GLOBAL DIGITAL THERAPEUTICS MARKET IS EXPECTED TO FORESEE SIGNIFICANT GROWTH DURING THE FORECAST PERIOD. NORTH AMERICA TO WITNESS THE HIGHEST GROWTH
- June 1, 2021
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Global digital therapeutics market is expected to reach the market valuation of USD 13 billion by 2027 expanding at a significant CAGR of 24.5% during the forecast period (2021-2027) from USD 2.8 billion in 2020. Digital therapeutics are technology-enabled evidence-based therapies driven by high-class applications and software to treat and manage a broad range of chronic illnesses and lifestyle-related disorders.
For a detailed analysis of the digital therapeutics market browse through https://univdatos.com/report/digital-therapeutics-market-current-analysis-and-forecast-2021-2027
The various factors driving the growth of the digital therapeutics market include the rise in chronic disease incidences, technological advancements, and the increased awareness among end-users led by adopting digital health solutions for treating these diseases. Also, a huge population across the globe is suffering from chronic illnesses, including cancer, heart disease, or diabetes which makes the situation more grave. As a result, many more people are inclining towards preventive healthcare increasing the worldwide adoption rates of digital therapeutics. For instance, 1.8 million deaths were recorded due to lung cancer across the world in 2020, accounting for the highest number of deaths due to cancer. In addition to this, it is estimated that 700 million people will be living with diabetes by 2045 all over the world.
Another significant factor responsible for the growth of the global digital therapeutics market is the increasing number of internet and mobile device users all over the world. For instance, according to the report by India Cellular and Electronics Association, the fastest-growing application market across the world is the Indian market due to the high number of smartphone users i.e., 500 million in 2019, and this number is projected to reach 829 million by 2022. Also, 52% of smartphone users gather health-related information on their phones and 80% of clinicians use mobile devices and various healthcare applications.
Furthermore, the rising health concerns among the geriatric population coupled with the surging cost of healthcare procedures is the major reason for the shift towards digital health solutions. For instance, according to the Peterson-KFF health system tracker, the general cost of inpatient hospital admission rose steeply by 85% over the decade. In addition to this, medical costs for surgical and medical care nearly doubled from 2008 to 2018. Given these facts, the demand for more accessible, personalized, and cost-effective health solutions propelling the growth of the digital therapeutics market all over the world. However, lack of product knowledge and limited access to digital therapeutics applications/software in developing countries, patient data security and privacy concerns, and unstable mode of payments are some factors impeding the growth of this market.
The COVID-19 pandemic has disrupted the entire world and many industries. This worldwide disruption has affected the healthcare industry like never before and has greatly impacted the way healthcare is delivered across the world. With the lockdown restrictions all over the world, there is surging demand for remote healthcare technologies enabling patients to get assistance for maintaining their physical and mental health. In addition to this, deferred and canceled treatment for chronic diseases has further increased the worldwide demand for digital therapeutics.
The digital therapeutics market is boosting owing to numerous startups and new product innovations driving its worldwide popularity. For example, The UK’s National Health Service (NHS) has started rolling out a digital therapy tool for people experiencing the symptoms of Long Covid. The Living With Covid Recovery program, created by software company Living With, includes exercise and dietary advice as well as health support, co-designed with a clinician and delivered via a mobile app.
For a detailed analysis of the market drivers of digital therapeutics market browse through https://univdatos.com/report/digital-therapeutics-market-current-analysis-and-forecast-2021-2027
Based on applications, the market has been segmented into treatment/care-related applications and preventive applications. The treatment/care-related applications segment held the major market share and is anticipated to maintain its dominance over the projected timeframe. Further, the treatment/care-related applications are sub-segmented into diabetes, central nervous system disorders, smoking cessation, chronic respiratory diseases, musculoskeletal disorders, cardiovascular disorders, gastrointestinal diseases, rehabilitation & patient care, and others. Preventive applications are also sub-segmented into prediabetes, obesity, nutrition, lifestyle management, and others.
Amongst treatment/care-related applications and preventive applications, diabetes and obesity segments dominated the market during the forecast period owing to the growing diabetic and obese population across the world. For instance, according to International Diabetes Federation, in 2019, nearly 463 million adults were living with diabetes and 374 million people are at increased risk of developing type 2 diabetes. Additionally, according to a report published in the New England Journal of Medicine, nearly half of adults in the USA will have obesity, with a prevalence not below 35% in any state, and nearly one in four will have severe obesity, with a prevalence higher than 25% in 25 states by 2030.
For a detailed analysis of the segmentation of digital therapeutics browse through https://univdatos.com/report/digital-therapeutics-market-current-analysis-and-forecast-2021-2027
Based on sales channels, the market is divided into business-to-business (B2B) and business-to-customer (B2C). The largest market share has been acquired by the B2B segment which has been further fragmented into payers, providers, employers, pharmaceutical companies, and others. The B2C segment is further sub-segmented into caregivers and patients.
Amongst the B2B segment, payers hold a major market share and among the different types of buyers, the caregivers’ segment dominated the market due to increasing awareness about the benefits offered by digital therapeutics and enabling the caregivers to have valuable insights into the patient’s condition via digital health software and applications. For instance, according to the research from Park Associates, 41% of caregivers in U.S. broadband households currently use a digital health device as part of their caregiving routine, including 8 percent who use online tools to coordinate their efforts.
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Additionally, the report provides detailed insights into the global digital therapeutics market for the distinct regions including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and the Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD XX billion in 2020 owing to the higher healthcare expenditure per capita and growing demand to control the surging medical costs. For instance, Health spending per person in the U.S. was US$ 10,966 in 2019, which was 42% higher than Switzerland, the country with the next highest per capita health spending, according to Peterson-KFF Health System Tracker. At the same time, Asia-Pacific identified as potential markets offering significant growth opportunities for several startups and other major players in the field of digital therapeutics.
Fitbit Inc., Medtronic, Omada Health, Livongo Health, Proteus Digital Health, Pear Therapeutics, Propeller Health, Virta Health, 2morrow, Kaia Health are some of the key players operating in the global digital therapeutics market. Several M&As along with partnerships have been undertaken by these players to improve digital therapeutics products/services and expand their business reach globally.
Global Digital Therapeutics Market Segmentation
Market Insight, by Application
- Treatment/care-related applications
- Central Nervous System Disorders
- Smoking Cessation
- Chronic Respiratory Diseases
- Musculoskeletal Disorders
- Cardiovascular Disorders
- Gastrointestinal Diseases
- Rehabilitation & patient Care
- Other Treatment/Care Applications
- Preventive applications
- Lifestyle Management
- Other Applications
Market Insight, by Sales Channels
- Pharmaceutical Companies
Market Insight, by Region
- North America
- United States
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Fitbit, Inc.
- Omada Health
- Medtronic PLC
- Livongo Health
- Pear Therapeutics
- Propeller Health
- Virta Health
- Proteus Digital Health
- Kaia Health