Reading Time: 3 minutesGlobal Digital Therapeutics Market is valued approximately at USD 2.6 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 31.4% over the forecast period 2021-2027. Digital therapeutics (DTx), a new segment of the digital health industry, is software- and evidence-based therapeutic treatment that may be used to prevent, manage, and treat medical conditions including chronic illnesses. DTx uses modern technology like artificial intelligence to improve medication efficacy, allowing for a change of the medical treatment experience. Facilitating the adoption of DTx is the way ahead for industry stakeholders. Digital therapeutics market is driven by the rising focus on preventive healthcare and significant increase in venture capital investment. For instance, The UK government is increasing financing for health literacy programmers and investing more in prevention. The King’s Fund estimates that USD 251.21 billion was spent on health services in England during the epidemic. However, just 1.5 percent of this funding goes to support NHS public health programmers, which are primarily focused on prevention. Furthermore, chronic diseases have created a higher pressure on healthcare systems across the world. Cardiovascular disease (CVD) is the leading cause of mortality worldwide, according to a report published by the American Heart Association in 2016 published Heart Diseases and Stroke Statistics at a Glance. CVD causes 17.3 million deaths per year, with the number predicted to rise to 23.6 million by 2030. Furthermore, Digital therapeutics has a lot of potential in emerging economies like India, China, and the Middle East. Due to a lack of knowledge, the limited availability of these solutions, a lack of IT infrastructure, and financial and societal restrictions, the market is still in its infancy in most geography. On the other hand, chronic disease is prevalent in most emerging economies. According to WHO estimates, by 2020, chronic diseases will be responsible for 70 percent of the total deaths in developing countries. On the worldwide level, by 2025, ~60 percent of the burden of chronic diseases would be in emerging economies. However, Patient data privacy concerns may impede market growth over the forecast period of 2021-2027.
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North America, Europe, Asia Pacific, and the Rest of the World comprise up the digital therapeutics market. North America had the largest market share in 2020, followed by Europe. North America’s market is also anticipated to increase at the fastest rate. Market growth in this region is fueled by factors such as the entry of new start-ups, rising investments in digital therapeutics, changes in the reimbursement system for digital therapeutics, and government initiatives to promote technical advancements.
Major market player included in this report are:
Better Therapeutics, Pear Therapeutics, Wellthy Therapeutics, Mindstrong Health, Mindable Health, Virta Health, Ayogo Health, Akili Interactive Labs, Inc., Cognoa, Inc., Kaia Health.
By Sales Channel:
- Preventive Applications
- Treatment/Care-related Applications
North America, U.S., Canada, Europe, UK, Germany, France, Spain, Italy, ROE, Asia Pacific, China, India, Japan, Australia, South Korea, RoAPAC, Latin America, Brazil, Mexico, Rest of the World.
Furthermore, years considered for the study are as follows:
- Historical year – 2018, 2019
- Base year – 2020
- Forecast period – 2021 to 2027.
Target Audience of the Global Digital Therapeutics Market in Market Study:
Key Consulting Companies & Advisors, Large, medium-sized, and small enterprises,
Venture capitalists, Value-Added Resellers (VARs), Third-party knowledge providers,
Investment bankers, Investors.
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