Global Digital Therapeutic

Global Digital Therapeutic

The study involved four major activities in estimating the current size of the global digital therapeutics market. Exhaustive secondary research was conducted to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing values with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.

Major Growth Drivers:

The growth of the digital therapeutics market is primarily driven by factors such as government initiatives for preventive healthcare, technological advancements in mobile healthcare, a significant increase in venture capital investments, and the benefits of digital therapeutics, such as the ability to induce behavioral change (an important challenge in healthcare), user-friendliness, patient convenience, and improved drug compliance.

Expected Revenue Growth:

The global digital therapeutics market is projected to reach USD 6.9 billion by 2025 from USD 2.1 billion in 2020, at a CAGR of 26.7% during the forecast period (2020–2025).

Accessories to Fuel the Growth of Digital Therapeutic (DTx) Market :

Based on the sales channel, the digital therapeutics market is segmented into business-to-customer (B2C) and business-to-business (B2B). In 2019, the B2B segment accounted for the largest market share; it is also expected to grow at the highest CAGR of the digital therapeutics market. There is growing awareness among providers, payers, and employers about the benefits provided by digital therapeutics and the healthcare cost reductions achieved by their use.

B2B segment is expected to grow at the highest CAGR during the forecast period

Based on the sales channel, the digital therapeutics market is segmented into business-to-customer (B2C) and business-to-business (B2B). In 2019, the B2B segment accounted for the largest market share; it is also expected to grow at the highest CAGR of the digital therapeutics market. There is growing awareness among providers, payers, and employers about the benefits provided by digital therapeutics and the healthcare cost reductions achieved by their use.

Caregivers segment is expected to dominate the market

Based on the type of buyer, the B2C sales channel market is further segmented into patients and caregivers. The caregivers segment is expected to dominate the market and register the highest CAGR during the forecast period. The high growth of this segment is attributed to company initiatives for the development of products specifically for caregivers and the fact that digital therapeutics help caregivers in better managing their patients.

North America accounted for the largest share of the digital therapeutics market in 2019.

The global digital therapeutics market is segmented into North America, Europe, the Asia Pacific, and the RoW. In 2019, North America (US and Canada) held the largest share of the market, followed by Europe. The major factors supporting market growth include the increasing investments in digital therapeutics, the influx of new start-ups, improvements in the reimbursement structure for digital therapeutics, and government initiatives to support technological advancements.

Key players in the digital therapeutics market

The digital therapeutics market is fragmented in nature, with a large number of players, including tier 1 and mid-tier companies competing for market shares. The prominent players in the global digital therapeutics market include Noom (US), Livongo Health (US), Omada Health (US), WellDoc (US), Pear Therapeutics (US), Proteus Digital Health (US), Propeller Health (US), Akili Interactive Labs (US), Better Therapeutics (US), Happify (US), Kaia Health (Germany), Mango Health (US), Click Therapeutics (US), Canary Health (US), Wellthy Therapeutics (India), Cognoa (US), Ayogo Health (Canada), Mindstrong Health (US), 2Morrow (US), and Ginger (US).

Omada (US): Omada Health is a pioneer in the field of digital therapeutics. The company has attracted significant investments to enhance its solutions, particularly its digital prediabetes program ‘Prevent.’ In June 2019, the company secured USD 73 million from its investors for the development of digital care health programs focusing on preventable chronic conditions. To support its organic growth, the company focuses on R&D to continuously improve and upgrade its products.

Source: https://express-press-release.net/news/2021/01/08/832875

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