According to a new market research study titled ‘Digital Therapeutics Market to 2025 – Global Analysis and Forecasts by Application and Distribution Channel, the global digital therapeutics market was valued at US$ 1,993.2 Mn in 2017 and is estimated to reach US$ 8,941.1 Mn by 2025. The market is estimated to grow with a CAGR of 20.8% from 2018-2025.The report highlights the trends prevalent in the global digital therapeutics market and the factors driving the market along with those that act as deterrents to its growth.
Digital therapeutics provide evidence-based therapeutic intrusions to patients that focusses on the treatment of diseases with the programs, management using the high quality software. Digital therapeutics have made progress in the last few years, harnessing technology for the supplement or potentially replace traditional clinical therapy. They are used independently or in concert with devices, medications, or other therapies for the optimization of patient care and health outcomes.
Global digital therapeutics market, based on the application is segmented into diabetes, cardiovascular disease, central nervous system disease, respiratory diseases, smoking cessation, musculoskeletal disease and others. In 2017, diabetes segment held the largest share, by application. The segment is also anticipated to grow at a significant rate during the forecast period, since there has been an increase in the incidence of diabetes across the globe.
Global digital therapeutics market is expected to grow in the coming years, owing to the rising pressure on healthcare providers to reduce healthcare cost in the market. The fiscal pressure and patent cliffs compel healthcare providers to cut on drug prices, encourage the use of generics and scale back the reimbursement. This in turn is gradually reducing the profit margins and annual net sales of the healthcare companies that leads to immediate requirement of a strategic plan so as to cut down on the operational costs.
The major players operating in the digital therapeutics market include Propeller Health, CANARY HEALTH, Noom, Inc., 2Morrow Inc., Livongo Health, Proteus Digital Health, WellDoc, Inc., Fitbit, Inc., Omada Health, Inc., and MANGO HEALTH and among others. The market players are focused towards bringing new and innovative program and product launches to sustain their position in the market.
For instance, in November 2017, Fitbit, Inc. launched in Argentina with its Fitbit Versa, Fitbit Ionic and Fitbit Ionic adidas Edition smart watches and Fitbit Charge 3 fitness tracker devices. Additionally, in September 2018, Fitbit, Inc. launched Fitbit Care device that combines health coaching and virtual care through the new Fitbit Plus app.
The report segments the global digital therapeutics market as follows:
Global Digital Therapeutics Market – By Application
- Cardiovascular Diseases
- Central Nervous System (CNS) Disease
- Respiratory Diseases
- Smoking Cessation
- Musculoskeletal Diseases
- Other Applications
Global Digital Therapeutics Market – By Distribution Channel
Global Digital Therapeutics Market – By Geography
Asia Pacific (APAC)
Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
South and Central America (SCAM)
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services.