Factors driving growth of global digital therapeutics market are growing need to control healthcare costs and upsurge in the incidence of chronic diseases. However, lack of awareness toward digital therapeutics acts as a key constraint for market growth. Moreover, high growth potential in the developing economies is anticipated to offer significant growth opportunities for digital therapeutics market. Growth of the digital therapeutics market is mainly attributed to rising pressure on healthcare providers that reduces healthcare costs, rising prevalence of chronic diseases. It also increases number of partnerships and collaborations in the market are the major factors that anticipated to propel the growth for the digital therapeutics market in the forecast period.
Global digital therapeutics market accounted $1,8512 million in 2018 and is expected to reach $7,833 million by 2025 at a CAGR of 20.5% during 2018-2025.
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By application, obesity segment is projected to be one of the most lucrative segments during the forecast period fpr digital therapeutics market, This is because of rise in obese population and increase in the number of cases where treatments are done via smartphone applications for obese population. For Example, according to the WHO, in 2016, more than 1.9 billion adults in the age group of 18 years and above, were overweight, and of these, over 650 million were obese. Several companies have launched a variety of digital therapeutics products contributing to the market growth.
Asia-Pacific is projected as fastest-growing segment in the market till 2025, owing to rapid improvements in healthcare infrastructure and an increase in the penetration of smart phones in developing countries such as India and China. North America would remain the dominant region throughout forecast period having contribution of 41% of the total market share. It is due to a large number of new product launches and favorable reimbursement scenario in the U.S.
Key players operating in the global digital therapeutics market includes Proteus Digital Health, Inc., Omada Health Inc., WellDoc, Inc., 2Morrow, Inc., Livongo Health, Propeller Health, Twine Health, Inc., Canary Health, Inc. Noom Inc., and Medtronic Plc. The other players operating in the value chain are BiogenoQ Inc., Claritas Mindsciences, Jintronix Inc., Virta Health Corp., and Dthera Sciencess, among others.
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