Global Digital Therapeutics (DTx) Market Research Report 2022-2030: Increasing Incidence of Chronic Diseases & Technological Advancements are Driving the Multi-Billion Market

The Global Digital Therapeutic market is currently valued at USD 30 billion and is projected to amplify at a CAGR of 5% during the forecast period (2022-2030).

Global Digital Therapeutics (Dtx) market- Overview
Digital Therapeutics (Dtx) offers therapeutic interventions directly to the patients using evident-based, clinically evaluated software to manage, treat and prevent a broad spectrum of disorders and diseases.

This high-quality software can treat, prevent and manage a medical disease or disorder. They are different from the small pills or digital medicine, which merges prescription medicine with an ingestible sensor that is designed to communicate with the software application to trail compliance.

Key market trends- Growth Determinants and Challenges
Market Drivers: Rising Incident of Preventable Chronic Disease:
The healthcare burden has been increased due to the rise in the number of chronic diseases across the globe. For instance, as per the report published by American Heart Association in 2016, cardiovascular disease (CDV) is the major cause of death globally. A total of 17.3 million people die from cardiovascular disease (CDV) every year, and this figure is anticipated to exceed 23.6 million by 2030.

Download Sample Copy of Digital Therapeutics (DTx) Market: https://crediblemarkets.com/sample-request/digital-therapeutics-market-663779

The high rate of the incidence and prevalence of chronic diseases is the main concern for the healthcare system worldwide. As patients with chronic disease may be influenced by psychosomatic or biopsychic factors, therefore treating these patients has become significantly challenging.

Market Restraints: Privacy Concerns about the Patients' Data
In several countries, many health apps are denied of appropriate approval, which leads to reliability in the treatment decision, security, patient privacy, responsibility of use of data and concerns about the product and data quality. Digital therapeutic providers have easy access to patient information, and it has been forbidden from sharing that information with anyone who is not involved in treating that patient.

Still, the patient's data is always at risk of being accessed by any healthcare professional who is not related to the patient's treatment program.

Segmental Analysis of Global Digital Therapeutics (Dtx) Market
Based on Application:
Preventive Applications
Prediabetes
Obesity
Nutrition
Lifestyle Management
Other Preventive Applications

Treatment/Care-related Applications
Cardiovascular Diseases
Diabetes
Neurological Disorders
Respiratory Diseases
Others

Treatment/Care-related Applications are anticipated to witness high growth over the forecast period. This application is accounted for the largest share of the global revenue in 2021. This growth is attributed to the rising incidences of chronic disease, the surging economic burden of their treatment and the massive investment in digital therapeutics.

Treatment/Care-related Applications further segmented into cardiovascular diseases, diabetes, neurological disorders, respiratory disease and others. The diabetes segment dominated the market and held the largest revenue share of 19% of the global digital therapeutics market in 2020.

Based on Sales Channel:
Business-to-Business (B2B)
Employer
Healthcare Provider
Other

Business-to-Consumer (B2C)
Patient
Caregiver
The business to Business (B2B) segment is accounted for the largest share of the Global Digital Therapeutics Market. This expansion is attributed to rising awareness among providers, employers and payers about the benefits of the digital therapeutics market.

North America to be the largest and the fastest-growing regional market for Digital Therapeutics:

North America dominated the market and accounted for the largest share of global revenue in 2020. The market in North America is projected to grow at the highest CAGR over the forecast period. The credit can be given to surge in investment in digital therapeutics, the arrival of new start-ups, advancement in the reimbursement stricter for the digital therapeutics and government proposals to support digital therapeutics.
Competitive Landscape
The prominent players influencing the competitive hierarchy of the market sphere are 2MORROW, Inc., Akili Interactive Labs, Inc., Click Therapeutics, Inc., Fitbit, Inc. (Twine Health, Inc.), Happify, Inc., Kaia Health , Livongo Health, Inc., Medtronic Plc., Omada Health, Inc., Pear Therapeutics, Inc., Proteus Digital Health, Inc., Resmed, Inc. (Propeller Health), Voluntis, Inc., Welldoc, Inc.

Major Developments:
• The Welldoc(US) did a business partnership with The Dexacom (US) in April 2021. This partnership has aided in providing BlueStar with Dexcom G6 CGM as a single platform for people who are suffering from Type 2 diabetes.

• The Crossroads Treatment Centers (US) collaborated with Pear Therapeutics (US) in January 2020. This collaboration was done for the execution of the company's digital platform reSet-O for helping patients with addiction and opioid abuse.

Major questions answered in this report
• What is the growth rate of the Digital Therapeutics (Dtx) market?
• What are the primary growth determinants of the Digital Therapeutics (Dtx) market?
• Which are the major regions constituting the geographical landscape of Digital Therapeutics (Dtx) market?
• Which are the prominent companies operating in Digital Therapeutics (Dtx) market?
• What is the future market value of the Digital Therapeutics (Dtx) market?

Click here to Direct Purchase of Digital Therapeutics (DTx) Market Research: https://crediblemarkets.com/reports/purchase/digital-therapeutics-market-663779?utf8=%E2%9C%93&license_type=single_user

Key takeaways from the report
• Global Digital Therapeutics (Dtx) market is projected to register a CAGR of 5% over 2022-2030.
• Rise in the preventable chronic diseases aiding the global market progression.
• Treatment/Care-related Applications and Diabetes Segment expand significantly due to incidences of chronic diseases and larger revenue share.
• North America is projected to grow at the highest CAGR, ascribing to arrival of new start-ups and massive investments in digital therapeutics.

Contact Us:
Credible Markets
Phone-+1(929)-450-2887
Email- sales@crediblemarkets.com
Web: https://www.crediblemarkets.com/

About Credible Markets
Credible Markets in one of the leading market research firms providing a 360-degree outlook of various industry dynamics to their clients. The reports and services offered by Credible Markets are used by prominent industry participants including investors, manufacturers, stakeholders, and new entrants.

This release was published on openPR.