Digital Therapeutics Market:
Growth Opportunities in the global digital therapeutics market look promising over the next six years. The growing adoption of tablets and smartphones, rising healthcare applications, increasing requirement to control healthcare costs, and growing cases of chronic diseases are the key factor driving the growth of the digital therapeutics market.
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Digital Therapeutics Market’s leading Manufacturers:
- Proteus Digital Health, Inc.
- Omada Health, Inc.
- Welldoc, Inc.
- Livongo Health
- Noom Inc.
- Io, Inc.
- Propeller Health
- 2morrow Inc.
- Canary Health Inc.
- Mango Health Inc.
Digital Therapeutics Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The global digital therapeutics market is predicted to witness an upsurge in demand during the forecast period. This is attributed to the growing adoption of tablets and smartphones, rising healthcare applications, increasing requirements to control healthcare costs, and growing cases of chronic diseases. Moreover, the rising number of internet users and the advancement and miniaturization of digital technologies are the major factors surging the growth of the digital therapeutics market size. For example, in 2013, India was ranked 47th for smartphone penetration by Google and 36th in 2015. Digital therapeutics is gaining traction as it offers high cost-effectiveness, which is another factor that is driving the growth of the market. The emerging trends like government initiative and venture capital funding are further propelling the market growth in the upcoming years.
As per digital therapeutics market report, the increasing preventive healthcare practices, efficient management of chronic diseases, and digitalization of healthcare are fuelling the growth of the digital therapeutics market. Various exceptional benefits provided by digital therapeutics, such as the capability to encourage behavioral changes and patient convenience, and enhanced drug adherence, are bolstering the market growth during the forecast period. On the other hand, the factors hindering the growth of the market include patient data privacy concerns and limited awareness and access to digital therapeutics programs in emerging economies.
The outbreak of the COVID-19 pandemic has a positive influence on the growth of the digital therapeutics market due to growing awareness associated with the importance of digital health, the rising rate of drug abuse, and the increase in the prevalence of mental illness across the globe. Additionally, due to this pandemic, individuals are asked to stay at home, which leads to an unhealthy lifestyle, less physical activity, and mental stress, driven by a surge in the prevalence of chronic diseases.
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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