Albany, NY, Aug. 29, 2016 (GLOBE NEWSWIRE) -- According to new study by Transparency Market Research (TMR) on the global digital therapeutics market, the increasing application of digital therapeutics in pharmaceuticals and biologics for the treatment of chronic medical conditions has driven this market significantly in the recent times. The research report, titled “Digital Therapeutics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024,” considers the ability of digital therapeutic devices to convert the mode of consultation and treatment for regular health checkups into a digital form to be the main driving force behind their escalating demand across the world.
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According to the report, the worldwide market for digital therapeutics can be analyzed on three fronts: Application, end users, and regional spread. Based on application, the market has been classified into care-related therapeutics and prevention information. The rising number of government initiatives aimed at encouraging the adoption of preventive healthcare is likely to drive substantial growth in the prevention information segment of this market over the forecast period. The end users of digital therapeutics include hospitals, rehabilitation centers, and nursing homes.
Based on the region, the study has segmented the global market for digital therapeutics into Latin America, Europe, North America, Asia Pacific, and the Middle East and Africa. North America, among these, has emerged as the leading regional market for digital therapeutics in the recent times. The technological advancements in medical and healthcare and related fields in North America have been driving the market for digital therapeutics in this region. Economies such as Canada and the U.S. have successfully implemented ambulatory health monitoring functions in their medical and healthcare systems, increasing the application of digital therapeutics in North America.
In addition to this, the presence of highly advanced IT and healthcare infrastructure, supportive government programs, and favorable reimbursement scenario is likely to further increase the adoption rate of digital therapeutics in North America, ensuring its dominance throughout the forecast period, notes the study. Europe followed North America in the global market in 2015 and is expected to remain at the same position over the next few years. The growing digitization of the healthcare processes and the rising usage of telemedicine in this region is expected to drive the Europe market for digital therapeutics in the near future.
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Asia Pacific is also expected to gain prominence in the worldwide market for digital therapeutics in the years to come. The rise in the infrastructural development of the medical and healthcare industry in this region is projected to propel the market for digital therapeutics in Asia Pacific, states the report.
The study mentions Canary Health, Omada Health, Noom Health, WellDoc Inc., Livongo Health, Propeller Health, Doximity, Evolent Health, Perfint Healthcare, Nanobiosym, Proteus Digital Health, and Zest Health as the key players in the global digital therapeutics market.
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.