Increasing investments in the digital healthcare industry along with growing government initiatives to expand accessibility and availability of advanced care are offering lucrative opportunities for the growth of the global digital therapeutics market
Burgeoning demand for high-tech healthcare interventions along with increasing pressure on the healthcare system to tend to the rising prevalence of chronic diseases is accelerating the digital therapeutic market growth projected to acquire a CAGR of 25% over the forecast years 2018 to 2028. The market is likely to be worth 15.75 billion for the same period. Digital therapeutics is specific to the broader digital health industry.
Digital therapeutics refers to evidence-based medical interventions utilizing strong and efficient software programs. Digital therapeutics encompass broad range of services and solutions starting from mobile devices or associated technologies, sensors, desktop computers, various applications, and an array of internet of things-based devices. Patients can effectively procure evidence-based data which can be ultimately applied in treatment and management of multiple health conditions.
Digital therapeutics require approval from authority bodies before deployment. For instance, so far approximately 40 digital therapeutics have been approved by the Food and Drug Administration and have been deployed into the digital therapeutics market.
Existing growth trajectory of the global digital therapeutics market is followed by future progress path outlined with the market attractiveness and highlighting emerging trends of the industry. Major driving factors of the global digital therapeutics market targets the foreseeable opportunities during the forecast period. Some of the key factors such as proliferation of smart devices along with expanding internet penetration are conducive for market expansion.
Additionally, shift in consumer mindset with changing preferences from conventional healthcare service models to digital care are propelling the growth of the global digital therapeutics market over the forecast years. Increasing efforts to expand the healthcare infrastructure globally is expected to enhance the growth prospects for the global digital therapeutics market in the coming decades.
Adroit Market Research report on the global digital therapeutics market provides all-inclusive research with a holistic approach analyzing the market from 2018 to 2028, throughout which growth derivatives, market threats, restrains, opportunities, and challenges are identified. The market analysis outcome across historic years 2018 to 2020 highlights historic evidences with 2020 as the base year of market assessment further pushing the study to deliver future forecast from 2021 to 2028. The forecast study compiles current dynamics and status along with future potential and growth prospects with a deeper industrial analysis based on Porter’s five forces analysis. The study also positions the recognized key players operating the global digital therapeutics market based on their profile, geographic footprint, revenue records and strategic initiatives.
The digital therapeutics market portrays a fierce competitive environment with conventionally placed business models of the well-established historic players challenges by the emerging players. also, the digital therapeutics industry players are tapping into potential market spaces with a promising scope for growth with a view of seizing competitive advantage among other industry players by undergoing large-scale or small-scale mergers and collaborations, acquisitions and partnerships to extend business presence.
The software segment is likely to lead the global digital therapeutics product type segment over the forecast period projecting highest growth rate due to the burgeoning need to focus on the rapidly rising healthcare costs and the significant pressure on the healthcare industry amidst the adversities proposed by the growing prevalence of chronic diseases and emergence of novel diseases which is expected to offer opportunities to developers to modify existing software services according to current needs and demand.
North America is the largest global digital therapeutics market with a strong geographic footprint across the developed economies including U.S. and Canada, two countries with a robust healthcare infrastructure and fast-paced technological advancements boosting the growth of the global digital therapeutics market over the forecast. The region has a predominant digital health industry with rising number of start-ups involved in enhancing global digital therapeutics product portfolio. in Asia Pacific, the market is estimated to record highest growth during the forecast years with the escalating population of developing economies and increasing digitization.
The major players of the global digital therapeutics market are Omada Health, Livongo Health, WellDoc, Propeller Health, 2Morrow, Noom Health, Pear Therapeutics, Canary Health, Mango Health, Proteus Digital Health, Happify, Kaia Health, Canary Health, Wellthy Therapeutics, Ginger, Ayogo Health, CogniFit and Twine Health. The global digital health therapeutics market players consist of historically-established local players and international well-known market players. the recognized market players are bringing new technologies into the market coupled with advanced innovative strategies and services to enhance competitive sustenance in the global market.
Key Segments of the Global Digital therapeutics Market
Product Type Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
- Substance Abuse
Sales Channel Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East & Africa