WASHINGTON, Dec. 12, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research analyses that the Global Digital Therapeutics Market will grow at a CAGR of 28.1% during the forecast period of 2022 to 2028.
Vantage Market Research has recently published a Report, Digital Therapeutics Market The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, Porter's Five Forces analysis, and competitive landscape. The Digital Therapeutics report provides a list of leading competitors, strategic industry analysis, and insights into key factors influencing the Digital Therapeutics industry. The market analysis and insights included in these digital therapeutics market research report offer key statistics on the market status of global and regional manufacturers and are an imperative source of guidance that provides the right direction to the companies and individuals interested in the industry. This Digital Therapeutics report is also all-embracing of the data which includes market definition, classifications, applications, engagements, market drivers, and market restraints that are obtained with the help of SWOT analysis.
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Digital Therapeutics Market Dynamics:
Increasing Chronic Diseases to Fuel Global Digital Therapeutics Market
Chronic diseases have raised the burden on healthcare systems across the world. As per a report of heart diseases and Stroke Statistics, cardiovascular disease is the greatest cause of death globally. CVD accounts for 17.3 million casualties per year, and this figure is anticipated to cross 23.6 million by 2030. The increased prevalence and incidence rate of chronic diseases is a primary concern for healthcare systems. The treatment of patients with chronic illnesses is a notable challenge, as psychosomatic or biopsychic factors very often affect these patients. As chronic diseases are mainly related to high levels of uncertainty, patients need to change their behaviour as part of a new self-care lifestyle. Furthermore, multiple chronic disorders and diseases are progressive and increase with age. As a result, with substantial growth in the global geriatric population, chronic disorders are predicted to rise further.
Increasing Advance Technological Application to Stimulate the Market Growth
The patient-doctor ratio in these provinces is also extremely high, necessitating alternative healthcare solutions. These nations have also reported widespread adoption of smartphones and related technologies due to their growing affordability. Globally, the developing nations are the top two countries in terms of smartphone ownership. Furthermore, the increasing access to smart devices and the internet has enabled the development of health apps. In addition, government bodies in these regions are accepting initiatives to improve HCIT infrastructure.
List of Prominent Players in the Digital Therapeutics Market:
- Omada Health Inc. (US)
- Well Doc Inc. (US)
- 2Morrow Inc (US)
- Livongo Health (US)
- Propeller Health (US)
- Pear Therapeutics (US)
- Canary Health Inc. (US)
- Noom Health Inc. (US)
- Mango Health Inc. (US)
- Akili Interactive Labs (South Africa)
- Better Therapeutics (US)
- Happify Health (US)
- Kaia Health (US)
- Medtronic Plc. (Ireland)
- Teladoc Health Inc (US)
- Fitbit Health Solutions (US)
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The report on Digital Therapeutics Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Global Digital Therapeutics Market Segmentation:
Vantage Market Research Has Studied the Global Digital Therapeutics Market with Detailed Segmentation on the Basis of Application, End Use, and Key Regions.
By Application
- Diabetes
- Obesity
- CVD
- CNS Disease
- Respiratory Diseases
- Smoking Cessation
- Others
By End-Use
- Patients
- Providers
- Payers
- Employers
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Regional Analysis:
North America Dominates the Global Digital Therapeutics Market
North America has dominated the global digital therapeutics market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the growing adoption of these technologies and rising investment in R&D activities across the region. Furthermore, the funding is associated with a rising investment from the government, venture capitalists, mergers, and acquisitions thus is expected to support the regional growth of the market.
Asia Pacific is likely to witness fastest growth in the Digital Therapeutics market during the forecast period. This is attributable to the improving healthcare infrastructure in economies like India, and China in the region. Additionally, an expansion in the geriatric population, a rise in incidences of chronic diseases, the surge in the market for wireless and portable systems, and the availability of a sophisticated reimbursement structure that aims to decrease expenditure expected to support the growth of the Digital Therapeutics market in near future.
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Recent Developments
- In April 2022, Welldoc partnered with Dexcom, which helped in providing BlueStar with a single platform for improved health for people suffering from Type-2 Diabetes. This partnership brought together the two most challenging and independent elements of diabetes management – glucose monitoring and the impact of lifestyle choices through a new app experience. Users will be able to manage multiple facets of their health while also improving data sharing with their care team.
- In March 2022, Tufts Health Plan and Spectrum Health Systems collaborated with Pear Therapeutics to test F.D.A. with approved digital Therapeutics to assist people with substance use disorders and improvise their recovery journeys. It will be executed by providing solutions for improved treatment access and care innovation journeys to ensure access to the resources and treatments needed to support on a recovery journey from substance use disorder.
Browse market data Tables and Figures spread through 156 Pages and in-depth TOC on Digital Therapeutics Market Forecast Report (2022-2028).
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 3.16 Billion |
| Revenue Forecast by 2028 | USD 14.52 Billion |
| CAGR | 28.1% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Omada Health Inc., WellDoc Inc., 2Morrow Inc, Livongo Health, Propeller Health, Pear Therapeutics, Canary Health Inc., Noom Health Inc., Mango Health Inc., Akili Interactive Labs, Better Therapeutics, Happify Health, Kaia Health, Medtronic Plc., Teladoc Health Inc and Fitbit Health Solutions |
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