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Global Digital Therapeutics Market || keyplayers Twine Health, Inc., Noom, Inc.

03-03-2021 10:36 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: Prophecy Market Insights

Prophecy Market Insights

Prophecy Market Insights

Digital therapeutics are digital health devices which are fact based therapeutic inventions enhanced by high quality software program to prevent, manage or treat a medical disorders and psychological conditions. The technology-based health management solutions to treat chronic health conditions by assisting patients to make behavioural alternations to lead improved clinical conditions. The treatment is based on behavioural and lifestyle changes of an individual. Continuous monitoring of patient’s vital stats, ability to ensure adherence to medications, prompt reminders are some of the most important benefits offered by digital therapeutics. Digital therapeutics mainly consists of software solutions that offer various services such as fitness or wellness tracking, medical guidance and education, and professional search pertaining to practitioners.

There is a significant rise in chronic diseases, growing need to reduce healthcare expenditure, and increasing emphasis on preventive healthcare are the factors which has driven the demand in the global digital therapeutics market. Increase in the internet usage and dependency over smartphones, digital therapeutics offers easy tracking and monitoring of patients and their vital stats enhances the growth of target market. The adoption of digital therapeutics offers reduction in healthcare costs and it helps to induce behavioural change, improve drug adherence, patient convenience, and user-friendliness can propel the global digital therapeutics market. However, lack of awareness among consumer coupled with its fear regarding the effectiveness is expected to critically impact the global digital therapeutics market growth. Concerns related to data privacy are a factor inhibiting growth of the global digital therapeutics market.

Global digital therapeutics market is segmented on the basis of product, application, sales channel and region.

On the basis of product, the global digital therapeutics market is divided into software and devices. Software is projected as one of the dominating segments, owing to the fact that software comprises the base of digital therapeutics and includes different health-related apps and platforms. On the basis of application, the target market is divided into diabetes, obesity, cardio vascular diseases (CVD), central nervous system (CNS) disease, gastrointestinal disorders (GID), respiratory diseases, and smoking cessation. Obesity segment is projected to be one of the most lucrative segments during the forecast period, owing to rise in obese population and increase in the number of cases. On the basis of sales channel, the global digital therapeutics market is divided into business-to-business (B2B) and Business-to-consumer (B2C). Business-to-business (B2B) is sub segmented into employers, health care provider. Business-to-consumer (B2C) is sub segmented into patients and caregivers.

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On the basis of region, the global digital therapeutics market is divided into North America, Europe, Asia Pacific, Latin America and Middle East & Europe. North America dominates the global digital therapeutics market and is expected to retain its dominance throughout the forecast period. The market in Asia Pacific is expected to register significant growth in the target market over the forecast period, owing to growing demand for advanced therapeutics due to increasing incidence of chronic diseases.

Key players in the global digital therapeutics market includes Proteus Digital Health, Inc., Omada Health, Inc., Doximity, Inc., 2Morrow, Inc., io, Inc., WellDoc, Inc., Mango Health, Inc., Canary Health Inc., Twine Health, Inc., Noom, Inc.

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Prophecy is a specialized market research, analytics, marketing and business strategy, and solutions company that offer strategic and tactical support to clients for making well-informed business decisions and to identify and achieve high value opportunities in the target business area. Also, we help our client to address business challenges and provide best possible solutions to overcome them and transform their business.

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