Digital Therapeutics Market Size, Growth and Trends Analysis By Product Type (Software, Devices And Others), Application (Cardiovascular Diseases, Obesity, Diabetes, Respiratory Diseases, Smoking Cessation and Others) and Sales Channel (B2B and B2C) and End Users – Forecast 2027
Market Research Future (MRFR) studied the digital therapeutics market can surge at decent CAGR by end of the assessment period. By 2027, the global digital therapeutic market value can touch high value.
The global market is expected to surge at high pace in the foreseeable years. The report encompasses valuable insights, segmental analysis, and factors that can hold impact on the upsurge of the digital therapeutics market in the years to come. The primary causes concerning the rise of the market are identified as rising pressure on healthcare providers to avail quality assessments, cube healthcare products costing, growing prevalence of diseases, and surging presence of collaborated companies among others. Moreover, the increase in the demand of preventive healthcare can support the rise of the digital therapeutics market. Investments in the field of digital therapeutics and the increasing spread of the market can favor the market growth in years to come. Digital therapeutics has ability to increase convenience for patients and induce behavioral changes, which, in turn, can support the expansion of the market.
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The gradual growth of potential digital therapeutics marketers is making space for themselves that can contribute to the expansion of the market in the near future. The spontaneous growth of internet and the growing integration of smart practices can support the increase of the market size. The critical factor contributing to the rise of digital therapeutics market can be attributed to the rise of geriatric population. The incorporation of digital elements in traditional medical devices can cast progressive impact on the global digital therapeutic market. The growing demand for digital therapeutics for a large-scale patient population that is expected to advance the global healthcare industry can result in the market growth across the forecast tenure. Other uses of digital therapeutics, such as; pain management, cancer management, smoking cessation, and therapy for Parkinson’s and prevailing diseases can improve the impetus of the digital therapeutics market.
Segment Analysis of Digital Therapeutic Market
The segmental assessment of the global digital therapeutics market is based on product type, sales channel, and application.
The mode of product-based segments of the digital therapeutics market are devices and software.
The mode of application-based segments of the digital therapeutics market are obesity, diabetes, cardiovascular diseases, smoking cessation, and respiratory diseases among others.
The sales channel mode-based segments of the digital therapeutics market are B2B and B2C.
Regional Analysis of Digital Therapeutic Market
The region-based segments of the digital therapeutics market are Asia Pacific, North America, Europe, and the Rest of the World. Among these, the North America region is identified to hold the highest control over the global digital therapeutics market. The regional market is expected to hold the highest position in the years to come. Reasons behind the rise of the North America digital therapeutics can be early adoption of technology, increasing investments in R&D growing prevention of chronic disease, inclusion on next-gen healthcare technology, and expansion of healthcare sectors that include awareness projects. Europe digital therapeutic market can garner the second largest share of the worldwide market.
Key Players of Digital Therapeutic Market
Some of the renowned global digital therapeutics marketers that are listed by MRFR in the report are; Twine Health Inc., Mango Health, Inc., Proteus Digital Health, Inc., Medtronic Plc., Propeller Health, Noom Inc, Canary Health Inc., Omada Health, Inc., WellDoc Inc., and Livongo Health. The worldwide digital therapeutics market expansion can be attributed to the increasing number of medical firms in the region. With the diversification of product portfolio, the market is increasing growth opportunities that can underscore the global of the digital therapeutics market.
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For instance, Sandoz and Pear Therapeutics revealed the receiving of FDA clearance of the digital therapeutic in their joint effort. The development of reSET-O, the first digital therapeutic to treat opioid use disorder (OUD), by these players can cast a positive impact on the market. Pear Therapeutics (US), a reputed company the in prescription digital therapeutics, and Sandoz, a Germany-based leader in the generic pharmaceuticals and biosimilars division of Novartis, collaborated to develop a novel prescription digital therapeutics solution. The innovation is designed for effective treatments of diseases and better clinical outcomes for patients. Thus, launch of new products can support the market upsurge.
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