Digital Therapeutics Market: Global Opportunity Analysis and Future Assessment 2019 to 2027
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 other. The end-use segment is further divided into patients, caregivers, employers, payers, and pharmaceutical companies. Furthermore, the study includes the 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. Furthermore, 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 young population into the aged population. According to World Bank Data, in 2013, the total healthcare spending globally was $7.2 trillion, which accounts for around 11.0% of global GDP and expected to grow at more than 5.0% annually to 2018. The result of global healthcare spending leads to an increase in life expectancy that leads to an aging population. Furthermore, the UN forecasts that the global share of the population over the age of 60 is expected to increase from 11.7% in 2013 to 21.1% in 2050, with rise in chronic ailments, which in turn is expected to favor the market for digital therapeutics market in the near future.
The global digital therapeutics market was valued at US$ xx Mn in 2018 and is expected to reach to the value of US$ XX Mn by 2029, expanding at a CAGR of x.x% over 2019 to 2027.
Global digital therapeutics market is mainly dominated by Omada Health, NeuroTrack Technologies, Inc., ZappRx, MEDIMETRICS, Arthro Therapeutics, BiogeniQ, Oviva AG, Healark, Pathology Diagnostics Ltd., betweenMD, LLC.
The global digital therapeutics market is segmented on the basis of application, end use and region. On the basis of application, the global digital therapeutics market is segmented into Diabetes, Obesity, CVD, CNS, Respiratory and Other. By end use global digital therapeutics market is segmented into Patients, Caregivers, Employers, Payers and Pharmaceutical Companies. Rise in digital education and ease in data quantification in 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.
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.