Digital Therapeutics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029

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Digital Therapeutics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029

Status : February, 2021 | Healthcare IT

Report Digest


Global Digital Therapeutics Market: Overview

Digital therapeutics (DTx) is tasked with the delivery of therapeutic interventions that are based on evidence. These deliveries is made to patients and are driven by advanced software programs so as to treat, manage, and avert a wide range of behavioral, metal, and physical conditions of a patient. Digital therapeutics comprises an independent group of proof-based products within the set up of a broader digital health landscape. This kind of therapeutics is different from telehealth, diagnostic, and pure-play adherence products. The development of the global digital therapeutics market is likely to be shaped by the growing prominence of the service.

The continuously changing digital landscape has left common people grappled and has resulted in the augmented awareness pertaining to fitness and personal health. In addition to that, the burden of chronic diseases has been immense and need efficacious management. Digital therapeutics makes an offering of a wide range of services, which induce effective and efficacious management and tracking of conditions and healthy habits in people. These factors are estimated to trigger growth of the global digital therapeutics market over the timeframe of analysis, from 2019 to 2029.

The three important parameters of high importance that have been taken into account for the segmentation of the global digital therapeutics market include application, product type, sales channel, and region.

Global Digital Therapeutics Market: Notable Developments

One of the relevant and important developments in the global digital therapeutics market is mentioned as below:

  • In January 2020, US-based developer of clinically validated software, Pear Therapeutics, Inc. acquired two clinical-stage digital therapeutics, which are to be utilized for the purpose of treatment of chronic and acute pain from. This acquisition is made from Firsthand Technology, an American company providing solutions to improve cost control and enhance wellness.

Some of the key players in the global digital therapeutics market comprise the below-mentioned:

  • Proteus Digital Health, Inc
  • Mango Health, Inc.
  • Omada Health, Inc.
  • Canary Health, Inc.
  • 2Morrow, Inc
  • Pear Therapeutics, Inc.

Global Digital Therapeutics Market: Key Trends

There are many dynamics in the global digital therapeutics market that are estimated to influence the market over the assessment period, from 2019 to 2029. The presence of several drivers, new growth avenues, and challenges characterize the global digital therapeutics market.

Surge in the Incidences of Chronic Diseases is Likely to Propel Market Growth

With the development of digital therapeutics field, payers, providers, and patients are estimated to observe a rise in increasingly all encompassing network of therapy options for various diseases and disorders in people. With the availability of a diverse range of products across the digital therapeutics network, one such expert could do the following:

  • Incorporate the best practices and medical guidelines
  • Lessen dependence on some specific therapies and pharmaceuticals
  • It can be utilized in conjunction with other therapies or can be done independently
  • Offer payers, providers, and patients with options of novel therapy for unmet medical requirements
  • Support and enhance the existing medical treatments

The expansion of the global digital therapeutics market is estimated to be influenced by use of internet and phenomenal rise in the use of smartphones amongst the common people. In addition to that, the cost saving element is also expected to drive the demand for digital therapeutics over the timeframe of analysis, from 2019 to 2029. This therapeutics enables effective and efficient management of various chronic diseases and mobile consultations. Chronic diseases comprise a major threat to the human health and economy overall, which is why the need to manage chronic diseases efficiently arises. Increased prevalence of chronic diseases is anticipated to foster growth of the global digital therapeutics market in the forthcoming years.

Global Digital Therapeutics Market: Geographical Analysis

North America is likely to dominate the global digital therapeutics market throughout the timeframe of analysis, from 2019 to 2027. A rise in the number of reforms to cut down healthcare spending in the region is estimated to propel growth of the North America market in the near future. Asia Pacific is poised to register very high growth rate during the analysis period due to rapid urbanization and technological progress made in the healthcare sector.

The global digital therapeutics market is segmented as:

Application

  • Diabetes
  • Obesity
  • Cardiovascular Disease (CVD)
  • Central Nervous System (CNS) Disease
  • Respiratory Disease
  • Smoking Cessation
  • Gastrointestinal Disorder (GID)

Product Type

  • Software
  • Device

Sales Channel

  • Business-to-Business (B2B)
  • Business-to-Consumer (B2C)

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?