Digital Therapeutics Market Overview
An overview of conceptual frameworks, analytical approaches of the Digital Therapeutics market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The digital therapeutics market is expected to grow at a significant rate in the near future.
The global Digital Therapeutics Market in 2020 is estimated for more than US$ 3.7 Bn and expected to reach a value of US$ 22.9 Bn by 2028 with a significant CAGR of 25.8%.
Digital Therapeutics Market Definition
The digital Therapeutics market includes a couple of segments such as application and end-use. The application segment further divided into six other categories such as diabetes, obesity, CVD, CNS, respiratory, and others. The end-user segment is further divided into patients, caregivers, employers, payers, and pharmaceutical companies.
Furthermore, the study includes market estimation, market forecast, and market information for six geographical regions around the globe. In 2016, in the U.S. diabetes is the seventh major cause of death, which affects around 10% of the U.S. population that is around 30.0 million and around 95% of diabetic patients have type 2 diabetes that is significantly associated with behavioral factors such as heavy calorie intake and less physical activity.
Digital Therapeutics Market Dynamics
In the healthcare system diabetes costs around US$ 245 Bn annually of which around US$ 176 Bn is included under direct medical costs. Medical management under digital therapeutics for the patients includes a change in diet recommendations, physical activities and smoking cessation, oral anti-diabetic agents, insulin therapy, and complication preventions that are linked with diabetes, such as cardiovascular risk factor management.
Change in demographics is one of the important aspects for the growth in the health care industry as most of the countries are experiencing a high percentage of transformation in the young population into the aged population. According to World Bank Data, in 2013, the total healthcare spending globally was $7.2 trillion, which accounts for around 11.0% of global GDP and expected to grow at more than 5.0% annually to 2018. The result of global healthcare spending leads to an increase in life expectancy that leads to an aging population.
Furthermore, the UN forecasts that the global share of the population over the age of 60 is expected to increase from 11.7% in 2013 to 21.1% in 2050, with rise in chronic ailments, which in turn is expected to favor the market for digital therapeutics market in the near future.
Digital Therapeutics Market Key Players
The global digital therapeutics market is mainly dominated by Omada Health, NeuroTrack Technologies, Inc., ZappRx, MEDIMETRICS, Arthro Therapeutics, BiogeniQ, Oviva AG, Healark, Pathology Diagnostics Ltd., between MD, LLC.
Digital Therapeutics Market Segmentation
The digital therapeutics market is segmented on the basis of application, end-use, and region.
• Preventive Applications
o Lifestyle Management
• Treatment Applications
o CNS Disorders
o Chronic Respiratory Disorders
o Musculoskeletal Disorders
o Cardiovascular Diseases
o Smoking Cessation
o Medication Adherence
o Gastrointestinal Disorders
o Substance Use & Addiction Management
o Rehabilitation & Patient Care
By end-use global digital therapeutics market is segmented into Patients, Caregivers, Employers, Payers, and Pharmaceutical Companies.
The rise in digital education and ease in data quantification in the life science and biotechnology industry is the first and foremost factor driving demand for digital therapeutics in the global market. Increasing research and development activities in therapeutic industries would further increase the demand for more use of digital therapeutics. Technological advancements in various therapies is one of the main factor driving the growth of this market.
Digital Therapeutics Market Regional Overview and Analysis
On the basis of region, the global digital therapeutics market is segmented into six regions namely North America, Latin America, Asia Pacific, Europe, Middle East, and Africa. North America digital therapeutics market is expected to be the most dominating market throughout the forecast period due to an increasing number of biotechnology companies and research institutes in the U.S. Whereas, Europe will maintain its second-largest position with Germany and U.K being the most attractive markets within the region.
MMC Overview on Digital Therapeutics Market Report
The non-identical approach of Meridian Market Consultants stands with conceptual methods backed up with the data analysis. The novel market understanding approach makes up the standard of the assessment results that give a better opportunity for the customers to put their effort.
A research report on the Digital Therapeutics market by Meridian Market Consultants is an in-depth and extensive study of the market based on the necessary data crunching and statistical analysis. It provides a brief view of the dynamics flowing through the market, which includes the factors that support the market and the factors that are acting as impedance for the growth of the market.
Furthermore, the report includes the various trends and opportunities in the respective market in different regions for a better understanding of readers that helps to analyze the potential of the market. The report is titled ‘Digital Therapeutics Market: Opportunity Analysis and Future Assessment 2020-2028’.
Factors that are benchmarked while estimating the market
Various factors that are benchmarked while estimating the market growth includes (but not restricted to):
• New product designs and launches
• Current product compliance
• Concerns for use of Digital Therapeutics
• Advantage of Digital Therapeutics over other modalities
Actions taken by the manufacturer and respective regulatory authorities also impact the market growth of the segment. These factors are understood at regional level and in major countries globally for providing regional insights of the product segment in the report. This helps our clients to take informed decision.
A mix of top-down and bottom-up approach is followed to arrive and validate our market value estimations. For a product segment like wherein one/two manufacturer(s) dominates the market, it’s products sales, previous growth rates and market expansion plans are considered to generate market share in the global market.