Growth opportunities in the digital therapeutics market look promising over the next six years. This is mainly due to the growing number of internet users, the rising need to curb healthcare expenditures, improved drug adherence, and the increasing use of smartphones.
Digital Therapeutics Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The augmenting internet users and the accelerating penetration of smartphones, developments and the miniaturization of digital technologies, and the growing demand to control healthcare expenditure are the drivers stimulating the adoption of digital therapeutics across individuals and boosting the global digital therapeutics market. Various initiatives by government and venture capital funding will further strengthen the market size. Also, factors like increasing precautionary healthcare activities, persuasive administration of chronic diseases, and digitalization of healthcare will fuel the market growth. Moreover, the capability to induce behavioral changes, better drug adherence, and patient accessibility also supports market share. However, concerns about the privacy of patient data and insufficient access and knowledge regarding digital therapeutics programs in developing economies are the factors that may curb the digital therapeutics market growth.
Application Segment Drivers
On the basis of application, the market is segmented into treatment and preventive. Amongst which, treatment is expected to grow at a faster CAGR during the forecast period attributed to the factors like huge treatment and healthcare costs, largely because of the chronic conditions. Increasing healthcare costs, the rising presence of chronic diseases, and the digital therapeutics ability to offer cost-effective solutions are propelling the market demand.
Regional Drivers
Based on regional coverage, North America is anticipated to lead the market over the forecast period owing to the growing investments, the incursion of new start-ups, developments in the reimbursement structure for digital therapeutics, and initiatives by the government to strengthen technological advancements.
Digital Therapeutics Market’s leading Manufacturers:
- Mango Health Inc.
- 2morrow Inc.
- Io, Inc.
- Livongo Health
- Canary Health Inc.
- Omada Health, Inc.
- Propeller Health
- Noom Inc.
- Welldoc, Inc.
- Proteus Digital Health, Inc.
Digital Therapeutics Market Segmentation:
Segmentation by Product Type:
- Hardware
- Wearable Device
- Headbands
- Smart Watches
- Sociometric Badges
- Others
- Non-wearable Device
- Glucose Monitoring Devices
- Others
- Software
Segmentation by Application:
- Preventive
- Prediabetes
- Obesity
- Treatment
- Diabetes
- Obesity
- CVD
- CNS Disease
- Respiratory Diseases
- Smoking Cessation
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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