Digital Therapeutics Market Research Analysis By Product Type (Software, Devices And Others), Application (Cardiovascular Diseases, Obesity, Diabetes, Respiratory Diseases, Smoking Cessation and Others) and Sales Channel (B2B and B2C) and End Users - Global Forecast 2027
Market Highlight
Digital therapeutics play a fundamental role in incorporating digital elements into traditional medical devices. The global digital therapeutics market depends on this factor significantly, and based on this, it could expect an impactful growth with substantial CAGR during the forecast period (2018-2023), reveals Market Research Future (MRFR) in an extensively studied report. The study further states that the market can even double its valuation by 2023 than the past.
Market Drivers & Challenges
The ability of digital therapeutics, such as encompassing a multitude of current medical devices and technologies, offers proper traction has made it vulnerable that makes the market gross largely. Even the market is said to be ever-growing and expanding at a rapid pace due to the introduction of current medical devices and technologies. As per the study, the market is in its nascent stage and has been expanding with time-based on the fact of incorporating digital elements into traditional medical devices. This factor has been considered one of the essential one causatives to the market’s growth in the present.
At the same time, other factors that are responsible for rising the traction of digital therapeutics products are the surging healthcare costs that have an essential influence on the development of the global digital therapeutics market. The details followed by this portray that healthcare costs have climbed to shaky levels, led by higher prices for drugs and services. Thus, this trajectory is fueled by a rise in the worldwide geriatric population has provoked government and private healthcare industry players to enhance the advanced digital therapeutics. Such factors have also positively affected the digital therapeutics market.
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Other than these factors, the ubiquity of smartphones has also brought a considerable shift in the way consumers are accessing healthcare, assisting their smartphones that offers an excellent platform for delivering advanced digital therapeutics also augments the growth of the global digital therapeutics market. Furthermore, the digital therapeutics is also being progressively leveraged to a large patient population and to perk up healthcare outcomes. Even the management of diabetes and other chronic diseases are the main areas where digital therapeutics has proved its grit. Such a factor has initiated the growth prospects for the future.
On the contrary, the digital therapeutics market remains largely unfocused without any growth due to the lack of awareness towards digital therapeutics. Such a factor is to impede the growth of the market over the assessment period.
Segmentation of Market: Digital Therapeutics
The digital therapeutics market has been segmented by product type, application, and sales channel.
Based on the product: Software and devices are the segments.
Based on application: Respiratory diseases, cardiovascular diseases, diabetes, obesity, smoking cessation, and others are the segments.
Based on channel mode: B2B and B2C are the segments.
Regional Outlook
Region-wise, the digital therapeutics market is analyzed across central regions of Asia-Pacific, Europe, North America, and LAMEA.
Among these regions, the North America region led the market in 2018, with the highest share, and now it is anticipated that the market will maintain this trend throughout the assessment period. Such growth is attributed to surge in geriatric population, mount in the incidence of chronic diseases, the surge in demand for wireless & portable systems as well as the availability of sophisticated reimbursement structure that aims in reducing expenditure.
The APAC region is also rising with high CAGR is due to the continuous reforms in countries such as India and China to address a lack of proper infrastructure and maintain sustainable growth through financial inclusion. This has fuelled the Digital Therapeutics Market in this region and will do this in the forecast period.
Market Key Players
The global digital therapeutics market is manifested by the incidence of big players such as Proteus Digital Health, Inc., Twine Health Inc., Propeller Health, Omada Health, Inc., Mango Health, Inc., Medtronic Plc., Noom Inc, WellDoc Inc., Canary Health Inc., and Livongo Health.
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