Pune, India, Feb. 07, 2023 (GLOBE NEWSWIRE) — The digital therapeutics market size is expected to experience considerable growth in the forthcoming years. This information is published by Fortune Business Insights in its report, titled “Digital Therapeutics Market, 2022-2030”. It provides patients with genuine therapeutic interventions that are guided by high-quality software programs in order to prevent, cure, or treat a medical condition or disorder. Cutting edge software is linked to design, usability, clinical validation, and data protection and security in these goods. These therapeutics mainly aim to deliver clinical outcomes as well as finds diverse medical conditions.
Key Industry Development
- Welldoc and Astellas Pharma Inc. jointly developed and commercialized the Bluestar product in Japan and Asia.
- Morrow launched the first digital health smartphone app to help teens and young adults quit vaping.
- Catasys Inc. announced its partnership with CANARY HEALTH to aid greater portion of the population through digital therapeutics.
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Key Takeaways
- Geographically, there are five submarkets for digital therapeutics: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
- According to estimates, the U.S. dominates both the global and North American markets for digital therapeutics in terms of revenue.
- The Asia-Pacific region is anticipated to have a significant growth potential over the forecast period.
- According to the American Heart Association’s Heart and Stroke Statistics – 2019, nearly 48 percent (or 121.5 million adults) of all Americans in 2016 had a cardiovascular disease of some kind.
Drivers & Restraints
Emphasis on Self-care Infrastructure to Boost Demand
Several major governments such as the U.S. are emphasizing the use of technology to receive information from a single point of contact. This is expected to improve the self-care health sector and advance the demand for digital platforms required to collect and source such data. The technological advancement across digital platforms in recent years has made such platforms easily accessible for the user. Moreover, digital literacy across the globe and rising health-conscious consumers is expected to generate high demand.
Certain regions across the globe are experiencing a considerable rise in geriatric demography which require advanced health infrastructures to manage their several health concerns. For instance, in 2019, the World Health Organization accounted for an estimated 1.5 million deaths directly caused by diabetes. Such statistics are projected to drive digital therapeutics market growth.
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Regional Insights
Adoption of Technology in North America Healthcare to Augment Growth
North America is expected to hold a leading digital therapeutics market share with a rising emphasis on technological adoption for sourcing information. Increasing adoption of technology to facilitate optimum patient care in this region have increased the demand for real-time solutions through a mobile application, tracking of health conditions remotely, data collection to track inventory & health facilities, and others.
Asia Pacific is projected to hold a significant market share with the rise of ageing democracy in the region. The shortage of the healthcare workforce has led to the search for substitute diagnosis & treatment processes such as these digital therapeutics. This region is projected to showcase considerable growth in the forthcoming years.
Factors affecting the growth of Digital Therapeutics Market (2023-2030):
- Increasing prevalence of chronic diseases
- Growing acceptance of digital technologies in healthcare
- Favorable government initiatives and reimbursement policies
- Rising investment in research and development of digital therapeutics
- Increasing use of wearable devices and mobile health applications
- Growing adoption of telemedicine
- Growing awareness of the benefits of digital therapeutics
- Technological advancements in digital health
- Growing demand for cost-effective and convenient healthcare solutions
- Growing geriatric population.
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Digital Therapeutics Market Trends in 2023
- Integration of Artificial Intelligence and Machine Learning
- Emergence of Prescription Digital Therapeutics (PDTs)
- Increased focus on patient engagement and remote monitoring
- Growing demand for mental health digital therapeutics
- Expansion of digital therapeutics in emerging markets
- Increasing partnerships and collaborations between pharmaceutical companies and digital health startups
- Growing use of blockchain technology in digital therapeutics
- Emergence of personalized medicine through digital therapeutics
- Growing adoption of digital therapeutics in chronic disease management
- Expansion of digital therapeutics in preventative care.
High Demand of Product Owing to Rapid Streamlining of Information
The demand for digital therapeutics platforms has experienced a considerable spike during the pandemic. The need for accumulating essential information regarding inventory, facilities available at various hospitals, and others have rapidly set up several such platforms across the globe to help patients suffering from the outbreak. These platforms are managed by both public and private institutions to facilitate efficient resource management. Moreover, to efficiently manage the outbreak various telehealth platforms have also come up in the recent few months to support patients remotely. The efficiency of these platforms and infrastructure in this outbreak have been observed and is expected to experience a rise in demand in the foreseeable future.
Market Segmentation
Based on the applications, the market for digital therapeutics can be divided into diabetes, weight management, cardiovascular diseases, respiratory diseases, and others. By the product, the market can be grouped into software and devices. On the basis of end-users, the market can be bifurcated into patients and caregivers. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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What Does the Report Contain?
The report offers an insight into the profitability, entire structure, and scale. It also studies the drivers and restraints and considers all the potential threats to the market. The critical analysis of marketplace sections, prediction analysis, and expert insights are strategically included in the report. A wide spectrum of data, including regional analysis, market segmentation, industry developments, and key players, are included in the research conducted by market experts.
Competitive Landscape
Presence of Innovative Market Players to Intensify Market Competition
The rapidly developing market of digital therapeutics platforms is expected to attract several new entrants to the market. The high demand for the product in the market, coupled with, government support and initiatives has resulted in a competitive market. Several prominent players are already furthering their products and evolving with market demands. Marketing strategies and promotions offered by these companies are further stabilizing their market position. The user-friendly approach by several market players is generating high revenue for the companies.
List of Key Players Profiled in the Market:
- Proteus Digital Health Inc.
- Omada Health Inc.
- Welldoc Inc.
- Livongo Health
- Noom Inc.
- Propeller Health
- CANARY HEALTH
- Mango Health Inc.
- 2Morrow, Inc
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