Report Ocean recently released a research report on the Digital Therapeutics Market, which covers the market’s historical growth, cost structure, revenue, trends, and potential prospects for the period 2023-2031. The report provides an extensive coverage of the market across various categories and includes a detailed analysis at the national level, along with an evaluation of the key drivers, restraints, trends, and opportunities in the market.
The global digital therapeutics market revenue was US$ 3,537.25 million in 2020. The global digital therapeutics market revenue is forecast to reach US$ 23,569.34 million by 2030, growing at a compound annual growth rate (CAGR) of 20.3% during the forecast period from 2021-2030.
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Digital therapeutics offers patients evidence-based therapeutic interventions. The software or device prevents, manages, or treats a medical condition. Patients can benefit from using digital therapeutics software either independently or in conjunction with devices, medications, or other treatments. Digital therapeutics are designed and validated clinically, usable, and secure based on best-in-class technology practices.
Factors Influencing Market Growth
- Growth in the usage of smartphones and tablets, coupled with healthcare apps, and the need to control healthcare costs, along with the rise in incidences of chronic diseases, are driving the global digital therapeutics market.
- A lack of awareness about digital therapeutics in developing countries and patient privacy concerns may slow down the growth of the digital therapeutics market.
- There are several products in the pipeline in the late stages of development that will provide lucrative opportunities for the growth of the digital therapeutics market.
Impact Analysis of COVID-19
The overall impact of COVID-19 on the digital therapeutics market remains positive. There has been an increase in awareness regarding the importance of digital health, mental illness prevalence, and the rate of drug abuse worldwide. Also, during this pandemic, many people stayed at home, resulting in less physical activity, an unhealthy lifestyle, and mental stress, which increased the prevalence of chronic diseases. Thus, Digital therapeutics devices and software were in high demand across the globe.
The U.S. Food and Drug Administration issued temporary guidance for Pear Therapeutics’ products for mental health during the COVID-19 pandemic. In addition, it suggests that regulatory agencies are acknowledging the importance of digital therapeutic products. Furthermore, U.S. digital health companies raised $5.4 billion in venture funding in the first half of 2020, setting a record high in the history of digital health funding. It indicates that investors believe these solutions are essential. Thus, the COVID-19 pandemic had a positive impact on digital therapeutics market growth.
Regional Insights
North America dominated the global digital therapeutics market. North America is also forecast to experience the highest growth rate. The market growth in this region is due to factors such as new startups, increased investments in digital therapeutics, improved reimbursement structures for digital therapeutics, and government initiatives to promote technological advancements.
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Leading Competitors
The leading prominent companies profiled in the global digital therapeutics market are:
- 2MORROW, Incorporated
- Akili Interactive Labs, Incorporated
- Click Therapeutics, Incorporated
- Fitbit, Inc. (Twine Health, Inc.)
- Happify, Incorporated
- Kaia Health
- Livongo Health, Incorporated
- Medtronic Plc.
- Omada Health, Incorporated
- Pear Therapeutics, Incorporated
- Proteus Digital Health, Incorporated
- Resmed, Incorporated (Propeller Health)
- Voluntis, Incorporated
- Welldoc, Incorporated
- Other Prominent Players
Scope of the Report
The global digital therapeutics market segmentation focuses on Application, Product Type, Sales Channel, and Region.
Segmentation based on Application
- Preventive Applications
- Prediabetes
- Obesity
- Nutrition
- Lifestyle Management
- Other Preventive Applications
- Treatment/Care-related Applications
- Diabetes
- CNS Disorders
- Mental Health Disorder
- Other CNS Disorders
- Chronic Respiratory Disorders
- Musculoskeletal Disorders
- Cardiovascular Diseases
- Smoking Cessation
- Medication Adherence
- Gastrointestinal Disorders
- Substance Use & Addiction Management
- Rehabilitation & Patient Care
- Other Treatment/Care-related Applications
Segmentation based on Product Type
- Software
- Device
Segmentation based on Sales Channel
- Business-to-Business (B2B)
- Employer
- Healthcare Provider
- Others
- Business-to-Consumer (B2C)
- Patient
- Caregiver
- Pharmaceutical Companies
- Other Buyers
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Segmentation based on Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Table of Content
Chapter 1: Global Digital Therapeutics Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Digital Therapeutics market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Digital Therapeutics Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Digital Therapeutics market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Digital Therapeutics market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Digital Therapeutics market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Digital Therapeutics market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Digital Therapeutics business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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