ID: MRFR/Pharma/5030-HCR | February 2021 | Region: Global | 100 pages
$13.80 billion
25.8%
North America
2022-2030
From 2020 to 2027, Market Research Future (MRFR) anticipates the digital therapeutics market to make substantial progress at a significant rate.
The soaring prevalence and cases of several chronic disorders remains one of the biggest concerns for the healthcare system worldwide. Treating the patients affected by chronic diseases is a huge challenge, since biopsychic or psychosomatic factors generally influence these individuals. With chronic disorders generally associated with significant uncertainty levels, patients go through behavioural changes as part of their latest self-care lifestyle. Moreover, several chronic diseases are progressive, with their incidence rising with age. Consequently, with the rapidly soaring worldwide geriatric populace, chronic disorders will continue to surge in the next several years. This could be a huge opportunity for the digital therapeutics industry in the long run.
In various nations, several health apps have not received the required approvals, which results in concerns regarding the data and product quality, reliability of the treatment decisions, security, patient privacy, and the right use of data. This factor is exacerbated by the rising data integration using digital tools, which puts the medical records at risk of being misused by anyone in the healthcare fraternity, someone that is part of the patient’s treatment program. This remains one of the top growth restraints for the worldwide market.
COVID 19 Analysis of Digital Therapeutics Market
The impact of the outbreak of the novel coronavirus pandemic followed by the subsequent establishment of nationwide lockdowns is visible in various digital therapeutics market and industries. The overall growth of various sectors has been heavily and negatively impacted. The situation in those especially in countries that have a high incidence rate of COVID-19, such as India, China, Brazil, the US, alongside several European countries that are inclusive of Russia, Italy, and Spain. While the global industries such as oil and petroleum, aeronautics, and mining amongst others are experiencing a steep fall in revenues, the healthcare sector, biotechnology sector, and pharmaceutical companies and industries are optimizing this situation to serve a maximum number of patients and healthcare professionals and hence, grow at an excellent market rate.
Digital Therapeutics Market Dynamics
Drivers
The digital therapeutics market has been a high prevalence and incidence rate of chronic diseases which is a major concern for healthcare systems across the globe during the ongoing forecast period that will be ending in 2028. The treatment of patients that are suffering from chronic diseases is a significant challenge, in the form of psychosomatic or bio psychic factors that occur very often and influence these patients. As chronic diseases are often associated with rising levels of uncertainty, the patients need to change their behavior as part of adopting a new self-care lifestyle. Also, there are many chronic disorders and conditions on the scale of progression, and hence, there is an incidence that increases with age. As a result, with significant market growth in the global geriatric population, chronic disorders are expected to rise further in the coming years.
Restraints
Many countries that are a part of the market, are seeing trends that relate to various health apps that are deprived of appropriate approvals, leading to concerns of product and data quality, reliability in treatment decisions, lack of patient privacy, security issues, and the lack of skill of responsible use of data. Digital therapeutics market providers have access to patient information and further, are forbidden from sharing the information with anyone not involved in treating that patient. However, the integration trends might hamper the digital therapeutics market from growing during the forecast period that ends in 2028.
Technology Analysis
The Emerging economies of the digital therapeutics market share such as India, China, and the Middle East are witnessing the presence of growth opportunities for digital therapeutics. In most of the global geographies, the market is still in its infancy due to a lacking degree of awareness, the minimum availability of these digital solutions, lack of IT skill and infrastructure, followed by financial and social constraints. However, technology is likely to solve these crises in the upcoming period.
Study Objectives
Segment Overview
Based on the demand of the digital therapeutics market size amid the forecast period, the market segments are:
By mode of product
The digital therapeutics market has been segmented and divided into software and devices.
By mode of application
The digital therapeutics market analysis shows the segmentation been done based on cardiovascular diseases, obesity, diabetes, respiratory diseases, smoking cessation, and others.
By sales channel mode
The global market has been witnessing segmentation into B2B and B2C.
Regional Analysis
Based on the geographical regions, the market has been divided into four major mushrooming regions namely North America, Europe, the APAC region, alongside the rest of the world. In 2020, North America held the largest share of the market, followed by the European regions. The market in the Asian Pacific region is also expected to grow at the highest CAGR in the forecast period that will be ending in 2028. The rise of prominent market factors such as the influx of new startups alongside the increasing investments in digital therapeutics market trends. Also, the improvements in the reimbursement structure for digital therapeutics followed by the rise in government initiatives is likely to support technological advancements that drive market growth in this region for the forecast period that will be ending in 2028.
Competitive Landscape
The digital therapeutics market research predicts that the market growth is a result of propelling trends followed by the collective efforts put in by the global market players which are as follows:
Recent Developments
Report Overview
The digital therapeutics market report conducts a qualitative and deep-rooted market analysis that will help in providing the details of the in-depth market scenarios and insights. These insights will prove to be helpful to the global market investors by covering the aspects related to profits and losses that occurred during the pandemic year of 2020, and further, grow at a reliable market growth rate and attain a good revenue sum during the current forecast period of 2021-2028. The market report further, helps to cover the recent developments of the digital therapeutics market, as well, during the forecast period.
Report Attribute/Metric | Details |
---|---|
Market Size | 2027: Significant Value |
CAGR | 2020-2027: Substantial CAGR |
Base Year | 2019 |
Forecast Period | 2020-2027 |
Historical Data | 2018 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product Type, Application, Sales Channel and End Users |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | Twine Health Inc., Proteus Digital Health, Inc., Mango Health, Inc., Propeller Health, Canary Health Inc., Medtronic Plc., Noom Inc, WellDoc Inc., Omada Health, Inc., and Livongo Health |
Key Market Opportunities | Joint ventures, strategic alliances, mergers and acquisitions |
Key Market Drivers |
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Frequently Asked Questions (FAQ) :
Lack of awareness and unregulated opportunities can restraint the digital therapeutics market growth.
The players involved are Proteus Digital Health, Inc., Twine Health Inc., Propeller Health, Mango Health, Inc., Medtronic Plc., Canary Health Inc., Omada Health, Inc., Noom Inc, WellDoc Inc., and Livongo Health.
The products included in the digital therapeutics market are software and services.
The modes of applications in digital therapeutics market report are obesity, smoking cessation, diabetes, respiratory diseases, cardiovascular diseases, and others.
The sales channels included in the digital therapeutics market report are B2B and B2C.