U.S. Digital Therapeutics Market Like to Garner $5.08 Billion by 2027: AMR
Pune, Maharashtra, India, February 25 2021 (Wiredrelease) Allied Analytics –:Increase in adoption of tablets, smartphones, and smart wearable along with healthcare apps, rise in need to reduce healthcare costs, and rapid adoption of advanced healthcare products have boosted the growth of the U.S. Digital Therapeutics Market. However, concerns regarding data privacy and lack of proper reimbursement policies hamper the market growth. On the contrary, increase in investments from market players and supportive laws are expected to open new opportunities in the future.
As a report published by Allied Market Research, the U.S. digital therapeutics market was pegged at $1.16 billion in 2019, and is projected to reach $5.08 billion by 2027, generating a CAR of 19.2% from 2020 to 2027.
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The awareness regarding digital health has increased since the Covid-19 pandemic as people are trying to avoid physical visits to clinics to reduce infection.There is significant increase in mental health issues for digital therapeutics during the pandemic as people have been facing unprecedented circumstances.The digital therapeutics apps offer the facility of ordering medication and medical devices through online channels.
The U.S. digital therapeutics market is segmented on the basis of application, product, and sales channels. Based on application, the market is categorized into diabetes, obesity, cardiovascular disease (CVD), central nervous system (CNS) disease, respiratory disease, smoking cessation, gastrointestinal disorder (GID), and others. The obesity segment is projected to manifest the highest CAGR of 22.1% during the forecast period. However, the diabetes segment dominated in 2019, contributing to more than one-fourth of the market.
Based on project, the market is divided into software and device. The software segment is expected to register the highest CAGR of 20.3% during the forecast period. Moreover, the segment held the lion’s share in 2019, contributing to more than two-thirds of the market.
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On the basis of sales channel, the market is categorized into business-to-business (B2B), business-to-consumer (B2C). The B2C segment is projected to portray the highest CAGR of 19.8% during the forecast period. However, the B2B segment held the largest share in 2019, contributing to nearly two-thirds of the market.
The U.S. digital therapeutics market report includes an in-depth analysis of the major market players such as 2MORROW, Inc., Livongo Health, Inc., Fitbit, Inc. (Twine Health, Inc.), Omada Health, Inc., Medtronic Plc., Proteus Digital Health, Inc., Pear Therapeutics, Inc., Voluntis, Inc., Resmed, Inc. (Propeller Health), and Welldoc, Inc.
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