WASHINGTON, Feb. 28, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Digital Therapeutics Market finds that the increasing incidence of preventable chronic diseases is expediting the market growth. Primarily driven by the need to control healthcare costs, the total global Digital Therapeutics Market is estimated to reach USD 14.52 Billion by 2028, up from USD 3.16 Billion in 2021, at a Compound Annual Growth Rate (CAGR) of 28.1%.
Furthermore, rising focus on preventive healthcare, and rising investments in digital therapeutics the growth of the global Digital Therapeutics Market, states Vantage Market Research, in a report, titled “Digital Therapeutics Market by Application (Diabetes, Obesity, CVD, CNS Disease), by End-Use (Patients, Providers, Payers, Employers), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Increasing Chronic Diseases to Fuel Global Digital Therapeutics Market
Chronic diseases have raised the burden on healthcare systems across the world. As per a report of heart diseases and Stroke Statistics, cardiovascular disease is the greatest cause of death globally. CVD accounts for 17.3 million casualties per year, and this figure is anticipated to cross 23.6 million by 2030. The increased prevalence and incidence rate of chronic diseases is a primary concern for healthcare systems. The treatment of patients with chronic illnesses is a notable challenge, as psychosomatic or biopsychic factors very often affect these patients. As chronic diseases are mainly related to high levels of uncertainty, patients need to change their behaviour as part of a new self-care lifestyle. Furthermore, multiple chronic disorders and diseases are progressive and increase with age. As a result, with substantial growth in the global geriatric population, chronic disorders are predicted to rise further...
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Increasing Advance Technological Application to Stimulate the Market Growth
The patient-doctor ratio in these provinces is also extremely high, necessitating alternative healthcare solutions. These nations have also reported widespread adoption of smartphones and related technologies due to their growing affordability. Globally, the developing nations are the top two countries in terms of smartphone ownership. Furthermore, the increasing access to smart devices and the internet has enabled the development of health apps. In addition, government bodies in these regions are accepting initiatives to improve HCIT infrastructure.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Digital Therapeutics Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Dominates the Global Digital Therapeutics Market
North America has dominated the global Digital Therapeutics market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the growing adoption of these technologies and rising investment in R&D activities across the region. Furthermore, The funding is associated with a rising investment from the government, venture capitalists, mergers, and acquisitions thus is expected to support the regional growth of the market.
Asia Pacific is likely to witness fastest growth in the Digital Therapeutics market during the forecast period. This is attributable to the improving healthcare infrastructure in economies like India, and China in the region. Additionally, an expansion in the geriatric population, a rise in incidences of chronic diseases, the surge in the market for wireless and portable systems, and the availability of a sophisticated reimbursement structure that aims to decrease expenditure expected to support the growth of the Digital Therapeutics market in near future.
List of Prominent Players in the Digital Therapeutics Market:
- Omada Health Inc. (US)
- Well Doc Inc. (US)
- 2Morrow Inc (US)
- Livongo Health (US)
- Propeller Health (US)
- Pear Therapeutics (US)
- Canary Health Inc. (US)
- Noom Health Inc. (US)
- Mango Health Inc. (US)
- Akili Interactive Labs (South Africa)
- Better Therapeutics (US)
- Happify Health (US)
- Kaia Health (US)
- Medtronic Plc. (Ireland)
- Teladoc Health Inc (US)
- Fitbit Health Solutions (US)
Browse market data Tables and Figures spread through 156 Pages and in-depth TOC on "Digital Therapeutics Market by Application (Diabetes, Obesity, CVD, CNS Disease), by End-Use (Patients, Providers, Payers, Employers), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/digital-therapeutics-market-981128
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Digital Therapeutics Market?
- How will the Digital Therapeutics Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Digital Therapeutics Market?
- What is the Digital Therapeutics market drivers and restrictions?
- What will be the CAGR and size of the Digital Therapeutics Market throughout the forecast period?
Recent Developments:
February 2021: Philips declared the acquisition of BioTelemetry, Inc., a leading US-based provider of remote cardiac diagnostics and monitoring.
This market titled “Digital Therapeutics Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 3.16 Billion |
| Projected Market Size in 2028 | USD 14.52 Billion |
| CAGR Growth Rate | CAGR of 28.1% From 2022 – 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Application
|
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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