Digital Therapeutics Market Report- Industry Size and Global Share 2021: Business Expansion Strategies, Growth Dynamics, Opportunities and Challenges Forecast to 2027
A comprehensive overview of the digital therapeutics market is recently added by UnivDatos Market Insights to its humongous database. The digital therapeutics market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the digital therapeutics market. The digital therapeutics market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the digital therapeutics market at the global and regional levels. The Global Digital Therapeutics Market is expected to grow at a CAGR of 24.5% from 2021-2027 to reach US$ 13 billion by 2027.
The Global digital therapeutics market is experiencing significant growth on account of the increasing patient pool and higher mortality rate due to chronic diseases (heart diseases, cancer, and diabetes worldwide). For instance, According to World Health Organization, the prevalence of chronic diseases is anticipated to rise by 57% in 2020 and 71% of all deaths are due to non-communicable diseases. 8.89 million deaths due to ischemic heart disease and about 6.19 million deaths because of stroke in 2019. Furthermore, in 2020, there were an anticipated 19.3 million new cancer cases (18.1 million excluding NMSC, except basal cell carcinoma) and 10 million cancer mortality cases (9.9 million excluding NMSC, except basal cell carcinoma) worldwide. Owing to these alarming facts, worldwide demand for digital therapeutics is rising as they treat a wide range of chronic illnesses and other behavioral disorders along with addressing other unmet patient needs via superior applications and software.
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Furthermore, the growth of the digital therapeutics market is also attributable to the growing penetration of smartphone and internet users coupled with the numerous healthcare applications available across different platforms. For instance, there are currently 3.5 billion smartphone users worldwide (Statista, 2019). Considering the total number of people using phones globally is at 4.8 billion, that means that nearly 73 percent of them are users of smartphones. In addition to this, according to Healthcare Information and Management Systems Society, Approximately 64% of adults in the United States regularly use an application to measure their health metrics.
Additionally, the surging cost for treatment and hospitalization coupled with the increasing geriatric population is also a major reason for people shifting towards more cost-effective health solutions propelling the growth of digital therapeutics markets all over the globe. 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, Cardiovascular diseases are one of the major causes of death in the United States, killing over 600,000 people a year, according to the CDC. As per American Heart Association (AHA), the costs of cardiovascular disease total more than $318 billion and are expected to reach $749 billion by 2035.
Global digital therapeutics market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Application, the market is primarily fragmented into
- Treatment/Care-Related Applications
- Central Nervous System Disorders
- Smoking Cessation
- Chronic Respiratory Diseases
- Musculoskeletal Disorders
- Cardiovascular Disorders
- Gastrointestinal Diseases
- Rehabilitation & Patient Care
- Other Treatment/Care Applications
- Preventive applications
- Lifestyle Management
- Other Applications
The Treatment/Care-Related Application segment dominated the global digital therapeutics market and will row at X% CAGR to reach US$ X billion by the year 2027. However, preventive care applications are also likely to see notable growth owing to various government initiatives and greater emphasis on proven preventive healthcare solutions. For instance, as per Healthy People, a federal program administered by the United States Department of Health and Human Services, routine cardiovascular checkups alone save tens of thousands of adult lives every year, while vaccinations save the lives of approximately 42,000 children per year.
By Sales Channels, the market is primarily segmented into
- Pharmaceutical Companies
Amongst Sales Channels, the B2B segment accounted for the largest market share in 2020 is likely to maintain its dominance during the projected timeframe owing to the various benefits offered by digital therapeutics to payers, employers, and providers. Apart from this, various pharmaceutical companies are partnering with digital therapeutics companies to build and expand access to software-based healthcare solutions that will improve patient outcomes. For example, Sanofi partnered with Happify Health, a digital mental health company to develop a prescription digital tool for treating depression among people living with multiple sclerosis (MS).
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Digital Therapeutics Market Geographical Segmentation Includes:
- North America (United States, Canada, and Rest of Europe)
- Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
- Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)
- Rest of the World
Geographically, the North American region dominated the digital therapeutics market with almost US$ x billion revenue in 2020 owing to the increasing disposable income of the consumers and the number of key players in the region. In addition to this, the increasing burden of chronic diseases in the United States and the number of people adopting digital therapeutics are further augmenting the global digital therapeutics market. For instance, current digital therapeutics users across the world are nearly 44 million and are expected to reach nearly 652 million by 2025 with the majority of users situated in North America.
The major players targeting the market includes
- Fitbit, Inc.
- Omada Health
- Medtronic PLC
- Livongo Health
- Pear Therapeutics
- Propeller Health
- Virta Health
- Proteus Digital Health
- Kaia Health
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the digital therapeutics market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the digital therapeutics market?
- Which factors are influencing the digital therapeutics market over the forecast period?
- What are the global challenges, threats, and risks in the digital therapeutics market?
- Which factors are propelling and restraining the digital therapeutics market?
- What are the demanding global regions of the digital therapeutics market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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- UnivDatos Market Insights
- Ankita Gupta
- Website: Digital Therapeutics Market