According to a recent market research report by Fact.MR, the global digital therapeutics market is expected to grow at a significant rate in the coming years. The report indicates that the increasing prevalence of chronic diseases and the rising demand for personalized healthcare are driving the growth of the market. Additionally, the growing adoption of mobile devices and the increasing focus on preventive healthcare are also contributing to the market growth.
The report highlights that North America is expected to dominate the market, owing to the high adoption of digital healthcare solutions and advanced healthcare infrastructure in the region. The Asia-Pacific region is also expected to witness significant growth, driven by the increasing penetration of smartphones and the growing focus on telemedicine in countries like China and India.
The report identifies the software segment as a key driver of the market, with major players like Pear Therapeutics, Inc., Proteus Digital Health, Inc., and Omada Health, Inc. leading the way. The report also indicates that the service segment is expected to witness significant growth in the coming years, driven by the increasing demand for personalized and connected healthcare services.
The report further states that the market is characterized by intense competition, with major players investing in research and development to enhance their offerings and gain a competitive edge. Key players in the market include Proteus Digital Health, Inc., Omada Health, Inc., Livongo Health, Inc., and WellDoc, Inc.
However, the report also notes that regulatory challenges and data privacy concerns, as well as the high cost of development and implementation, are major challenges faced by the market. Nevertheless, the increasing adoption of digital healthcare solutions and the growing demand for personalized and preventive healthcare are expected to create new opportunities for growth in the digital therapeutics market
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Key Segments Covered in the Digital Therapeutics Industry Survey
- By Application Type
- Digital Therapeutics for Diabetes
- Digital Therapeutics for Obesity
- Digital Therapeutics for CVD
- Digital Therapeutics for Respiratory Diseases
- Digital Therapeutics for Smoking Cessation
- Digital Therapeutics for CNS Diseases
- By End User
- Digital Therapeutics for Patients
- Digital Therapeutics for Providers
- Digital Therapeutics for Payers
- Digital Therapeutics for Employers
Key Takeaways from the Market Study
- Globally, the digital therapeutics market is estimated to be worth US$ 5.27 Bn by 2022
- North America will hold a prominent position with 42% of global revenue by 2022
- Asia Pacific to flourish at a CAGR of 20% in the digital therapeutics domain until 2032
- By treatment, digital therapeutics for diabetes to comprise 28% of global market revenue
- Treatment for obesity to experience nearly 2x growth from 2022 to 2032
- The patient end-user segment will account for 32.5% of global revenue in 2022
Key Companies Profiled
- Omada Health Inc.
- WellDoc, Inc.
- 2Morrow, Inc.
- Livongo Health, Inc. (Teladoc Health Inc.)
- Propeller Health
- Fitbit Inc.
- Canary Health
- Mango Health
- Noom, Inc.
- Pear Therapeutics
The market is dominated by several key players, who focus on innovative strategies for increasing revenues, such as mergers and acquisitions, market penetration, partnerships, and distribution agreements.
- The Teladoc Company, for example, expanded its partnership with the National Labor Alliance in December 2021. Among the products and services offered were specialty care, general medicine, expert medical services, mental health, virtual primary care programs, and chronic disease management.
- In 2021, Dexcom and Welldoc developed a comprehensive integrated platform that enhances the quality of life for those with diabetes type 2. By using the Dexcom G6 system to measure glucose levels beneath the skin, BlueStar helps people living with diabetes manage the complex process.
- In 2021, Voluntis had a patent granted by the European Patent Office (EPO) for a digital therapeutic platform using its Theraxium platform to support intelligent drug dosing for diabetes titration.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global digital therapeutics market, presenting historical demand data (2015-2021) and forecast statistics for the period of 2022-2032.
The study indulges essential insights on the market on the basis of application (diabetes, obesity, CVD, respiratory diseases, smoking cessation, CNS diseases and others), and end user (patients, providers, payers, employers and others) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).