Digital Therapeutics Market: Research Report Overview by Industry Size, Share, Trends, Growth & Leading Players (2021-2027)
As per the research report, Global Digital Therapeutics Market is expected to reach the market valuation of USD 13 billion by 2027 expanding at a significant CAGR of 24.5% during the forecast period (2021-2027) from USD 2.8 billion in 2020. Digital therapeutics is a branch of digital health delivering the evidence-based therapeutic intervention to patients via high-quality Applications and Software to treat, prevent or manage a wide range of physical, mental, and behavioral health conditions. It utilizes digital health technologies and represents a distinct category of evidence-based products within the broader digital health landscape. Digital therapeutics focuses on those conditions which are poorly addressed by the healthcare system today, including various chronic diseases and neurological disorders. They support patient’s healthcare journey and provide patient’s health data to clinicians and caregivers enabling them to personalize their treatment and meet all the patient's needs to avoid any complications. In addition to this, it also enables patients to take control of their care alongside the physicians and caregivers.
For complete research, request for Sample of the report browse through – https://univdatos.com/request_form/form/387
The rising worldwide demand for digital therapeutics is because of the changing traditional medical protocols and upsurge in venture capital investments. For instance, over the decade, a large share of the overall venture capital investments has been acquired by private digital health companies, moving from just 2% of all venture investment in 2011 to 9% in 2020. Furthermore, the increased focus on preventive healthcare coupled with the surge in chronic disease incidences is driving the growth of digital therapeutics across the world. For instance, according to the centers for disease control and prevention, 6 out of 10 people have a chronic disease and 4 out 10 adults have two or more. In addition to this, according to WHO, 41 million people die every year because of non-communicable diseases accounting for 71% of all deaths all over the world.
The worldwide adoption of virtual and home care health technologies owing to the number of canceled appointments and deferred care amidst the novel coronavirus outbreak has further augmented the worldwide demand for digital therapeutics. For instance, according to the study conducted by American Hospital Association, 4 in 10 adults in the United States deferred their medical treatments and routine checkup due to the COVID-19 pandemic.
For a detailed analysis of the Digital Therapeutics Market browse through - https://univdatos.com/report/digital-therapeutics-market-current-analysis-and-forecast-2021-2027
Another factor contributing to the growth of the global digital therapeutics market is advancement in medical technology and the need to control the surging cost of medical treatments. From drugs to surgeries, to other medical procedures, nothing costs less than a few lakhs. For instance, In India, the average cost for cancer treatment is 10 lakhs. In addition to this, 1-3.5 lakhs is the average cost for angioplasty procedures in India. These factors are driving the worldwide demand for cost-effective healthcare solutions propelling the growth of the digital therapeutics market globally.
However, some of the restraints in the market include lack of awareness and limited accessibility to digital therapeutics applications/software in developing countries, patient data security and privacy concerns, unstable payment portals, and resistance from conventional healthcare systems are impeding the growth of this market all over the world.
Fitbit Inc., Medtronic, Omada health, Livongo health, Proteus digital health, pear therapeutics, Propeller health, Virta health, 2morrow, and Kaia health are some of the prominent players operating in the global digital therapeutics market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with innovative products.
Insights Presented in the Report
“Amongst Application, Treatment/care-related applications hold the major share”
Based on applications, the market is divided into treatment/care-related applications and preventive applications. The treatment/care-related applications are further segmented based on the type of disease treated which includes diabetes, central nervous system disorders, smoking cessation, chronic respiratory diseases, musculoskeletal disorders, cardiovascular disorders, gastrointestinal diseases, rehabilitation & patient care, and other applications. In contrast, preventive applications are used for managing conditions like prediabetes, obesity, nutrition, lifestyle management, and other applications.
The treatment/care-related applications segment holds the largest share in the market owing to the rise in incidences of chronic diseases worldwide and the ability of these applications to provide cost-effective health solutions. However, the preventive applications segment is anticipated to grow substantially in the projected timeframe due to government initiatives for preventive healthcare and the rise in awareness to adopt a healthy lifestyle.
“Amongst treatment/care-related applications, Diabetes segment is anticipated to grow at the highest CAGR during the analyzed period”
Based on treatment/care-related applications market is further sub-segmented into diabetes, central nervous system disorders, smoking cessation, chronic respiratory diseases, musculoskeletal disorders, cardiovascular disorders, gastrointestinal diseases, rehabilitation & patient care, and other applications. The diabetes segment held the largest market share of digital therapeutics owing to the growing prevalence of the diabetic population all over the world. For instance, according to a report published in the Journal of American Medical Association, Diabetes affects over 9% of Americans with medical expenses totaling over $100 billion per year. In addition to this, as per World Health Organization, nearly 422 million people across the globe have diabetes, particularly in low and middle-income countries.
“Amongst preventive applications, Obesity segment holds the major share”
The preventive applications segment is further sub-segmented into prediabetes, Obesity, nutrition, lifestyle management, and other preventive applications owing to the increasing burden of chronic diseases and increased focus on preventive healthcare solutions across the world. The obesity segment is anticipated to dominate the market during the forecast period. This is attributable to the growing prevalence of obese and overweight populations across the globe. For instance, according to the data released by the Centers for Disease Control and Prevention(CDC), obesity rates in the United States reached 42.4% for the first time.
“Amongst sales channels, Business-to-business (B2B) segment holds the major share”
Based on sales channels, the digital therapeutics market is divided into business-to-business (B2B) and business-to-customer (B2C). The B2B segment is further sub-segmented into payers, employers, providers, pharmaceutical companies, and others. The B2C segment is also further sub-segmented into caregivers and patients. The B2B segment holds a major share in the market and is expected to grow at the highest CAGR of the digital therapeutics market owing to the rising awareness of the benefits offered by digital therapeutics among payers, employers, providers, and various pharmaceutical companies all over the world.
“Amongst business-to-business, Payers segment is anticipated to grow at the highest CAGR during the analyzed period”
The business-to-business segment is sub-segmented into payer, employers, providers, pharmaceutical companies, and others. The growth of this segment is because of the rising adoption of digital therapeutics in this segment, especially among payers and employers. Apart from this, many pharmaceutical companies are inclining towards digital therapeutics to transform the way they develop or market their products. Owing to this, several mergers and acquisitions are happening among true digital therapeutics companies and pharmaceutical companies. For example, Roche, a Swiss multinational healthcare company has recently purchased mySugr, which seeks to treat diabetes.
“Amongst business-to-customer (B2C), Caregivers segment holds the major share”
Amongst different types of buyers, the B2C segment is further divided into caregivers and patients. The caregivers' segment dominates the market and is expected to grow at the highest CAGR of the digital therapeutics market owing to several benefits offered to the caregivers by digital therapeutics such as real-time monitoring of their patients and reduced need for frequent intervention of physician in managing people with chronic conditions. Furthermore, the surge in demand for personalized treatments that helps them find the right solutions and the availability of numerous applications offering personalized remote healthcare will further drive the growth of this segment among patients. For example, Talkspace makes therapy available to everyone, no matter who they are or where they live. Patients take an assessment and are matched with one of more than 2,000 licensed therapists enabling them to talk to their therapist via text or chat or set up a video call for longer conversations. Talkspace therapists tailor their approach to each patient and provide personalized care for a variety of mental health conditions.
“North America signifies one of the largest markets of digital therapeutics market”
For a better understanding of the market dynamics of the digital therapeutics market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), Rest of World. North America dominated the market and generated revenue of USD XX billion in 2020 owing to the government support for advanced research and development in the field of digital therapeutics and increasing awareness regarding the benefits offered by them. Furthermore, The surging demand for digital therapeutics is due to the growing geriatric population and rise in chronic disease incidences across the region. For instance, 133 million Americans i.e., 45% of the population have at least one chronic disease. In addition to this, Chronic diseases are responsible for seven out of every 10 deaths in the U.S., killing more than 1.7 million Americans every year. However, Asia-pacific regions are identified as emerging markets offering significant growth opportunities for key players owing to the increase in demand for better disease management systems.
Digital Therapeutics Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.