BANGALORE, India, Aug. 9, 2021 /PRNewswire/ -- Digital Therapeutics Market is Segmented by by Application (Diabetes, Obesity, Cardiovascular Disease (CVD), Central Nervous System (CNS) Disease, Respiratory Disease, Smoking Cessation, Gastrointestinal Disorder (GID), and Others), Product Type (Software and Device), and Sales Channel (Business-to-Business (B2B), Business-to-Consumer (B2C)): Global Opportunity Analysis and Industry Forecast, 2020–2027. This report is published on Valuates Reports under Pharmaceuticals & Biotech Category.
The global digital therapeutics market size was valued at USD 2.88 Billion in 2019 and is expected to reach USD 13.80 Billion by 2027 with a CAGR of 20.5% during the forecast period.
Major factors driving the growth of the digital therapeutics market are:
Digital therapeutics aids in the prevention, management, and treatment of medical disorders. Furthermore, it makes use of digital health technologies to treat a psychological ailment. These factors are in turn expected to drive the growth of digital therapeutics market size.
The growing adoption of smartphones and tablets, coupled with healthcare apps, the growing need to control healthcare costs; and the rise in incidences of chronic diseases are expected to fuel the growth of the digital therapeutics market.
Government initiatives for preventive healthcare, technological advancements in mobile healthcare, a significant increase in venture capital investments are expected to increase the growth of the digital therapeutics market.
TRENDS INFLUENCING THE GROWTH OF DIGITAL THERAPEUTICS MARKET
Changing medical protocols, as well as the need to reduce healthcare costs, are driving an increase in digital therapeutics investments. Caregivers can also use digital health technologies to continuously monitor and engage patients, as well as make real-time changes to treatment regimens. Digital therapeutics is expected to play a significant role in the future in enabling physicians to collaborate closely with patients and provide tailored care.
Digital therapeutics assist clinicians in managing patient adherence to treatment regimens in addition to improving patient outcomes. These capabilities enable digital therapeutics to play a significant role in the development of an integrated health ecosystem that allows for seamless data transfer between various stakeholders such as payers, providers, and pharmacies, thereby improving the quality of services provided to patients. Thus this feature is expected to further drive the Digital therapeutics market.
Digital therapeutics provide a mechanism for pharmaceutical and MedTech companies to differentiate their products with very little financial commitment, especially when compared to the R&D costs typically connected with a medicine or medical device. This is expected to increase the growth of the digital therapeutics market. Digital therapeutics also provides the opportunity to extend product life cycles, differentiate in-development goods, and fill in any gaps in the traditional medication industry.
Due to the high prevalence of diabetes, the diabetes segment was the leading revenue contributor in 2019, and this trend is expected to continue during the forecast period. Furthermore, North America, the Middle East, and North Africa have the greatest comparative prevalence rates for diabetes, which drives up demand for digital treatments among diabetic patients in these countries.
Depending on the product, the software segment is projected to exhibit the highest growth during the forecast period. This is due to an increase in demand for lower healthcare prices around the world. This provides developers with a wealth of options to improve existing software by adding new and advanced features that make it more effective and inexpensive.
North America dominated the market in 2019, accounting for the highest share, and is anticipated to maintain this trend throughout the forecast period. This is attributed to the increase in the geriatric population, rise in incidences of chronic diseases, the surge in demand for wireless & portable systems, and availability of sophisticated reimbursement structure that aims in reducing expenditure.
- Digital Therapeutics and Wellness Market is segmented by Type Software, Devices, by Application Cardiovascular Disease and Hypertension, Diabetes and Prediabetes, Obesity and Weight Loss, Smoking Cessation and by various regions.
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- The Digital PCR Market generated USD 398 Million in 2019, and is projected to reach USD 1,052 Million by 2027, growing at a CAGR of 12.3% from 2020 to 2027.
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