U.S. Digital Therapeutics Market Expected to Reach $5.08 Billion by 2027
According to a new report published by Allied Market Research, titled, “U.S. Digital Therapeutics Market by Application, Product, and Sales Channel: Opportunity Analysis and Industry Forecast, 2020–2027,"the U.S. digital therapeutics market was valued at $1.16 billion in 2019 and is expected to reach $5.08 billion by 2027 with a CAGR of 19.2% from 2020 to 2027. The diabetes segment accounted more than one-fifth of the total market share in 2019.
Digital therapeutics is a subset of digital health, which delivers evidence-based therapeutic interventions to patients by software programs and devices to manage, prevent, and treat medical disorders. It utilizes digital and online health technologies to treat medical and psychological conditions. It delivers clinical-grade therapeutic interventions to patients. In addition, software applications help patients and physicians to track health data by tracking patient behavior. Moreover, digital therapeutics provide remote monitoring to improve long-term health problems.
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There is an increase in the distribution of digital therapeutics products for mental health amidst the COVID-19 pandemic which fuels the growth of the U.S. digital therapeutics market. Furthermore, it suggests that U.S. FDA acknowledges the importance of digital therapeutics products. Furthermore, U.S. digital health companies raised venture funding across the first six months of 2020, which is a record high in the history of digital health funding signifying that investors also see the necessity of these solutions. Hence, the aforementioned reasons boosts the growth of U.S. digital therapeutics market.
Increase in adoption of smartphones, tablets, and smart wearables, coupled with healthcare apps, urge in need to control healthcare costs, and rise in prevalence of chronic diseases. In addition, growth in adoption of advanced technologies and tech-driven healthcare products & applications further fuels the growth of the market. However, lack of reimbursement policies for digital therapeutics and patient data privacy concerns restrain the market growth. On the contrary, favorable laws and regulations for digital health technology and increase in investments in digital therapeutics are expected to provide significant profitable opportunities for manufacturers in the U.S. digital therapeutics industry.
Among applications, obesity segment is expected to grow at a significant CAGR of 22.1% during the forecast period, owing to increase in obese population across the country. According to the CDC, prevalence of obesity in the U.S. was about 42.4% from 2017 to 2018.
Depends uponproduct, in 2019, software segment held a dominant portion in the U.S. digital therapeutics market, accounting for about two-thirds share of the U.S. digital therapeutics market. This is attributed to increased penetration of smartphones in the country, which in turn increases the usage of healthcare applications.
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Key Findings Of The Study
• Software is expected to be one of the most lucrative segments, registering a CAGR of 20.3% during the forecast period.
• The business-to-business (B2B) segment accounted for maximum share in the U.S. digital therapeutics market in 2019, and is expected to grow at a CAGR of 18.8% during the forecast period.
• Based on business-to-consumers (B2C) segment, the patients segment is expected to project with the highest CAGR throughout the forecast period.
• By application, the diabetes segment generates the largest revenue in 2019, and is anticipated to continue this trend during the forecast period.
The key players operating in the U.S.digital therapeutics market are 2MORROW, Inc., Fitbit, Inc. (Twine Health, Inc.), Livongo Health, Inc., Medtronic Plc., Omada Health, Inc., Pear Therapeutics, Inc., Proteus Digital Health, Inc., Resmed, Inc. (Propeller Health), Voluntis, Inc., Welldoc, Inc.The other players in the value chain include (profiles not included in the report)Canary Health Inc., Mango Health Inc., Noom, Inc., Dthera Sciences.
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