Digital Therapeutics Market research report provides granular analysis of the market share, segmentation, revenue forecasts and geographic regions of the market. Digital Therapeutics market report focuses on the major drivers and restraints for the key players. The Digital Therapeutics market research report is a professional and in-depth study on the current state of Digital Therapeutics Devices Industry.
The digital therapeutics market in terms of value is expected to reach USD 457.9 million by 2021 from USD 110 million in 2016, growing at a CAGR of 27.7% from 2016 to 2021. This market is categorized on the basis of application, sales channel, and region.
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Major factors contributing to the growth of the digital therapeutics market include increasing incidence of chronic diseases, rising focus on preventive healthcare, technological advancements, growing need to control healthcare costs, significant increase in venture capital investments, and the benefits of digital therapeutics. Government initiatives to support the development and adoption of digital therapeutics solutions also provide an impetus for the growth of this market. For instance, in 2010, the U.S. Congress authorized the Centers for Disease Control and Prevention (CDC) to create the Diabetes Prevention Recognition Program (DPRP) and recognize programs that meet evidence-based standards provided by DPRP. This includes programs such as the “Prevent” program offered by Omada Health Inc. (U.S.) implemented for the prevention of diabetes.
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Digital Therapeutics Market Drivers
- Improved drug adherence
- Benefits offered by digital therapeutics
- Need to control healthcare costs
- Rising focus on preventive healthcare
- Increasing incidence of preventable chronic diseases
- Technological advancements
- Significant increase in venture capital investments
- Ability to induce behavioural change
- Patient convenience and user-friendliness
Digital Therapeutics Market Restraints:
- Patient data privacy concerns
- Lack of awareness and access to digital therapeutics programs in developing countries
- Resistance from traditional healthcare providers
Digital Therapeutics Market Opportunities:
- Large undiagnosed and untreated population
- Emerging markets offer significant growth opportunities
- Unexplored therapeutic applications
Digital Therapeutics Market Challenges:
- stringent regulatory guidelines
- Unfavourable payment models
- Reluctance among patients to adopt digital therapeutics
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Additionally, the Affordable Care Act (2010) authorized a series of diabetes prevention programs under the National Diabetes Prevention Program (NDPP). One example of such a program is three digital diabetes prevention programs, provided by Canary Health (U.S.), Noom Health (U.S.), and Omada Health (U.S.), which received recognition in 2015. Such government initiatives are likely to provide an impetus for market growth. Relatively untapped markets in developing regions of Asia-Pacific and unexplored therapeutic applications have opened an array of opportunities for the digital therapeutics market. However, factors such as a lack of awareness and access to digital therapeutics programs in developing countries, patient data privacy concerns, and resistance from traditional healthcare providers may restrain the growth of this market.
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Apart from the comprehensive geographical and product analysis and market sizing, the report also provides a competitive landscape that covers the growth strategies adopted by industry players over the last three years. In addition, the company profiles comprise basic views on key players in the digital therapeutics market and their product portfolios, developments, and strategies. The above-mentioned market research data, current market size, and forecast of the future trends will help key players and new entrants to make the necessary decisions regarding product offerings, geographical focus, changes in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.
No of Pages: 187
Price of Report: $ 5687 (Single User License)
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