Pune, India, Jan. 25, 2021 (GLOBE NEWSWIRE) -- The increasing prevalence of chronic diseases is expected to fuel demand for digital therapeutics during the forecast period, states Fortune Business Insights, in a report, titled “Digital Therapeutics Market Size, Share & Industry Analysis, By Application (Diabetes, Weight Management, Cardiovascular Diseases, Respiratory Diseases, Others), By Product (Software, Devices), By End-user (Patients, Caregivers) and Regional Forecast 2020-2027.” The market size is likely to proliferate owing to the growing geriatric population.
Notable Development:
·November 2019: Welldoc and Astellas Pharma Inc. developed and commercialized the Bluestar product in Japan and Asia.
- October 2019: 2Morrow launched the first digital health smartphone app to help teens and young adults quit vaping.
- June 2019: Catasys Inc. announced a partnership with CANARY HEALTH to aid more significant portion of the population through digital therapeutics.
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Surging Cases of Cardiovascular Diseases to Bolster Growth
The increasing cases of heart strokes can improve the prospects of the market in the forthcoming years. As per the data reported by the American Heart Association’s Heart and Stroke Statistics – 2019, nearly half of (48%, 121.5 million in 2016) of all adults in the United States suffered from some type of cardiovascular disease. The growing emphasis on early diagnosis, disease prevention, and patient convenience can spur lucrative opportunities for the market.
Moreover, the increasing prevalence of chronic diseases owing to lack of physical exercise, sedentary lifestyles, and increased consumption of junk food can favor the market growth in the forthcoming years. The surging healthcare development and growing technological advancements are expected to contribute positively to the market's growth.
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Digital therapeutic delivers authentic therapeutic interventions to patients and offers high-quality software programs to inhibit, accomplish, or treat a medical disease or disorder.
However, lack of awareness and hesitancy among patients to adopt digital therapeutics are factors expected to hamper the market's growth. Besides, data privacy concerns are expected to further hinder the market's growth in the forthcoming years.
Favorable Government Initiatives to Push Growth in North America
North America is expected to hold the largest share globally due to the increasing prevalence of chronic diseases. The favorable government initiatives in the U.S. are expected to contribute positively to the region's market growth. The refining compensation structure for digital therapeutic solutions and accumulative investment in the digital therapeutics field is expected to boost North America's development.
Asia Pacific is expected to expand radically during the forecast period owing to the increasing prevalence of chronic illness. Moreover, the growing geriatric population and expansion of digital therapeutics can further uplift the region's market.
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The Major Companies in The Global Digital Therapeutics Include:
- Proteus Digital Health Inc.
- Omada Health Inc.
- Welldoc Inc.
- Livongo Health
- Noom Inc.
- Propeller Health
- CANARY HEALTH
- Mango Health Inc.
- 2Morrow, Inc.
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Global Digital Therapeutics Segmentation:
By Application
• Diabetes
• Weight Management
• Cardiovascular Diseases
• Respiratory Diseases
• Others
By Product
• Software
• Devices
By End-user
• Patients
• Caregivers
By Geography
• North America (USA, Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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