The Market Research Reports (MRFR) has revealed that the global digital therapeutics market is estimated to grow at a notable CAGR, holding a substantial market value during the assessment period. The increasing prevalence of chronic diseases is projected to be one of the most significant factors driving the global digital therapeutics market 2020. The growing ailments have created a surmountable pressure on the healthcare sector to develop an efficient method of health analysis and to provide quality analysis assessments, which is anticipated to bring a direct impact on the market.
Further, the increasing application of digital therapeutics market is estimated to assists the patients with several benefits, which is likely to escalate the global market during the forecast period. Besides, digital therapeutics assist in lessening the cost associated with chronic diseases. In addition, the favorable initiatives taken by the government for healthcare, along with the persistent development in technology, is likely to drive the market substantially.
The renowned players of the global digital therapeutics companies are Proteus Digital Health, Inc., Twine Health Inc., Mango Health, Inc., Propeller Canary Health Inc., Health, Medtronic Plc., Noom Inc, Omada Health, Inc., WellDoc Inc., and Livongo Health.
On the other hand, inaccessibility to digital therapeutics and lack of awareness in underdeveloped and developing countries, hesitation to adopt the latest technology, unstable payment models, and privacy concerns are estimated to obstruct the market from growing. However, the benefits of digital therapeutics, convenience for patients, and user-friendliness, along with the aforementioned factors, are likely to counter the hampering market factors.
The segment analysis of the global digital therapeutics market is done by product type, sales channel, and application.
- By product type-based segments of the global digital therapeutics market are software and devices.
- By Sales Channel-based segments of the global digital therapeutics market are B2B and B2C.
- By Application-based segments of the global digital therapeutics market are cardiovascular diseases, obesity, diabetes, respiratory diseases, smoking cessation, and others.
Based on the region, the global digital therapeutics market is segmented into North America, Asia-Pacific, Europe, and the Rest of the World (RoW).
North America is estimated to dominate the global market and is likely to exercise its force throughout the forecast period. The most significant factor leading to regional development is the early adoption of technology, along with the developed healthcare infrastructure in the region. Further, the growing investment in research and development is likely to further intensify the regional market during the forecast period.
Europe is predicted to acquire the second position owing to the rise in demand for the advanced method of assessing health, thereby leading to increased digitalization of the healthcare sector across the region.
On the other hand, the APAC region is estimated to be the fastest-growing region owing to the presence of developing countries like India, China, and Japan. The region is focusing on digitalizing the healthcare sector on account of increased demand for faster and efficient health assessment reports. Further, the increasing ailment in the region is further projected to escalate the market significantly in the coming period.
The MEA region is anticipated to acquire the least market share owing to the presence of underdeveloped economies. However, increasing awareness of health is estimated to drive the regional market.
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