Digital Therapeutics Market Global Industry- By Product ( Software, Devices), Sales Channel ( Business-to-business (B2B), Business-to-consumer (B2C)), Application ( Diabetes, Obesity, Cardio Vascular Diseases (CVD), Central Nervous System (CNS) Disease, Gastrointestinal Disorders (GID), Respiratory Diseases, Smoking Cessation, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
Digital Therapeutics Market is expected to reach USD 2,671.38 million and rising by registering a healthy CAGR of 27.81% in the forecast period of 2020-2029. Factors driving market growth include an increasing prevalence of chronic diseases, an increasing emphasis on preventive health care, technological advances, a rising need to manage healthcare costs, a significant increase in risk capital expenditures and the advantages of digital therapy.
Digital Therapy is a health care interference provided through a smart device to boost healthy behavior and deliver therapeutic effects. It is also referred to as software-as - a-drug. It is a digital system for treating medical conditions and is cost effective and has the potential to improve patient engagement and bring about significant changes in patient health. It is mainly prescribed to help and manage long-term conditions such as insomnia, asthma and diabetes.
Digital Therapeutics Market Scope and Market Size
Digital Therapeutics Market has been segmented on the basis of product, sales channel and application.
- On the basis of product segment, the digital therapeutics market is sub segmented into software and devices.
- Based upon sales channel segment, the digital therapeutics market is sub segmented into business-to-business (B2B) and business-to-consumer (B2C). The business-to-business (B2B) sub segment is further categorised into providers, payers, pharmaceutical companies, employers and other buyers. The business-to-consumer (B2C) sub segment is further categorised into caregivers and patients. Business-to-business (B2B) sub segment holds the largest market share along with highest CAGR for digital therapeutics market owing to growing awareness among providers, payers, and employers about the benefits provided by digital therapeutics.
- The application segment in the digital therapeutics market is further sub segmented into diabetes, obesity, cardio vascular diseases (CVD), central nervous system (CNS) disease, gastrointestinal disorders (GID), respiratory diseases, smoking cessation and others.
Country Level Analysis of Digital Therapeutics Market
- On the basis of region, the Digital Therapeutics Market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.
- Countries covered under North and South America region are Canada, Mexico, Brazil, Rest of Americas, along with Germany, France, United Kingdom, Italy, Spain, Rest of Europe covered under Europe region and Japan, China, India, Australia, Rest of Asia-Pacific covered under Asia-Pacific region.
- North America dominates the market and grow with highest CAGR in the forecast period 2020 to 2029 because of influx of new startups owing to increasing investments in the digital therapeutics field, gradually improving reimbursement structure for digital therapeutics solutions, and government initiatives to support technological developments and advancements in the field of digital therapeutics with a view to curb growing healthcare costs are driving the growth of digital therapeutics market in this region.
- The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands impact of sales channels are considered while provided forecast analysis of the country data.
- Need to control healthcare costs will boost the market growth
- Significant increase in venture capitalist is also going to drive the growth of market
- Increasing incidence of preventable chronic diseases along with technological advancement is also boosting the market
- Benefits offered through digital marketing is also going to drive the growth
- Patient data privacy can impede the growth of the market.
- Lack of awareness and access to digital therapeutics programs in developed countries would also restrict the growth.
- Resistance from traditional healthcare is another factor which restricts the growth of the market.
Key Developments in the Market:
- In September 2019, Former Walgreens executives started its own startup for digital health companies named ATX Therapeutics which creates evidence based digital therapeutic product to specific chronic health conditions.
- In Feburary 2019, Big Health launched Daylight App which fights with worry and anxiety along with animation and power of voice. Daylight is a first digital therapeutics which uses scientifically proven techniques on cognitive behavioural therapy (CBT) which address the feelings of anxiety and worry in condition when required.
Competitive Analysis and Digital Therapeutics Market Share Analysis:
Digital therapeutics market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of digital therapeutics market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Digital therapeutics market competitive landscape provides details by competitors. Details included are company overview which includes Company focus, business segment, product categories, revenue generated and global presence. Digital Therapeutics Market report also provides information on recent financials and R&D expenditures over the years from 2020 to 2029.
Key Market Competitors:
Few of the major competitors currently working in digital therapeutics market are Proteus Digital Health, Omada Health, Inc., Welldoc, Inc., Livongo Health, Noom, Inc., Ginger, Propeller Health, 2Morrow Inc, CANARY HEALTH,MANGO HEALTH and many others.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved