Digital Therapeutics Market Size worth $13.51 Billion By 2028 | CAGR: 26.1%: Polaris Market Research

NEW YORK, July 13, 2021 /PRNewswire/ -- The global digital therapeutics market size is expected to reach USD 13.51 billion by 2028  according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR: 26.1% from 2021 – 2028. Increasing usage of the internet and the rise in the adoption of smartphones for healthcare applications are the primary factors positively influencing the market. In addition to this, the rise in the application of digital therapeutics, owing to its key benefits such ability to induce behavioral changes and improved drug administration are propelling the market growth. Rapid technological advancement in the medical sector and surge in demand for digital healthcare facilities are further contributing to the overall growth of the global market for digital therapeutics.

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Key Highlights of Digital Therapeutics Market

• Based on application, the diabetes segment is holding the largest revenue share and is projected to record the fastest growth over the forecast period, owing to an increasing number of patients suffering from diabetes across the globe.
• By end-use, the patient segment is accounted for the largest market share and is predicted to dominate the market during the forecast period. Therapeutic healthcare services and applications are primarily used for patients, resulting in substantial growth of this segment.
• Pear, a leading digital therapeutic company has announced its plans to go public via a $1.6 billion SPAC merger with a newly formed blank check company called Thimble Point Acquisition Corp. This newly combined company will be called Pear Holdings Corp.
• AptarGroup, Inc., a global leader in active material science solutions, consumer product dispensing, and drug delivery announced that it has entered into exclusive negotiations with Voluntis (ENXTPA: ALVTX), a pioneer in digital therapeutics for a potential acquisition of all outstanding shares.

COVID-19 Impact:

Amid the COVID-19 pandemic, some industries have witnessed a positive impact, whereas other industries have experienced adverse effects. Healthcare and medical sector exhibited the fastest growth during the COVID-19 pandemic. Major healthcare authorities advised COVID-19 affected countries for social distancing measures to avoid the spread of the COVID-19 virus. This situation has accelerated the adoption of digital therapeutics services to help patients receive proper guidance on their disease and maintain stable health.

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Regional Developments :

North America dominated the digital therapeutics market for the last several years and is expected to continue its dominance with the highest revenue share generation during the forecast period. The dominance of the North American regional market is primarily attributed to the increasing adoption of advanced technologies for bettering digital therapeutics coupled with the rising support of government initiatives. On the other side, the regional market in the Asia Pacific is anticipated to exhibit significant growth owing to a growing demand for advanced therapeutics to deal with the rising incidence of chronic diseases.

Competitive Outlook

Market participants are focusing on strategic moves such as acquisitions, collaborations, partnerships, mergers, and regional expansions to boost their market presence and develop effective solutions to gain a competitive advantage. Key players operating in the digital therapeutics market include Proteus Digital Health, Inc., Fitbit, Inc., Pear Therapeutics, Inc., Kaia Health, Happify, Inc., Medtronic Plc., Omada Health, Inc., Livongo Health, Inc., Voluntis, Inc., Resmed, Inc., and Welldoc, Inc.

Target Audience

• Supply Side: Healthcare Software Developer
• Demand Side: Digital Care Solution Provider, Patients
• Regulatory Side: Food and Drug Administration, World Health Organization

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Polaris Market Research has segmented the digital therapeutics market report based on application, end-use, and region:

Digital Therapeutics, Application Outlook (Revenue – USD Billion, 2016 – 2028)

• Diabetes
• Obesity
• CVD
• CNS Disease
• Respiratory Diseases
• Smoking Cessation
• Others

Digital Therapeutics, End-Use Outlook (Revenue – USD Billion, 2016 – 2028)

• Patients
• Providers
• Payers
• Employers
• Others

Digital Therapeutics, Regional Outlook (Revenue – USD Billion, 2016 – 2028)

• North America
• U.S.
• Canada
• Europe
• France
• Germany
• UK
• Italy
• Spain
• Netherlands
• Austria
• Asia Pacific
• China
• India
• Japan
• Malaysia
• South Korea
• Indonesia
• Latin America
• Mexico
• Brazil
• Argentina
• Middle East & Africa
• UAE
• Saudi Arabia
• Israel
• South Africa

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.

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SOURCE Polaris Market Research