Digital Therapeutics Market Size, Share & Trends Analysis Report
Digital therapeutics Market
The Digital Therapeutics Market was valued at USD 2,875 Million in 2021 and is predicted to grow at a robust CAGR of 23.1% over the forecast period (2021-2028).
The factors driving the growth of Digital Therapeutics Market includes increasing cases of chronic diseases such as diabetes, heart related diseases and high blood pressure, rising penetration of smartphones and growing demand for integrated healthcare systems and patient centric care. According to the report published by World Health Organization (WHO), the hypertension related illness has significantly increased from 650 million in 1990 to 1.28 billion in 2021, in the population aged between 30–79 years. Moreover, the increasing consciousness about smart health tracking devices, investments by venture capitalists on Digital Therapeutics and rising geriatric population, are some of the additional factors propelling the Global Digital Therapeutics Market. According to Financial Express, the Fitness Wearable Market increased to 170.3% (y-o-y) during the first quarter of 2021 and Watch Segment emerged as the fastest growing segment, with the growth of 463.8% (y-o-y), which will boost the Digital Therapeutics Market size in India.
However, the growth of Digital Therapeutics Market is hindered due to insufficient knowledge about digital therapeutics amongst consumers.
The leading players operating in the market are Kaia Health Software Inc., Pear Therapeutics, Inc., Omada Health, Inc., DarioHealth Corp., Akili Interactive Labs, Inc., Welldoc’s BlueStar, Voluntis, Happify Health, Propeller Health and Livongo among others.
Type – Segment Analysis
Based on Type, the Software segment captured the highest market share in 2021 attributed to increasing availability of new applications launched by digital therapeutics companies, for example, Happify Health, launched Ensemble, helps in the treatment of Major Depressive Disorder (MDD) or Generalized Anxiety Disorder (GAD).
Application - Segment Analysis
As per Digital Therapeutics Market Report, the Diabetes segment is expected to dominate the market over the forecast period due to increasing cases of diabetes, for instance, the age-standardized prevalence rate of diabetes in Canada has increased by an average of 3.3% per year since 2000.
Regional - Segment Analysis
Based on region, North America captured the highest market share in 2021. The increased adoption of digital health products, enhanced reimbursement structures for digital therapeutics and growing investments in Digital Therapeutics Companies, are some of the important factors influencing the Digital Therapeutics Market Growth in North American region.
Market Segmentation
Global Digital Therapeutics Market by Type
Hardware
Software
Services
Global Digital Therapeutics Market by Sales Channel
B2B
B2C
Global Digital Therapeutics Market by Application
Cardiovascular Diseases
Diabetes
Neurological Disorders
Respiratory Diseases
Prediabetes
Obesity
Smoking Cessation
Others
Global Digital Therapeutics Market by Region
Asia PacificChina
Japan
India
Rest of APAC
North AmericaUnited States of America
Canada
EuropeUnited Kingdom
Germany
France
Spain
Rest of Europe
RoWBrazil
South Africa
Saudi Arabia
UAE
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