According to Precedence Research, the global digital therapy market size is expected to reach approximately US $ 11.82 billion by 2027, up from US $ 2.69 billion in 2019.
OTTAWA, June 17, 2021 (GLOBE NEWSWIRE) – The digital therapeutics market is expected to generate growth at a CAGR of 20.3% over the forecast period of 2020 to 2027. Digital therapeutics is part of healthcare, but not all digital health solutions are digital therapy solutions. The fundamental difference between digital therapy and digital health is based entirely on clinical outcomes for patients. For example, digital therapy does not include consumer health-focused technologies that include calorie counters and step counters. It is a new class of health products that use digital technology to prevent, manage or treat medical conditions. In addition, it uses digital health technologies to treat psychological disorders in patients. Hence, the aforementioned factors are positively influencing the growth of the digital therapy market.
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What are the growth factors of the market?
- Growing penetration of internet use and smartphones in particular
- Growing need to curb the increase in spending in the health sector
- The increasing prevalence of chronic diseases such as diabetes, obesity, smoking cessation and many
- Undefined payment procedures as well as lack of effective monetization strategies
Main highlights of the report:
- Figures related to sales volume, market compensation and segment shares
- Showcasing Market Dynamics
- Growth Outlook and Expansion Chart
- PROCON study of direct and indirect sales channels
- Profiles of leading traders, resellers and distributors in the industry
Highlights of the report
- The North America region accounts for the largest market share in the global digital therapy market and is expected to maintain its position during the forecast period. This growth is attributed to the presence of key players, an increase in government initiatives, a well-developed health care infrastructure and the increasing prevalence of chronic health problems.
- The Asia-Pacific region is expected to achieve the fastest growth rate during the forecast period 2021 to 2027. The significant growth of the region is mainly due to rapid urbanization and rapidly changing technological landscape in the region. region. Additionally, the increasing geriatric population in the region further motivates application developers to bring advanced and patient-centric applications to the region.
- On the basis of product, software segment accounted for the largest share of value and is expected to register the fastest growth during the forecast period
- In 2020, the diabetes segment dominated the global market due to the increasing prevalence of diabetes in the world
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Key players and strategies
The global digital therapeutics industry is at its niche stage; however, is experiencing a merger, a partnership and a major new product launch and development. For example, in September 2019, TrialCard, a company that works with pharmaceutical manufacturers to connect patients to services and medicines, announced the acquisition of Mango Health. The acquisition helped TrialCard deliver the best possible engagement and enrollment solution to their patients. Likewise, in July 2020, Biocon Biologics India, a biosimilars company, and Voluntis, a digital therapy company, announced that they had entered into a collaboration agreement. As part of this agreement, Biocon in collaboration with Voluntis develops and distributes innovative digital therapeutic solutions for type 2 diabetic patients.
Some of the major 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.
By sales channel
- Business to consumer (B2C)
- Business to Business (B2B)
- Healthcare provider
- Central nervous system (CNS) disease
- Gastrointestinal disorder (GID)
- Cardiovascular disease (CVD)
- Smoking cessation
- Breathing illness
By regional perspectives
- North America
- Asia Pacific
- South Korea
- Rest of the world
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