Federation (IDF), in every 7 seconds a person dies from diabetes and its complications. In addition to this, the total number of people suffering from diabetes anticipated to rise by 48% from 424.9 Million in 2017 to 628.6 Million by 2045. Hence diabetes and similar other chronic disease are a major threat to the economy. To curb the rate of increasing chronic diseases along with rising awareness among the public related to health and fitness is likely to boost the growth of digital therapeutics in the upcoming years.

However, the undefined payment procedures along with lack of efficient monetization strategies projected to hamper the market growth. Nonetheless, integration of digital therapeutics platform with machine learning and artificial intelligence opens up new opportunity in the sector.

Get a Sample PDF copy of this Market Report @ https://www.precedenceresearch.com/sample/1128

Report Highlights

North America emerged as a global leader in 2019 owing to increasing number of reforms pertaining to curtail the rising healthcare spending across the region

The Asia Pacific expected to witness the fastest growth over the analysis period because of large consumer base along with rising geriatric population in the region

Software segment captured the largest value share based on product type for the year 2019 and projected to register the fastest growth over the analysis timeframe

Based on application, diabetes dominated the global market in 2019 and estimated to forecast same trend over the upcoming period due to rising prevalence of diabetes across the globe

Obesity is the other major concerned disease that expected to exhibit the fastest growth over the forthcoming years owing to changing eating habits largely influenced by the western pattern 

Key Players 

The global digital therapeutics industry is at its niche stage; however, experiences significant merger, partnership, and new product launch & development. For instance, in September 2019, TrialCard, a company that works in conjunction with pharma manufacturers to connect patients to services and medications, announced to acquire Mango Health. The acquisition helped TrialCard to offer best engagement and adherence solution to their patients. Similarly, in July 2020, Biocon Biologics India, a biosimilars company, and Voluntis, a digital therapeutics company, announced to enter into a collaboration agreement. Under this agreement, Biocon in collaboration with Voluntis develops and distributes innovative digital therapeutic solutions for type-2 diabetes patients.

Some of the key players operating in the market are Fitbit Health Solutions, 2MORROW, Inc., Medtronic Plc., Livongo Health, Inc., Pear Therapeutics, Inc., Omada Health, Inc., Resmed, Inc. (Propeller Health), Proteus Digital Health, Inc., Welldoc, Inc., Voluntis, Inc., Canary Health Inc., Noom, Inc., Mango Health Inc., and Dthera Sciences among others.

Market Segmentation

By Product

Device

Software

By Sales Channel

Business-to-Consumer (B2C)

Business-to-Business (B2B)

By Application

Obesity

Diabetes

Central Nervous System (CNS) Disease

Gastrointestinal Disorder (GID)

Cardiovascular Disease (CVD)

Smoking Cessation

Respiratory Disease

Others 

Regional Segmentation 

  • North America (United States, Canada)
  • Europe (Germany, France, UK, Italy, Russia and Rest of Europe)
  • Asia-Pacific (China, Japan, India, Southeast Asia, Korea and Rest of Asia Pacific)
  • Latin America (Brazil and Rest of Latin America)
  • The Middle East and Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)

What Our Report Offers:

1. digital therapeutics market estimates of all the key segments, sub-segments, and the regional markets from 2020 to 2027.

2. Market Trends (Drivers, Restraints, Opportunities, Threats, Challenges, Investment Analysis, and Key Proposals).

3. Market share appraisals for all the local and the global regional segments.

4. Strategic recommendations in digital therapeutics key business sections in light of the market estimations.

5. Competitive analysis detailing the key growth trends and inclinations.

6. Market share and size of all the foremost industry players.

7. Strategic proposals for the new participants.

8. Company profiling with comprehensive approaches and methodologies, financials, and latest technological developments.

To Buy the Up-to-date Full Report, Connect with us@ https://www.precedenceresearch.com/checkout/1128

About Us

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.

We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, aerospace and defence, among different ventures present globally. We endeavour to give our clients latest insights on upcoming technologies, new developing markets, dynamically changing business conditions and most recent business-driven applications.

Contact Us:

Precedence Research


Apt 1408 1785 Riverside Drive Ottawa, ON, K1G 3T7, Canada

Call: +1 9197 992 333

Published by Precedence Research

Comments

Reply heres...

Login / Sign up for adding comments.

Similar Articles