The global Digital Therapeutics Market size was estimated at USD 1.7 billion in 2016. Digital therapeutics is a subset of digital health and is used to track health conditions and self-management of a medical condition. A significant change in the usage of digital technology has created cognizance among users and has allowed increasing adoption of these services. Moreover, there has been increased burden of the chronic diseases that requires effective treatment and management. There are a lot of services provided by digital therapeutics that aid in embracing healthy habits and allow efficient tracking and management of conditions. Digital therapeutics is thus estimated to grow at a fast rate owing to increasing adoption among patients and other end users.
There has been a significant rise in internet usage among people which has been one of the significant drivers for the digital therapeutic market. Moreover, the treatment associated with the digital therapeutics is popular which is further adding to the growth of the digital therapeutic market. Chronic diseases are major problems and act as threats to the economy leading to high healthcare expenditure. For instance, according to the CDC, about 50 % of the adult population were suffering from the chronic diseases in 2012. As chronic diseases like diabetes, obesity and other respiratory problems are well managed with the help of the digital therapeutics they are being used on an increasing level.
Full Research Report On Global Digital Therapeutics Market Analysis available at: https://www.millioninsights.com/industry-reports/digital-therapeutics-market
The market growth is affected by the lack of the effective monetization techniques which are faced by the application developers. There has been a shortage of the financial earnings which are partially fulfilled by the advertisements, paid content, and other prominent revenue generation strategies.
Based on the application, the market is classified into diabetes, obesity, cardiovascular diseases, central nervous system disease, respiratory diseases, smoking cessation, and others. Diabetes accounts for the largest market share of the application segment followed by other applications. Diabetes causes heavy burden on patients as well economies on the health front as well as the economic front. For instance, 8.3 % of the U.S. population suffer from diabetes while 35% of them exhibit prediabetes symptoms. Also diabetes is expected to show the fastest growth in the application segment due to the high prevalence and incidence of the disease. Digital management is helpful in the management of the symptoms of diabetes such as polyuria, polydipsia, and polyphagia. A large number of medical practitioners are using mHealth and have estimated that diabetes would reach its highest market limit in the next 5 years.
End use insights
Based on end use, the digital therapeutics market is divided into the patients, employers, providers, payers, and others. Patients are the major consumers of the therapeutic healthcare programs and applications offered by digital therapeutics. The usage of these services has been attributed due to increasing cognizance and added benefits offered by digital therapeutics.
Hospitals accounted for the largest market share owing to increased usage of digital therapeutics services for patients admitted in these settings. The utilization of these services allows affordable and vital healthcare to patients.
The digital therapeutics market by region is characterized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is a market dominator in digital therapeutic market. Growing number of reforms to limit the surge in healthcare expenditure in the country coupled with drive to focus on a patient-centric healthcare approach is anticipated to be accountable for the same. Furthermore, North America is a major center of a great amount of digital therapy suppliers. The U.S. has been conveyed to spend about USD 3 trillion a year on healthcare. In order to limit this expenditure, there is a vigorous swing in the U.S. healthcare sector that emphasis focused towards palliative care, to endorse overall patient wellness as an alternative of medical treatment.
Asia Pacific is anticipated to record fastest growth rate, due to two main attributes, namely, a highly solid population base that adapts into an enormous target base and rapid development that involves fast changing technological scenario. Moreover, constant improvements in countries to check the deficiency of proper infrastructure and preserve sustainable growth through economic intervention is expected to help the market growth
Some of the key companies in the market comprises of Livongo Health; Twine health, Inc.; Omada Health, Inc.; 2Morrow, Inc.; Propeller Health; WellDoc, Inc.; Canary Health, Inc.; Proteus Digital Health, Inc.; and Mango Health, Inc. Digital therapeutics is in its preliminary stages of development and is expected to increase its presence in the digital market with increasing adoption of apps and services offered by developers. Dominant players in the market are focused on development of user friendly and simple interfaces that allows customers to use these services on a larger level at ease.
However, growth probability is considered to be great in the market, which is contributed by growing adoption of therapeutic applications by leading healthcare providers to provide better treatment options to patients.
Request for Free Sample Copy @ https://www.millioninsights.com/industry-reports/digital-therapeutics-market/request-sample
Application Outlook (Revenue, USD Million; 2014 – 2025)
• CNS Disease
• Respiratory Diseases
• Smoking Cessation
End use Outlook (Revenue, USD Million; 2014 – 2025)
Regional Outlook (Revenue, USD Million; 2014 – 2025)
• North America
• Asia Pacific
• Latin America
• South Africa
Related Reports of This Category Available at Million Insights: https://www.millioninsights.com/industry/healthcare-it
About Million Insights
Million Insights, is a distributor of market research reports, published by premium publishers only. We have a comprehensive market place that will enable you to compare data points, before you make a purchase. Enabling informed buying is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store, includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.
For More Information: www.millioninsights.com
Company Name: Million Insights
Contact Person: Ryan Manuel
Email: Send Email
Address:Office No. 302, 3rd Floor, Manikchand Galleria, Model Colony, Shivaji Nagar