The increasing prevalence of chronic diseases is expected to fuel demand for digital therapeutics during the forecast period, states Fortune Business Insights, in a report, titled “Digital Therapeutics Market” Size, Share & Industry Analysis, By Application (Diabetes, Weight Management, Cardiovascular Diseases, Respiratory Diseases, Others), By Product (Software, Devices), By End-user (Patients, Caregivers) and Regional Forecast 2020-2027.” The market size is likely to proliferate owing to the growing geriatric population.
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Surging Cases of Cardiovascular Diseases to Bolster Growth
The increasing cases of heart strokes can improve the prospects of the market in the forthcoming years. As per the data reported by the American Heart Association’s Heart and Stroke Statistics – 2019, nearly half of (48%, 121.5 million in 2016) of all adults in the United States suffered from some type of cardiovascular disease. The growing emphasis on early diagnosis, disease prevention, and patient convenience can spur lucrative opportunities for the market. Moreover, the increasing prevalence of chronic diseases owing to lack of physical exercise, sedentary lifestyles, and increased consumption of junk food can favor the market growth in the forthcoming years. The surging healthcare development and growing technological advancements are expected to contribute positively to the market’s growth.
Digital therapeutic delivers authentic therapeutic interventions to patients and offers high-quality software programs to inhibit, accomplish, or treat a medical disease or disorder.
However, lack of awareness and hesitancy among patients to adopt digital therapeutics are factors expected to hamper the market’s growth. Besides, data privacy concerns are expected to further hinder the market’s growth in the forthcoming years.
The report on the digital therapeutics market reveals:
- Renowned insights into the industry
- Important data with in-depth research
- Factors exhibiting market growth
- Wide-ranging study about main regions
- COVID-19 impact on the market
- Prime developments in the industry
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Favorable Government Initiatives to Push Growth in North America
North America is expected to hold the largest share globally due to theincreasing prevalence of chronic diseases. The favorable government initiatives in the U.S. are expected to contribute positively to the region’s market growth. The refining compensation structure for digital therapeutic solutions and accumulative investment in the digital therapeutics field is expected to boost North America’s development. Asia Pacific is expected to expand radically during the forecast period owing to the increasing prevalence of chronic illness. Moreover, the growing geriatric population and expansion of digital therapeutics can further uplift the region’s market.
The Major Companies in The Global Digital TherapeuticsInclude:
- Proteus Digital Health Inc.
- Omada Health Inc.
- Welldoc Inc.
- Livongo Health
- Noom Inc.
- Propeller Health
- CANARY HEALTH
- Mango Health Inc.
- 2Morrow, Inc.
November 2019: Welldoc and Astellas Pharma Inc. developed and commercialized the Bluestar product in Japan and Asia.
October 2019: 2Morrow launched the first digital health smartphone app to help teens and young adults quit vaping.
June 2019:Catasys Inc. announced a partnership with CANARY HEALTH to aid more significant portion of the population through digital therapeutics
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What are the key segments in the market?
Global Digital Therapeutics Segmentation :
- Weight Management
- Cardiovascular Diseases
- Respiratory Diseases
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
With tables and figures helping analyse worldwide Global digital therapeutics Market Forecast provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
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