Digital Therapeutics Market Size to Reach USD 9.64 Billion by 2026 - Valuates Reports
BANGALORE, India, Aug. 4, 2020 /PRNewswire/ -- Digital therapeutics is a subdivision of digital health that provides patients with evidence-based treatment approaches that are powered by high-quality software programs. The distinction between digital health and digital therapeutics is focused on the patients' clinical results. For instance, digital therapeutics do not include consumer-oriented fitness devices such as step-counters and calorie counters.
The global digital therapeutics market size was valued at USD 2.24 Billion in 2018 and is expected to reach USD 9.64 Billion by 2026 with a CAGR of 19.9% during the forecast period.
The major factors driving the growth of global digital therapeutics are increasing mobile and tablet adoption, growing healthcare applications, growing need to monitor healthcare costs and increasing incidence of chronic diseases. Furthermore, high growth prospects in untapped markets would create substantial profit opportunities for producers in the digital therapeutics industry.
The digital therapeutics market report offers a comprehensive quantitative overview of current market dynamics and forecast projections for the period from 2018 to 2026, which helps define the emerging business opportunities.
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TRENDS INFLUENCING THE DIGITAL THERAPEUTICS MARKET SIZE
The ubiquity of smartphones has contributed to a dramatic change in the way people use their devices to access healthcare, making it an ideal platform for providing innovative digital therapy. The increasing penetration of digital devices such as smartphones and tablets is expected to increase the digital therapeutics market size during the forecast period.
The rising healthcare costs have imperatively driven the growth of digital therapeutics market size. Healthcare prices have soared to unsustainable levels in recent years due to rising medication and services prices. This has prompted major companies and the government healthcare industry to adopt advanced therapeutics.
Digital therapeutics are increasingly being leveraged to scale up to a large number of patients and improve healthcare outcomes. Management of diabetes and other chronic diseases are the fields where digital therapy has shown its mettle. Hence the increase in precipitance of chronic disease is, in turn, expected to increase the digital therapeutics market size.
Lack of understanding in developed countries about digital therapeutics and worries about patient data privacy hinders the growth of the digital therapeutics market size.
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DIGITAL THERAPEUTICS MARKET SHARE
Based on the application, the Diabetes segment was the main contributor to revenue in 2018 and is expected to continue this trend over the forecast period due to the high prevalence of diabetes.
Based on the region, North America held the largest digital therapeutics market share and is expected to continue its dominance during the forecast period. This region's dominance is due to reasons including a rise in the geriatric population, an increase in chronic disease prevalence, an increase in demand for wireless & portable devices, and the availability of sophisticated reimbursement structure aimed at minimizing expenditure.
The Asia Pacific is expected to witness the highest growth rate during the forecast period due to a highly fragmented population base that turns into a large target base and rapid urbanization that involves a rapidly evolving technological landscape. Furthermore, the market is expected to benefit from ongoing reforms in countries to resolve a lack of proper infrastructure and sustainable development through financial inclusion.
By Region
- APAC
- Europe
- North America
- LAME.
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DIGITAL THERAPEUTICS MARKET SEGMENTATION
By Application
- Diabetes
- Obesity
- Cardiovascular Disease (CVD)
- Central Nervous System (CNS) Disease
- Respiratory Disease
- Smoking Cessation
- Gastrointestinal Disorder (GID)
- Others.
By Product
- Software
- Device
By Sales Channel
Business-to-business (B2B)
- Employer
- Healthcare Provider
- Others.
Business-to-consumer (B2C)
- Patient
- Caregiver.
Key Companies
- 2MORROW, Inc.,
- Fitbit, Inc. (Twine Health, Inc.),
- Livongo Health, Inc.,
- Medtronic Plc.,
- Omada Health, Inc.,
- Pear Therapeutics, Inc.,
- Proteus Digital Health, Inc.,
- Resmed, Inc. (Propeller Health),
- Voluntis, Inc.,
- Welldoc, Inc.
- Others.
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SIMILAR REPORTS
- Digital Therapeutic Devices Market Report
The Digital Therapeutic Devices Market report focuses on market size, future forecast, growth opportunity, key market, and key players. The study objectives are to present the Digital Therapeutic Devices development in the United States, Europe, and China.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-2W322/digital-therapeutic-devices
- Digital Therapeutics and Wellness Market Report
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-26F1737/global-digital-therapeutics-and-wellness
- Europe Digital Therapeutics Market Report
The Europe digital therapeutics market size was valued at USD 0.50 Billion in 2018 and is expected to reach USD 2.27 Billion by 2026, with a CAGR of 20.6% during the forecast period.
Increased use of smartphones and tablets combined with healthcare apps, increased need to monitor healthcare costs; and increased incidences of chronic diseases push Europe's demand for digital therapeutics.
View Full Report: https://reports.valuates.com/market-reports/ALLI-Manu-0A22/europe-digital-therapeutics
- Digital Therapeutics Sales Market Report
The global digital therapeutics sales market will reach USD 460 Million by 2025 from USD 115 Million in 2018, at a CAGR of 21.5% during the forecast period.
Due to the rising prevalence of chronic diseases such as diabetes, asthma, obesity and insomnia, the global digital therapeutics sales market will experience promising growth.
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