Digital therapeutics (DTx) is tasked with the delivery of therapeutic interventions that are based on evidence. These deliveries is made to patients and are driven by advanced software programs so as to treat, manage, and avert a wide range of behavioral, metal, and physical conditions of a patient. Digital therapeutics comprises an independent group of proof-based products within the set up of a broader digital health landscape. This kind of therapeutics is different from telehealth, diagnostic, and pure-play adherence products. The development of the global digital therapeutics market is likely to be shaped by the growing prominence of the service.
The continuously changing digital landscape has left common people grappled and has resulted in the augmented awareness pertaining to fitness and personal health. In addition to that, the burden of chronic diseases has been immense and need efficacious management. Digital therapeutics makes an offering of a wide range of services, which induce effective and efficacious management and tracking of conditions and healthy habits in people. These factors are estimated to trigger growth of the global digital therapeutics market over the timeframe of analysis, from 2019 to 2029.
The three important parameters of high importance that have been taken into account for the segmentation of the global digital therapeutics market include application, product type, sales channel, and region.
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Global Digital Therapeutics Market: Notable Developments
One of the relevant and important developments in the global digital therapeutics market is mentioned as below:
- In January 2020, US-based developer of clinically validated software, Pear Therapeutics, Inc. acquired two clinical-stage digital therapeutics, which are to be utilized for the purpose of treatment of chronic and acute pain from. This acquisition is made from Firsthand Technology, an American company providing solutions to improve cost control and enhance wellness.
Some of the key players in the global digital therapeutics market comprise the below-mentioned:
- Proteus Digital Health, Inc
- Mango Health, Inc.
- Omada Health, Inc.
- Canary Health, Inc.
- 2Morrow, Inc
- Pear Therapeutics, Inc.
Global Digital Therapeutics Market: Key Trends
There are many dynamics in the global digital therapeutics market that are estimated to influence the market over the assessment period, from 2019 to 2029. The presence of several drivers, new growth avenues, and challenges characterize the global digital therapeutics market.
Surge in the Incidences of Chronic Diseases is Likely to Propel Market Growth
With the development of digital therapeutics field, payers, providers, and patients are estimated to observe a rise in increasingly all encompassing network of therapy options for various diseases and disorders in people. With the availability of a diverse range of products across the digital therapeutics network, one such expert could do the following:
- Incorporate the best practices and medical guidelines
- Lessen dependence on some specific therapies and pharmaceuticals
- It can be utilized in conjunction with other therapies or can be done independently
- Offer payers, providers, and patients with options of novel therapy for unmet medical requirements
- Support and enhance the existing medical treatments
The expansion of the global digital therapeutics market is estimated to be influenced by use of internet and phenomenal rise in the use of smartphones amongst the common people. In addition to that, the cost saving element is also expected to drive the demand for digital therapeutics over the timeframe of analysis, from 2019 to 2029. This therapeutics enables effective and efficient management of various chronic diseases and mobile consultations. Chronic diseases comprise a major threat to the human health and economy overall, which is why the need to manage chronic diseases efficiently arises. Increased prevalence of chronic diseases is anticipated to foster growth of the global digital therapeutics market in the forthcoming years.
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Global Digital Therapeutics Market: Geographical Analysis
North America is likely to dominate the global digital therapeutics market throughout the timeframe of analysis, from 2019 to 2027. A rise in the number of reforms to cut down healthcare spending in the region is estimated to propel growth of the North America market in the near future. Asia Pacific is poised to register very high growth rate during the analysis period due to rapid urbanization and technological progress made in the healthcare sector.
The global digital therapeutics market is segmented as:
- Cardiovascular Disease (CVD)
- Central Nervous System (CNS) Disease
- Respiratory Disease
- Smoking Cessation
- Gastrointestinal Disorder (GID)
- Business-to-Business (B2B)
- Business-to-Consumer (B2C)
Current and Future Threats
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Accurate Trend Analysis
Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.
Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.
The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.
The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.
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