Press release
Digital Therapeutics Market to Grow at USD 13.72 Billion by 2031 | SkyQuest Technology
Digital Therapeutics Market
Global [https://www.skyquestt.com/report/digital-therapeutics-market] was valued at USD 4.01 billion in 2023 to USD 13.72 billion by 2031, at a CAGR of 16.61% during the forecast period (2024-2031). With the help of digital therapies patients can receive evidence-based treatments. It is utilized for managing, preventing, or treating medical conditions by utilizing software applications and equipment. To offer patient care and health results, the digital therapeutics software can be utilized alone or along with other therapies. The increasing prevalence of chronic diseases like cancer and diabetes, necessity to control medical expense, and rising investments in digital medicines, and increasing emphasis on preventive healthcare are boosting the growth of digital therapeutics market.
One of primary factors fuelling the development of the digital therapeutics market are government initiatives to encourage the use of preventive healthcare. The governments are taking measurements and incorporating programs for increasing the utilization of these devices, making a shift from conventional medical process. Furthermore, the growing penetration of digital healthcare applications & platforms due to increasing adoption of smartphones & tablets, which is positively influencing the growth of digital therapeutic market.
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Increasing Technological Advancements to Accurately Record and Monitor Clinical Data for Better Results
Technological innovation in digital software and devices are assisting medical professionals for recording and monitoring clinical data daily and offer advanced treatment to the patients. The increasing performing abilities of these products are an outstanding help to the medical sector. Digital therapeutics helps in offering specialized medications, lifestyle and nutrition management, monitoring regular activities, and treating physical, mental, and behavioural health conditions. Unique and technologically innovative therapeutics offers data-based insights to customers, restricts human mistakes, raises customer satisfaction, and offer better user experiences. This leads to an increasing demand for such therapies in the market. The market leaders are also emphasizing on creating such technologically advanced software that has easy access to physicians and patients, propelling the growth of digital therapeutics market.
Increasing Use of Therapeutics Software to Manage Growing Prevalence of Chronic Diseases to Drive Market Growth Next 4-5 Years
The use of therapeutics software and devices is increasing rapidly owing to the rising demand for management and treatment of chronic diseases globally. Furthermore, the prevalence of every type of chronic diseases like type 1 diabetes & type 2 diabetes, cancers, Alzheimer disease, mental disorders, obesity, and gastrointestinal disorders is increasing in developing economies. This is immensely propelling the demand for this software. Moreover, government agencies and medical facilities are taking initiatives to create awareness about the prevention and treatment of chronic diseases, fuelling the demand for the therapeutic software. Many physicians in developing and emerging countries are encouraging their patient to utilize these products for chronic conditions, which is also positively influencing the growth of the market.
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Latest Headlines to Follow in Digital Therapeutics Market
In May 2024, Otsuka announced the introduction of their subsidiary emphasized on data and technology. The unit is known as Otsuka Precision Health, and it is designed for people suffering from major depressive disorder.
In January 2024, Eli Lilly and Company introduced their LillyDirect. It is a digital healthcare platform that can manage obesity, migraine, and diabetes.
In November 2023, Curavit Clinical Research launched a new service for their clinical trials emphasized on Health Economics and Outcome Research. The latest introduction will give pharma companies a better meaning to the product's value.
Digital Therapeutics Market Segmental Analysis
Application
Diabetes
Obesity
CVD
Respiratory Diseases
Product
Hardware
Software
Distribution Channe
B2B
B2C
End User
Patients
Providers
Payers
Employers
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Key Players Operating in Digital Therapeutics Market
ANSYS (US)
Dassault Systemes (SIMULIA) (France)
Siemens Digital Industries Software (Simcenter) (Germany)
PTC (Creo) (US)
Autodesk (Simulation) (US)
OpenFOAM (Open-source) (N/A)
STAR-CCM+ (US/Germany)
COMSOL Multiphysics (Sweden)
CD-adapco (STAR-CD, STAR-CCM+) (US/Germany)
Altair (HyperWorks) (US)
ESI Group (France)
MSC Software (MSC Adams, MSC Marc) (US)
MathWorks (MATLAB/Simulink) (US)
Flow3D (US)
Fluent (acquired by ANSYS) (US)
CONVECTION (US)
Cadence Design Systems (US)
Synopsys (US)
Numerica (US)
Pointwise (US)
Increasing Utilization of Smartphones to Provide Better Treatment to Patients to Propel Market Growth for Next 10 Years
With increasing digitalization, the medical sector has also experienced many transformations in the past few years. The advent of smart medical devices and cloud-based data platform along with smartphones allows better treatment and health tracking. This has resulted in the growing focus of market leaders and other facilities to develop and introduce new innovative technologies. These devices are embedded with technologies that can treat several chronic illnesses. The launches of new digital therapeutics mobile applications in the market are increasing as the key market players are emphasizing on approvals from regulatory bodies. Such vital developments in this market are leading to efficient management of chronic diseases and rising demand for such applications. The growing usage of smartphones along with the introduction of mobile application from the treatment of chronic diseases is contributing to the growth of the digital therapeutics market.
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Media Contact
Company Name: Skyquest Technology
Contact Person: Mr. Jagraj Singh
Email:Send Email [https://www.abnewswire.com/email_contact_us.php?pr=digital-therapeutics-market-to-grow-at-usd-1372-billion-by-2031-skyquest-technology]
Phone: +1 351-333-4748
Address:1 Apache Way, Westford,
Country: United States
Website: https://www.skyquestt.com/report/digital-therapeutics-market
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