Digital Therapeutics Market Forecast and CAGR
According to the latest research by Fact.MR, the digital therapeutics market is set to witness exponential growth during 2021-2031. Increasing adoption for digital health to deliver evidence-based therapeutics will witness a promising growth outlook for digital therapeutics in the long run. Technological advancement in software-based healthcare platforms provides momentum to the digital therapeutics market with double-digit expected CAGR over forecast years.
What is Driving Demand for Digital Therapeutics?
The increasing prevalence of chronic disorder coupled with the growing adoption of digital devices to optimize patient care are the major factors expected to accelerate the market over forecast years. Other factors such as the significant increase in capital investments by the government and medical device manufacturers, technological advancements in mobile healthcare also expected to propel the digital therapeutics market in long run. Besides, the benefits such as the ability to induce behavioral change, user-friendliness, patient convenience, and improved drug compliance of digital therapeutics also anticipated providing an optimistic growth to the market over the upcoming years.
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Increasing Usage of Smartphones to Boost Digital Therapeutics Demand
The number of smartphone users is growing at a substantial rate all over the world. For instance, according to ICEA (India Cellular and Electronics Association) report, there are over 500 million smartphone users in India by end of 2019 and this is also expected to reach 829 million by 2022. Increasing preference for evidence-based therapeutic interventions by the patients and the clinicians is likely to increase the demand for the digital therapeutics market over the forecast years.
The COVID19 pandemic is significantly impacted the digital therapeutics market growth in 2020. Digital therapeutics has been highly preferred during the pandemic in order to access the convenience healthcare solution in-home care settings. The pandemic also creates a tremendous opportunity for the market players to develop digital health solutions and expand their market reach.
US and Canada Digital Therapeutics Market Outlook
The U.S. is anticipated to be the largest market for digital therapeutics owing to its high adoption of advanced digital technology, awareness among the patients, well-developed healthcare infrastructure and supportive government policies. The U.S digital therapeutics market is likely to set considerable growth during the forecast period 2021-2031.
Like the U.S, Canada is also creating big opportunities for the market players in digital therapeutics product launch and development. Meanwhile, many top U.S digital therapeutics market leaders are expanding their facilities in Canada. For instance, in October 2020, Novartis Pharmaceuticals Canada Inc. inaugurated Biome hub to provide digital healthcare in Canada.
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Europe Demand Outlook for Digital Therapeutics
The current Covid-19 pandemic led to a revolution in digital therapeutics adoption and innovation in Europe. The growing demand since early 2020 for digital therapeutics and virtual care creates a huge opportunity for market growth in Europe. Suitable government policies and regulations for the reimbursement of digital health applications expected to boost the European digital therapeutics market over forecast years. In addition, Germany is anticipated to share the largest market in terms of revenue owing to its national reimbursement policies on which over 73 million people accessing the digital health application in this country.
Who are the Key Manufacturers and Suppliers of Digital Therapeutics?
Some of the leading manufacturers and suppliers of digital therapeutics include
- Livongo Health
- Omada Health
- Pear Therapeutics
- Proteus Digital Health
- Akili Interactive Labs
- Propeller Health
- Better Therapeutics
- Kaia Health
- Click Therapeutics
- Wellthy Therapeutics
- Canary Health
- Ayogo Health
- Mindstrong Health
Manufacturers in this market engaged in several industry development activities such as a new product launch, collaborations to hold their strong position in the global market. For instance, in July 2020 Big Health, a digital therapeutics company in the U.S launched Daylight™ a mobile app for reducing anxiety, feelings of worry.
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- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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