A new study by Report Ocean states that the global digital therapeutics market is likely to record a high rise in the years to come. The study is titled “Digital Therapeutics Market by Application (Diabetes, Obesity, Cardiovascular Disease (CVD), Central Nervous System (CNS) Disease, Respiratory Disease, Smoking Cessation, Gastrointestinal Disorder (GID), and Others), Product Type (Software and Device), and Sales Channel (Business-to-Business (B2B), Business-to-Consumer (B2C)): Global Opportunity Analysis and Industry Forecast, 2020–2027.”
According to the research report, the increasing penetration of smartphones and tablets, together with healthcare apps, is driving the global digital therapeutics market. The overall valuation of this market was US$2.88 bn in 2019. Rising at a whopping CAGR of 20.50% during the period from 2020 to 2027, the market is expected to reach US$13.80 bn by the end of the period of the forecast.
Over the coming years, the worldwide market for digital therapeutics is likely to driven by the rising need to control healthcare cost and the augmenting number of chronic disease cases. However, the dearth of awareness pertaining to digital therapeutics in developing countries and concerns about patient data privacy may hamper the growth of this market in the near future, states the market study.
Impact of Covid 19 on Global Digital Therapeutics Market
The impact of coronavirus pandemic is more or less visible on almost all the markets across the world, including the global digital therapeutics market. Due to the economic slowdown, research activities for the development of new and advanced software and devices have also decreased, reflecting negatively on this market over the last few months. However, with the economies reopening, the market is expected to regain its pace soon.
Digital Therapeutics Software Reports Higher Demand
In this research report, the global digital therapeutics market has been analyzed on the basis of the application, product type, sales channel, and the region. As per the study, digital therapeutics solutions find significant application in diabetes, obesity, cardio vascular diseases (CVD), central nervous system (CNS) disease, respiratory diseases, smoking cessation, gastrointestinal disorders, and several other diseases.
On the basis of the product type, it has been categorized into software and devices. The demand for digital therapeutics software is higher than devices. However devices are also expected to gain momentum in the near future.
In terms of the sales channel, it is bifurcated into business-to-business (B2B) and business-to-consumers (B2C). Furthermore, business-to-business (B2B) is categorized into employers, healthcare providers, and others. By business-to-consumers, it has been classified into patients and caregivers. Region wise, it has been analyzed across North America, Europe, Asia Pacific, and LAMEA.
- Over the coming years, the worldwide market for digital therapeutics is likely to driven by the rising need to control healthcare cost and the augmenting number of chronic disease cases.
- The demand for digital therapeutics software is higher than devices.
The global digital therapeutics market is segmented into:
- Cardiovascular Disease (CVD)
- Central Nervous System (CNS) Disease
- Respiratory Disease
- Smoking Cessation
- Gastrointestinal Disorder (GID)
By Product Type
By Sales Channel
- Business-to-Business (B2B)
- Healthcare Provider
- Business-to-Consumer (B2C)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Middle East
Companies Mentioned in the Report
- 2MORROW Inc.
- Akili Interactive Labs Inc.
- Click Therapeutics Inc.
- Fitbit Inc. (Twine Health Inc.)
- Happify Inc.
- Kaia Health
- Livongo Health Inc.
- Medtronic Plc.
- Omada Health Inc.
- Pear Therapeutics Inc.
- Proteus Digital Health Inc.
- Resmed Inc. (Propeller Health)
- Voluntis Inc.
- Welldoc Inc.
Company Name: Report Ocean
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