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
Digital Therapeutics Market Highlights
Market Research Future (MRFR) projects The Digital Therapeutics Market 2020 to exhibit substantial growth during the evaluation period (from 2018 to 2023). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Primary Drivers and Barriers
Spike in Diabetes Cases to Push Market Growth
Chronic disorders have emerged as a huge threat to the global economy, resulting in significant healthcare costs. Prevalence of diabetes is especially high; prompting patients to adapt to various types of treatments, which include digital therapies. Increase in urbanization, evolving eating habits and lifestyle are some of the major reasons for the spike in diabetes cases worldwide. The World Health Organization says that nearly 422 million individuals globally have diabetes, with the highest cases registered in low and middle-income economies while 1.6 million deaths are caused by diabetes every year. Soaring healthcare costs and the need to bring them down are having a positive impact on the digital therapeutics industry. In view of the upward trajectory of healthcare costs in conjunction with the growing elderly pool prone to chronic diseases, private firms and governments are widely embracing digital therapeutics.
Escalating Usage of Internet and Smart Phones
Escalating uptake of smartphones combined with rising preference for healthcare and preventive applications in line with increased internet usage has been fuelling the growth of the digital therapeutics market. Digital healthcare has been the latest norm, with the healthcare sector increasingly witnessing technical innovations, which translate into patients receiving significant benefits. Patients are able to leverage prescription digital technology, therefore avoiding hospital visits. A major game changer for digital healthcare has been the emergence of mobile health or mHealth, which includes nutrition apps and fitness trackers that are observing steady demand. With the steadily evolving digital landscape in healthcare, the public is becoming progressively aware about fitness and personal health, which gives further boost to the digital therapeutics market’s growth.
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Surging Investments to Boost Growth
Rising investments in the research and development of new digital therapeutics services and software are helping companies capture a higher share in the global market. For instance, in December 2020, Neuroglee, a health tech vendor, managed to attain a fund of USD 2.3 million for the development of its digital therapeutic platform. This digital therapeutic software helps with the treatment of patients that are in the early stages of Alzheimer. The new digital therapy software is called NG-001 and facilitates treatments and medications, and following the clinician’s prescription, it enables the patients to access all of its cognitive tasks and exercises via a tablet.
Market Segmentation
The segmental review of the global digital therapeutics industry covers product type, application, and sales channel.
The product types considered in the MRFR study are software as well as devices.
In terms of application, the global industry caters to smoking cessation, obesity, cardiovascular diseases, respiratory diseases, diabetes, and others.
Depending on sales channel, the market segmentation comprises B2C and B2B.
Regional Analysis
The regions across which the digital therapeutics market has been extensively analyzed include APAC or Asia Pacific, North America, Europe, as well as RoW/Rest of the World.
North America Prevails as Market Leader
North America has emerged as the global market leader, as the demand for digital therapeutics in the region is significantly high on account of the surging government initiatives and funding in this regard. Also, frequent technical advances and rising investments encourage market expansion in the region. The extensive network of world reputed companies like Pear Therapeutics and Evolent Health Inc. in the region also contribute to the market growth. The US reportedly spends close to USD 3 trillion every year on healthcare and the rising need to curb these high expenses, the healthcare landscape in the country is now focusing on preventive care and prescription digital, which could be favorable for the digital therapeutics market.
APAC to Progress at the Fastest Pace
APAC should record the fastest CAGR over the following years, thanks to the densely populated countries in the region that are witnessing a surge in chronic ailments along with the rise in the urbanization rate that has prompted several technological innovations. Continuous reforms to deal with the ineffective healthcare infrastructure and increase in financial aid by the government could also benefit the APAC market in the coming years.
Key Industry Participants
Key participants in the global industry include Canary Health Inc., Noom Inc, Mango Health, Inc., Propeller Health, Livongo Health, Twine Health Inc., WellDoc Inc., Omada Health, Inc., Proteus Digital Health, Inc., Medtronic Plc., to mention a few.
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