According to Nova one advisor, the The global Digital Therapeutics market gathered revenue around USD 3.9 Billion in 2020 and market is set to grow USD 20.1 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 24.0% during the prediction period 2021 to 2027.
According to Nova one advisor, the The global Digital Therapeutics market gathered revenue around USD 3.9 Billion in 2020 and market is set to grow USD 20.1 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 24.0% during the prediction period 2021 to 2027.
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Key factors driving the market growth include high demand due to the COVID-19 pandemic, various supportive regulatory initiatives & early signs of reimbursements, increasing smartphone penetration in developed & developing countries, and the growing prevalence of chronic disorders. Moreover, the cost-effectiveness of digital health technology for providers & patients and increasing demand for integrated healthcare systems & patient-centric care are estimated to boost the market growth.
The COVID-19 pandemic catalyzed the adoption of digital therapeutics solutions. Teladoc reported that telehealth usage grew by about 38 times since pre-pandemic. The adoption of these solutions was further supported by supportive initiatives by key regulatory bodies, such as the FDA. For instance, the U.S. FDA released guidelines in April 2020 to expand the availability of digital health therapeutic devices for psychiatric patients. As per Kepios, globally, the number of internet users is growing at an annual rate of 7.6%, i.e., an average addition of 900,000 new users every day. While developed and certain developing economies have high smartphone and internet penetration, countries in regions, such as Africa and South Asia, are lagging due to their less advanced economies.
With a modest user base, Africa’s smartphone market is expected to grow due to the advent of affordable handsets in the country. These handsets are priced under USD 100 per unit and are gaining popularity. The need for cost-effective healthcare is increasing due to the growing healthcare expenditure. The rising incidence of chronic diseases has led to an increase in healthcare costs. This has affected economic growth in developing and developed economies. To promote cheaper and alternative means of healthcare delivery, digital health technologies are being encouraged to help avoid added costs. The ease of usage of mHealth apps and their consistent performance can help improve health outcomes of individuals and communities, which is anticipated to have a positive impact on market growth.
Report Coverage
| Report Scope | Details |
| Market Size | USD 20.1 Billion by 2027 |
| Growth Rate | CAGR of 24.0% From 2021 to 2027 |
| Base Year | 2020 |
| Forecast Period | 2021 to 2027 |
| Historic Data | 2017 to 2020 |
| Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
| Segments Covered | Application, end-use and Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Digital Therapeutics Market Report Highlights
- The diabetes application segment dominated the market in 2021 due to the high prevalence of diabetes
- The patients’ end-user segment held the maximum revenue share in 2021 owing to the high adoption of digital therapeutic solutions by patients
- In 2021, North America was the dominant regional market owing to the increased use of digital health products and favorable reimbursement scenarios that focus on improving quality of life through improved tracking & diagnostics
- Asia Pacific region is expected to register the fastest CAGR over the forecast period owing to the growing demand for personal care devices and related services
Regional Insights
On the basis of geographies, the global market has been divided into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. North America accounted for the largest share of more than 41% of the global revenue in 2021. This is owing to various factors, such as increased use of digital health products and favorable reimbursement scenarios that focus on improving quality of life through improved tracking & diagnostics. An increase in the prevalence of chronic diseases and the geriatric population in the region is expected to drive the market. Some of the major players in this region are Proteus Digital Health, Inc., Omada Health, Inc., WellDoc, Inc., and Livongo Health, Inc.
Most of these companies are based in the U.S., which further adds to their local dominance. The Asia Pacific region is expected to expand at the fastest growth rate during the projected period. This high growth can be attributed to the increase in demand for effective healthcare, rise in smartphone penetration, and improved access to the internet. Growing demand for personal care devices and related services, as a result of increased government spending on healthcare, is also expected to accelerate market growth.
Some of the prominent players in the Digital Therapeutics Market include: Omada Health, Inc.; WellDoc, Inc.; 2Morrow, Inc.; Livongo Health; Propeller Health; Pear Therapeutics; Twine health, Inc.; Canary Health, Inc.; Noom Health, Inc.; Mango Health, Inc.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
- By Application
- Diabetes
- Obesity
- CVD
- CNS Disease
- Respiratory Diseases
- Smoking Cessation
- Others
- By End-use
- Patients
- Providers
- Payers
- Employers
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Digital Therapeutics industry analysis from 2022 to 2030 to identify the prevailing Digital Therapeutics industry opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the global Digital Therapeutics industry segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global Digital Therapeutics industry trends, key players, market segments, application areas, and market growth strategies.
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