Digital Therapeutics Market is Expected to Reach $11.11 bn by 2026
The Digital Therapeutics Market was valued at US$2.39 billion in the year 2018 and is estimated to reach US$11.11 billion by 2026, at a CAGR of 21.2%.
Digital Therapeutics are evidence-based interventional treatment devices that use software to collect real-time data, assess the condition and provide appropriate treatment to the patients. Specifically, prescription-based digital devices deliver treatment anywhere anytime even through smartphones for several diseases and disorders which include insomnia, sleep apnea, diabetes, schizophrenia, Alzheimer’s disease, migraine, multiple sclerosis, etc. The data collected from patients holds a promising approach with more customizable and individual treatment plans. Besides, it also reduces frequent visits to hospitals.
Increase in the incidence of chronic disorders, more connectivity through use of smartphone and internet that can help in acquiring real-time data, reduces expenses spend on healthcare, improves the drug adherence among the affected population, ease of use and patient friendliness are the key drivers that are expected to contribute to the CAGR of about 21% during the forecast period. However, stringent regulations for approval of the devices, high cost of therapeutic devices and hesitation for the patients to trust the therapeutic devices due to lack of awareness are the major market restraints. Besides, data security and data theft are major concerns that probe the reliability of the devices. Further, the resistance from traditional healthcare providers is likely to hamper the market growth.
Acceptance of new technologies and implementation, increasing awareness to reduce to the medical expenses, reduce the visit to physicians are driving the North American region to hold more than 50% of the market share. The Asia Pacific is one region which has experienced vast technological growth in the past two decades. With the launch of smartphones with the latest technology and better connectivity and then medical fraternity open to testing technological developments, the market is expected to reach significant strides during the forecast period. Among the sales front, business to business (B2B) model is constantly creating awareness among several stakeholders regarding the advantages of digital therapeutics.
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Optima Insights provides the latest update on the industry trends, products & pipeline analysis with country, regional and global revenue forecast till the year 2026. The analysis report has been segmented into Product (Devices & Software); Application (Musculoskeletal, Diabetes, Smoking Cessation, Central Nervous System, Cardiovascular, Chronic Respiratory Syndrome (CRD), Ophthalmology & Neurology); Sales Channel (Business-to-consumers & Business-to-Business); and Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa)
Major companies which contribute to the growth of digital therapeutics market include GE Healthcare, Proteus Digital Health, Inc., Glooko, Inc, Digital Therapeutics, Inc, 360Medlink Inc, Medtronic, Voluntis, Neurolief, GAIA Ag, Biofourmis, Bupa, Dthera and many more…
• Neurolief, a developer of next-generation digital therapeutics brain neuromodulation technology, announced that it had obtained CE mark for its Relivion™ non-invasive, adaptive digital treatment for migraine.
• Powered by Solera Health, Blue Shield of California launches a new digital therapeutics platform that will provide programs to eligible members at no cost to them.
• Americans get access to the app which tackles sleeplessness after CVS health set up a way for the treatment to be paid for in the same way as a drug, as US insurers agree to pay for insomnia app
• Provides a detailed Analysis of the Market Structure along with forecast of the various segments and sub-segments.
• Provides a Comparative Analysis of Key Marketed and Pipeline Products.
• Provides Key Information on Players involved.
• Provides a Complete Overview of Market Segments and the Regional Outlook.
• Provides In-depth Coverage of Key News, including Major Mergers, Acquisitions and Product Development updates such as clinical trial progression updates and regulatory updates.
The Report Provides Key Insights on
- History of the Digital Therapeutics Market, 2015 to 2017
- Forecast of the Digital Therapeutics Market Growth till the year 2026
- The key market drivers, restraints, challenges, future opportunities and the market dynamics driving the Digital Therapeutics Market
- Analysis of potential growth segments which will drive the market
- Landscape analysis of the major companies, and new market entrants and companies which possess disruptive technologies which can change the trend of the entire market
- Key market approaches adopted by the organizations and in-depth intelligence of potential strategies which could alter the market dynamics
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