Los Angeles, United States, October 3, 2019 – Digital therapeutics are the software programs, which provide evidence-based therapeutic interventions to patients to prevent, treat, or manage a broad spectrum of mental, behavioral, or physical conditions. Digital therapeutics are mainly designed to integrate into patient lifestyles and provide workflows to deliver a better healthcare experience with better results.
The analysts at QY Research announced the publication of the latest report, titled, “Global Digital Therapeutics Sales Market Report 2018”, which highlights the factors that are responsible for the growth of the market. According to the report, the global digital therapeutics market will grow to US$460 mn by 2025 from US$115 mn in 2018, with a whopping CAGR of 21.5% between 2019 and 2025.
Increasing Prevalence of Chronic Diseases to Boost Market Growth
Digital therapeutics provides easy monitoring and tracking of patients’ health status without intervention with the growing internet usage and dependability on smartphones. This serves in a non-interventional and discrete method to encourage individuals to enhance physical well-being and adopt healthier lifestyles. Also, the introduction of more sophisticated devices that are compatible with smartphones and associated programs are further expected to boost the market growth.
The growth of the global digital therapeutics sales market is being propelled by factors such as the growing elderly population and related chronic diseases such as blood pressure and diabetes. The rising importance of preventive healthcare and the need to curb healthcare expenditures are also acting as driving factors for the global digital therapeutics sales market. An increasing number of venture capitalists are investing in the market, which is also expected to fuel sales.
On the flip side, the lack of awareness towards healthcare-associated applications and rising concerns regarding patient data confidentiality are expected to restrain the growth of the global digital therapeutics sales market.
North America Poised to be the Fastest Growing Region
North America will grab the largest market share in the global digital therapeutics sales market due to technologically advanced medical infrastructure. A strong presence of digital therapy providers across developed countries of Canada and the U.S. are also expected to support the regional market tremendously. The report also predicts that Asia Pacific will offer lucrative growth opportunities to the digital therapeutics sales market due to the presence of key players, increasing elderly population, enhanced medical infrastructure, and medical technologies. A rising number of initiatives by the governments in the emerging economies to curb the occurrences of chronic diseases are also projected to bode well for the digital therapeutic sales market in emerging economies of China and India.
Global Digital Therapeutics Sales Market: Segment Analysis
The market is segmented into application and product type. The application segment includes treatment/care and preventive. The preventive application segment is likely to grow the demand for digital therapeutics due to increasing government initiatives to curb growing number of disorders. Efforts to improve the national health index across many nations is expected to boost the preventive application segment. The product type segment includes B2B and B2C.
Global Digital Therapeutics Sales Market: Leading Manufacturers
Mango Health Inc., Proteus Digital Health, Inc., Canary Health Inc., Omada Health, Inc., 2morrow Inc., Welldoc, Inc., Propeller Health, Livongo Health, Ginger.Io, Inc., and Noom Inc. are the top players that are operating in the global digital therapeutics sales market.
● Increasing focus on preventive healthcare drives the market growth
● North America gains a higher market share due to increasing medical healthcare facilities
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