CHICAGO, Oct. 25, 2022 (GLOBE NEWSWIRE) -- A Qualitative Research Study accomplished by Data Bridge Market research's database, titled “Digital Therapeutics Market” with 100+ market data Tables, Pie Charts, Graphs & Figures spread through Pages and easy-to-understand detailed analysis. The rapidly revolutionizing marketplace demands the best market and business solutions to thrive in the market. This Digital Therapeutics report contains comprehensive data on market definition, classifications, applications, engagements, market drivers, and market restraints of this industry all of which are derived from SWOT analysis. The market definition covered in this Digital Therapeutics report gives the scope of a particular product with respect to the driving factors and restraints in the market. The sources of data and information mentioned in the Digital Therapeutics report are very reliable and include websites, annual reports of the companies, journals, and mergers which are checked and validated by the market experts.
Data Bridge Market Research analyses a growth rate in the global digital therapeutics market in the forecast period 2022-2029. The expected CAGR of the global digital therapeutics market tends to be around 21.54% in the mentioned forecast period. The market was valued at USD 4.20 billion in 2021, and it would grow up to USD 20.0 billion by 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Market Synopsis:
Digital therapeutics is a part of digital healthcare that helps to prevent, manage and treat a medical condition. Moreover, it also aid in treating psychological conditions. Patient condition are improved a lot as it is evidence-based digital healthcare technology. Digital therapeutics technology is effective and efficient in diagnosing conditions that are not diagnosed otherwise by the healthcare system such as chronic diseases, neurological disorders, and much more.
The global digital therapeutics market is expected to witness significant growth during the forecast period. Digital therapeutics help deliver cheaper healthcare treatment and saves a good amount of time for the patient and the healthcare provider. Rising smartphone, tablet, and other similar device penetration, combined with rising healthcare applications and software, has fueled demand for digital therapeutics. COVID-19 led a major impact on the market growth.
Emerging Market Growth
Emerging countries such as India, China, and the Middle East present growth opportunities for digital therapeutics. Most emerging countries show high rates of the incidence of chronic disease. Developing countries like India and China lack government regulations for digital health solutions, which provide potential to healthcare professionals who cannot meet stringent standards set by FDA.
Some of the major players operating in the Digital Therapeutics market are:
- Omada Health, Inc. (U.S.)
- ResMed (U.S.)
- Pear Therapeutics, Inc. (U.S.)
- Solera Network (U.S.)
- Akili Interactive Labs, Inc. (U.S.)
- Better Therapeutics, LLC (U.S.)
- Biofourmis (U.S.)
- Click Therapeutics, Inc. (U.S.)
- Naturalcycles Nordic AB (Sweden)
- NuvoAir AB (Sweden)
- Welldoc’s Bluestar (U.S.)
- Happify, Inc. (U.S.)
- Limbix Health, Inc. (U.S.)
- Voluntis (U.S.)
- Xealth (U.S.)
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The report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios of the top players in the Digital Therapeutics market
Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and product launches in the market
Competitive Assessment: In-depth assessment of the market strategies, and geographic and business segments of the leading players in the market
Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Digital Therapeutics Market
Market Dynamics: Digital Therapeutics Market
- Rising Chronic Diseases
The high incidence of chronic diseases along with rising demand for controlled healthcare facilities and treatment costs has boosted the demand for digital therapeutics. For instance, cardiovascular disease (CVD) is leading to the death of 17.3 million people per year, and this is expected to cross 23.6 million by 2022.
- Launch of new products
A strong line of potential products that are expected to be launched during the forecast period also provide emerging opportunities in the future. For instance, potential products of pear therapeutics, clinical therapeutics products in phase III are Pear-011 (anxiety GAD), Pear-015 (depression MDD) which are used in the treatment of chronic insomnia and depression and CT-152 (major depressive disorder), CT-155 (schizophrenia) are used in the treatment of schizophrenia and depression.
Challenges Faced by Industry
- Lack of skilled professionals
The lack of qualified personnel who are unable to use these devices could curb the growth of the global digital therapeutics market over a forecast period.
- High Cost
The huge expenditure required for manufacturing these therapeutics surely hamper the market growth. Several market players make huge investment in installing new and advanced therapeutics to faster the process and in return the cost is increased.
This digital therapeutics market research provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global digital therapeutics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
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Key Segmentation: Digital Therapeutics Market
The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
By Product Type
- Software
- Devices
By Sales Channel
- B2C
- B2B
By Application
- Preventive Applications
- Treatment/Care-related Applications
Regional Analysis/Insights: Digital Therapeutics Market
The major countries covered in the digital therapeutics market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the market due to rising focus on improvement and advancement of healthcare technologies. Asia-Pacific region have highest growth due to the increased investment in healthcare infrastructure alongwith rising prevalence of chronic diseases.
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Digital Therapeutics Market Regulations
- Market Overview
- Global Digital Therapeutics Market, By Product Type
- Global Digital Therapeutics Market, By Sales Channel
- Global Digital Therapeutics Market, By Application
- Global Digital Therapeutics Market, By Region
- Global Digital Therapeutics Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
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