OTTAWA, Oct. 19, 2020 (GLOBE NEWSWIRE) -- The global digital therapeutics market was valued at US$ 2.69 billion in 2019 and expected to reach US$ 11.82 billion by 2027, with at a compound annual growth rate (CAGR) of 20.3% during the forecast period 2020 to 2027. Get more details@ https://www.precedenceresearch.com/digital-therapeutics-market
Digital therapeutics is a part of health, but all digital health solutions are not digital therapeutics solutions. Basic difference between digital therapeutics and digital health is completely based on the clinical outcomes for patients. For example, digital therapeutics does not comprise of consumer health-oriented technologies that include calorie-counters and step-counters. It’s a new class of healthcare products that uses digital technology to prevent, manage, or treat medical conditions. Additionally, it uses digital health technologies in treating psychological conditions of patients. Hence, the aforementioned factors positively influence the market growth for digital therapeutics.
Growth Factors
Increasing penetration of internet usage and smartphones particularly in the developing countries estimated as the key factor to propel the market growth. For instance, India ranked 47th and 36th in 2013 and 2015 by Google Inc. for smartphone penetration. In addition, rising need to curb the increasing spending on healthcare sector also anticipated to drive the market growth over the forecast timeframe.
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Furthermore, rising prevalence of chronic diseases such as diabetes, obesity, smoking cessation, and many others across the globe is the other most prominent factor that impels the market growth. As per the statistics published by the International Diabetes Federation (IDF), in every 7 seconds a person dies from diabetes and its complications. In addition to this, the total number of people suffering from diabetes anticipated to rise by 48% from 424.9 Million in 2017 to 628.6 Million by 2045. Hence diabetes and similar other chronic disease are a major threat to the economy. To curb the rate of increasing chronic diseases along with rising awareness among the public related to health and fitness is likely to boost the growth of digital therapeutics in the upcoming years.
However, the undefined payment procedures along with lack of efficient monetization strategies projected to hamper the market growth. Nonetheless, integration of digital therapeutics platform with machine learning and artificial intelligence opens up new opportunity in the sector.
Report Highlights
- North America emerged as a global leader in 2019 owing to increasing number of reforms pertaining to curtail the rising healthcare spending across the region
- The Asia Pacific expected to witness the fastest growth over the analysis period because of large consumer base along with rising geriatric population in the region
- Software segment captured the largest value share based on product type for the year 2019 and projected to register the fastest growth over the analysis timeframe
- Based on application, diabetes dominated the global market in 2019 and estimated to forecast same trend over the upcoming period due to rising prevalence of diabetes across the globe
- Obesity is the other major concerned disease that expected to exhibit the fastest growth over the forthcoming years owing to changing eating habits largely influenced by the western pattern
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Regional Snapshots
North America captured the largest market share in the global digital therapeutics market and expected to retain its position over the upcoming years. The growth of the region is mainly attributed to the increasing focus towards a patient-centric healthcare approach coupled with need to curtail the increasing spending on healthcare sector. Further, rising cases of diabetes across the region along with its cost to the economy is the other major factor that influences the market growth for digital therapeutics in the region.
On the contrary, the Asia Pacific exhibits the fastest growth rate during the forthcoming years. The significant growth of the region is mainly due to rapid urbanization and fast changing technology landscape in the region. Further, rising geriatric population in the region further impels the application developers to bring advancement and patient centric apps in the region.
Key Players & Strategies
The global digital therapeutics industry is at its niche stage; however, experiences significant merger, partnership, and new product launch & development. For instance, in September 2019, TrialCard, a company that works in conjunction with pharma manufacturers to connect patients to services and medications, announced to acquire Mango Health. The acquisition helped TrialCard to offer best engagement and adherence solution to their patients. Similarly, in July 2020, Biocon Biologics India, a biosimilars company, and Voluntis, a digital therapeutics company, announced to enter into a collaboration agreement. Under this agreement, Biocon in collaboration with Voluntis develops and distributes innovative digital therapeutic solutions for type-2 diabetes patients.
Some of the key players operating in the market are Fitbit Health Solutions, 2MORROW, Inc., Medtronic Plc., Livongo Health, Inc., Pear Therapeutics, Inc., Omada Health, Inc., Resmed, Inc. (Propeller Health), Proteus Digital Health, Inc., Welldoc, Inc., Voluntis, Inc., Canary Health Inc., Noom, Inc., Mango Health Inc., and Dthera Sciences among others.
Market Segmentation
By Product
- Device
- Software
By Sales Channel
- Business-to-Consumer (B2C)
- Business-to-Business (B2B)
By Application
- Obesity
- Diabetes
- Central Nervous System (CNS) Disease
- Gastrointestinal Disorder (GID)
- Cardiovascular Disease (CVD)
- Smoking Cessation
- Respiratory Disease
- Others
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Rest of the World
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