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Digital Therapeutics Market Latest, Growth Opportunity, Regional Forecast to 2022-2030 | (CAGR) of 20.3%
New York , United States- Report Ocean published the latest research report on the Digital Therapeutics market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Digital Therapeutics market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.The global digital therapeutics market revenue was US$ 3,537.25 million in 2020. The global digital therapeutics market revenue is forecast to reach US$ 23,569.34 million by 2030, growing at a compound annual growth rate (CAGR) of 20.3% during the forecast period from 2021-2030.
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Digital therapeutics offers patients evidence-based therapeutic interventions. The software or device prevents, manages, or treats a medical condition. Patients can benefit from using digital therapeutics software either independently or in conjunction with devices, medications, or other treatments. Digital therapeutics are designed and validated clinically, usable, and secure based on best-in-class technology practices.
Factors Influencing Market Growth
Growth in the usage of smartphones and tablets, coupled with healthcare apps, and the need to control healthcare costs, along with the rise in incidences of chronic diseases, are driving the global digital therapeutics market.
A lack of awareness about digital therapeutics in developing countries and patient privacy concerns may slow down the growth of the digital therapeutics market.
There are several products in the pipeline in the late stages of development that will provide lucrative opportunities for the growth of the digital therapeutics market.
Impact Analysis of COVID-19
The overall impact of COVID-19 on the digital therapeutics market remains positive. There has been an increase in awareness regarding the importance of digital health, mental illness prevalence, and the rate of drug abuse worldwide. Also, during this pandemic, many people stayed at home, resulting in less physical activity, an unhealthy lifestyle, and mental stress, which increased the prevalence of chronic diseases. Thus, Digital therapeutics devices and software were in high demand across the globe.
The U.S. Food and Drug Administration issued temporary guidance for Pear Therapeutics' products for mental health during the COVID-19 pandemic. In addition, it suggests that regulatory agencies are acknowledging the importance of digital therapeutic products. Furthermore, U.S. digital health companies raised $5.4 billion in venture funding in the first half of 2020, setting a record high in the history of digital health funding. It indicates that investors believe these solutions are essential. Thus, the COVID-19 pandemic had a positive impact on digital therapeutics market growth.
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Regional Insights
North America dominated the global digital therapeutics market. North America is also forecast to experience the highest growth rate. The market growth in this region is due to factors such as new startups, increased investments in digital therapeutics, improved reimbursement structures for digital therapeutics, and government initiatives to promote technological advancements.
Leading Competitors
The leading prominent companies profiled in the global digital therapeutics market are:
2MORROW, Incorporated
Akili Interactive Labs, Incorporated
Click Therapeutics, Incorporated
Fitbit, Inc. (Twine Health, Inc.)
Happify, Incorporated
Kaia Health
Livongo Health, Incorporated
Medtronic Plc.
Omada Health, Incorporated
Pear Therapeutics, Incorporated
Proteus Digital Health, Incorporated
Resmed, Incorporated (Propeller Health)
Voluntis, Incorporated
Welldoc, Incorporated
Other Prominent Players
Scope of the Report
The global digital therapeutics market segmentation focuses on Application, Product Type, Sales Channel, and Region.
Segmentation based on Application
Preventive Applications
Prediabetes
Obesity
Nutrition
Lifestyle Management
Other Preventive Applications
Treatment/Care-related Applications
Diabetes
CNS Disorders
Mental Health Disorder
Other CNS Disorders
Chronic Respiratory Disorders
Musculoskeletal Disorders
Cardiovascular Diseases
Smoking Cessation
Medication Adherence
Gastrointestinal Disorders
Substance Use & Addiction Management
Rehabilitation & Patient Care
Other Treatment/Care-related Applications
Segmentation based on Product Type
Software
Device
Segmentation based on Sales Channel
Business-to-Business (B2B)
Employer
Healthcare Provider
Others
Business-to-Consumer (B2C)
Patient
Caregiver
Pharmaceutical Companies
Other Buyers
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
What is the goal of the report?
The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
During the forecast period, the report analyzes the growth rate, market size, and market valuation.
The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is a 'one-stop solution' for individuals, organizations, and industries that are looking for innovative market research reports.
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