Digital Therapeutics Market Size Worth Around US$ 11.82 Bn by 2027

According to Precedence Research, the global digital therapeutics market size is expected to be worth around US$ 11.82 billion by 2027 from US$ 2.69 billion in 2019.

OTTAWA, June 17, 2021 (GLOBE NEWSWIRE) -- The global digital therapeutics market is projected to garner growth at a CAGR of 20.3% over forecast period 2020 to 2027. 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.

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What are the growth factors of market?

  • Increasing penetration of internet usage and smartphones particularly
  • Rising need to curb the increasing spending on healthcare sector
  • Rising prevalence of chronic diseases such as diabetes, obesity, smoking cessation, and many
  • The undefined payment procedures along with lack of efficient monetization strategies

Major highlights of report:

  • Figures related to sales volume, market remuneration, and segmental shares
  • Featuring market dynamics
  • Growth prospects and expansion graph
  • PROCON study of direct & indirect sales channels
  • Profiles of prominent traders, dealer, and distributors in the industry

Report Highlights

  • North America region has accounted the largest market share in the global digital therapeutics market and expected to retain its position over the forecast period. This growth is attributed to the presence of key players, rising government initiatives, well-developed healthcare infrastructure, and rising prevalence of chronic health issues.
  • The Asia Pacific region is expected to hit fastest growth rate during the forecast period 2021 to 2027. 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.
  • Based on product, the software segment accounted the largest value share and projected to register the fastest growth over the forecast period
  • In 2020, the diabetes segment has dominated the global market due to rising prevalence of diabetes across the globe

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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)
    • Caregiver
    • Patient
  • Business-to-Business (B2B)
    • Healthcare Provider
    • Employer
    • Others

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
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

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Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

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