The Global Digital Therapeutics Market was $1.7 Bn in 2019, and it is expected to reach $9.4 Bn by 2028. It is eventually growing at a commendable high compound of annual growth rate CAGR of 22.1% between 2020-2028. However, the current pandemic of COVID-19 might make a slight difference in the growth rate in the present year. The Digital Therapeutics Market is majorly driven by factors such as the rising adoption of digital technologies such as smartphones and tablets along with healthcare applications. Moreover, the rising prevalence of chronic diseases and increasing need to curtail escalating healthcare costs are also some of the prominent market driving factors. Further, rising need for preventive healthcare, technological advancements in healthcare, and significant advantages of digital therapeutics such as patient convenience, user-friendliness ability to induce behavioral changes, and enhanced drug compliance is projected to fuel the market demand for Digital Therapeutics over the forecast period.
Global Diabetes Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
The global Digital Therapeutics Market has been segmented into By Product Type, By Applications, and By End Use. By Product Type, global Digital Therapeutics Market is divided into Software, and Device. By Application, the global Digital Therapeutics Market is divided into Diabetes, Obesity, Cardiovascular Disease (CVD), Central Nervous System (CNS) Disease, Respiratory Diseases, Smoking Cessation, Gastrointestinal Disorder (GID), and Others. By End-User, global Digital Therapeutics Market is divided into Patients, Providers, Payers, Employers, and Others. Diabetes Segment is estimated to witness remarkable growth over the forecast period due to high prevalence of diabetes.
By Region, North America is Holding the Major Market Share
The global Digital Therapeutics Market has been geographically segmented into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa region. In addition to this, North America Digital Therapeutics Market is holding the largest market share currently and is estimated to witness steady compound annual growth rate in the upcoming forecast period due to rising geriatric population, increasing prevalence of the chronic disease, rising demand for wireless & portable systems, and reformation in reimbursement structure for digital therapeutics. Moreover, the presence of a large number of digital therapy providers, increasing investments in digital therapeutics, and government initiatives to support technological advancements are also some of the prominent factors affecting the market positively. The European market follows North America and expected to witness a remarkable growth rate over the forecast. The Asia Pacific region, however, is projected to register the fastest growth rate during the forecast period due to rising patient base and increasing technological advancements in healthcare. The LAMEA region is also anticipated to show a considerable growth rate due to rapid transformation in the healthcare system. The above factors are expected to accelerate market growth over the forecast period from 2020 to 2028.
Major Players in Digital Therapeutics Market
Some of the prominent players in the global Digital Therapeutics Market include Proteus Digital Health, Omada Health Inc., WellDoc Inc., 2Morrow Inc., Livongo Health, Propeller Health, Twinehealth, Canary Health, Inc., Mango Health, Inc., and Noom Health Inc.
The Global Digital Therapeutics Market Has Been Segmented Into:
Global Digital Therapeutics Market: By Product Type
Global Digital Therapeutics Market: By Application
Global Digital Therapeutics Market: By End Use
Global Digital Therapeutics Market: By Region