The Global Digital Therapeutics Market was valued at US$ 3.7 Bn in 2020 is expected to reach US$ 14.3 Bn by 2027, with a growing CAGR of 21.3% during the forecast period (2020-2027).
Digital therapeutics is a branch of digital health that is the amalgamation of innovative technologies, services, and products for healthcare and wellness. Digital therapeutics are used independently or in the combination with medical devices, therapies medications are optimized according to the patient care and health outcomes. This technique is used to prevent, cure, manage disease or disorder using software technology. Digital therapeutics uses the infrastructure of the internet, apps in mobile devices, machine learning, big data, and artificial intelligence in order to embrace personalized therapies. There is a huge development in different apps providing healthcare benefits to the patients.
Increase in government funding on healthcare, rising adoption of technology, increase in availability and easy access to internet and smart phones are some of the factors attributing for the growth of the digital therapeutics market. Moreover, increase in digitalization in industries, increasing management of mental and chronic disorders tend to enhance the growth of market during forecast period. In order to deliver cost effective treatment by reducing physicians time boost the growth of the digital therapeutics market.
By Sales Channel
By Geographical Region
Based on application type, diabetes accounted for highest market share in 2020 and anticipated to increase more during forecast period
Digital therapeutics is segmented on the basis of its application types which include preventive measures like pre-diabetes, nutrition, life style management, obesity and treatment/care for diabetes, CNS, CVS, and respiratory diseases. Amongst them, diabetes accounted for the highest market share in 2020 and it is expected to expand more during the forecast period. This is due to high diabetic population and geriatric population. Diabetes required time to time diseases management, guidance, support, and awareness regarding symptoms related to diabetes like polyuria, polydipsia.
Obesity is anticipated to hold the second largest share of the digital therapeutics market. According to CDC’s statistics, the prevalence of obesity in U.S. was about 43% in year 2017-2018. This growing in number of obese population fuel the growth of the digital therapeutics market.
Based on sales channel, patient and caregiver segment accounted for the largest market share in 2020.
Based on sales channel, digital therapeutics is segmented into B2C and B2B sales market. B2C accounted for highest market revenue in year 2020 and expected to grow more during forecast period. Rising awareness among players and employers about benefits of digital therapeutics devices and cost-effectiveness led to pull the growth the of market.
Based on geographical region, North America dominated the market in year 2020 and expected to maintain it’s dominance during the forecast period
North America accounted for the highest market share more than 30% in 2020. This is due to emergence of new advanced technology, rising diseased conditions and high healthcare expenditure. Whereas Asia-Pacific is expected to register the fastest growth over the forecast period.
The key players operating in the market are:
The report also provides in-depth analysis of digital therapeutics market dynamics such as drivers, restraints, opportunities and challenges
COVID-19 Impact on the Digital Therapeutics Market Analysis
Covid-19 has highly affected the industries in terms of growth, economy, health and mental wellbeing of every individual. In this challenging situation, every industry is trying to give best services in terms of quality and safety. Likewise, digital therapeutics industry is focusing on developing high quality of healthcare products using advanced technology. During the outbreak of Covid-19, FDA generated guidelines, stating permission for the distribution, supply and use of digital therapeutic devices for the treatment of various disorders. This created an opportunity and led to increase in demand for the therapeutic devices across the world. Due to incidence of the coronavirus, this created awareness and alertness regarding importance of health management using digital therapeutic products.
Due to restrictions on movement and lockdown period, people required to stay at home which restricted their movement and physical activity, increased mental stress and prevalence of chronic diseases. This created need for the digital therapeutics' devices software across the world.
The report also provides in-depth analysis of key trends in digital therapeutics market
|1||Increased in awareness regarding digital health system and rise in mental health disorders during Covid time||Positive|
|2||Growing investment in the digital therapeutic industry due to high demand||Positive|
|3||Introduction of new smarter, innovative applications for the patient treatments and care||Positive|
The report also provides an in-depth analysis of recent news developments and investments
The unique insights provided by this report also includes the following:
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