Digital Therapeutic Devices Market Growth Analysis Report to CAGR of 15% by 2024, Focusing on Top Key Players – Twine Health, Propeller Health, Nanobiosym, Canary Health, Zest Health

The main objective of this report is to define, describe, and forecast the global “Digital Therapeutic Devices” market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report attempts to forecast the market size for 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It contains key vendor profiles and comprehensively analyzes their core competencies. The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market. According to report the global digital therapeutic devices market is projected to grow at a CAGR of 15% over the forecast period of 2018-2024.

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Voluntis and WellDoc Announced Partnership to Combine Diabetes Digital Therapeutic Offerings

January 2018, Voluntis and WellDoc®, two of the industry’s leading in digital therapeutics companies, announced a commercial agreement targeted at combining Voluntis’ insulin titration technology with WellDoc’s extensive digital coaching platform to create a holistic digital diabetes management solution for patients, providers, health systems and health plans.

Voluntis developed Insulia®, an FDA-cleared, prescription-only digital companion for people and their care teams using basal insulin to treat type 2 diabetes. It provided automated basal insulin dose recommendations for people with type 2 diabetes while enabling the health care team to remotely monitor progress.

Expanding incidence of diabetes and cardiovascular diseases to drive the growth in Digital Therapeutic Device market in the next 6 years

Factors such as growing use of technology for therapeutics of medical conditions, growing occurrence of chronic diseases and expanding incidence of diabetes and cardiovascular diseases are some of the driving factors for the digital therapeutic market. Furthermore, consumers shifting towards the advanced services in the medical field, and the augmented focus on the preventive healthcare by the government is also boosting the growth of the market. Moreover, the government is taking initiatives and launching programs for higher adoption rate of the digital therapeutic devices. Besides increase awareness about the benefits offered by the digital medical devices and rising disposable income among the people of developed as well as developing nations is another factor responsible for the market growth.

In addition to this, growing incidence of preventable chronic diseases, technological advancements, noteworthy growth in venture capital investments, and various benefits offered by digital therapeutics, such as their capabilities to induce behavioral change, patient convenience and user-friendliness are another factors that are driving the growth of this market. On the contrary, patient’s data privacy concerns connected with digital therapeutic devices and the high cost of digital therapeutic devices are hampering factors for digital therapeutics device market.

North America had dominated the growth of Digital Therapeutic Device market through 2018-2024

North America had dominated the growth of the market followed by Europe region. In the North America region due to the early adoption of new technologies, increasing investment through funding and highly developed healthcare infrastructure and high disposable income among the citizens to facilitate growth in this market. Further, in Europe region, factors such as growing incidence of chronic diseases such as cancer, diabetes, and obesity and government taking initiatives for the adoption of technology for treating medical conditions are boosting the growth of Europe digital therapeutic devices market.

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The major key players in Digital Therapeutic Devices Market are Twine Health, Inc., Propeller Health, Nanobiosym, Inc., Canary Health, Zest Health, BioTelemetry Inc., Livongo Health, Pear Therapeutics, Inc., Proteus Digital Health and WellDoc Inc.

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