COVID19:Digital Therapeutics Market — Global Industry Analysis and Forecast 2020 to 2027
Global Digital Therapeutics Market: Key Highlights
- According to the new market research report “Digital Therapeutics Market by Application (Diabetes, Obesity, CVD, CNS Disease, Respiratory Disease, Smoking Cessation, Others), by Foam (Patients, Providers, Payers, Employers, Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2020 to 2027)”, the global Digital Therapeutics market is estimated to reach USD 10.2 Billion by 2027 at a CAGR of around 19.9% during the review period.
- Digital Therapeutics is a subset of digital health. They are evidence-based therapeutics interventions driven by high-quality software programs to manage, teat, or prevent a medical disorder or diseases
- In order to optimize patients care and health outcomes they are used either independently or in concert with medication, devices, or other therapies health.
- These products are incorporated with advanced technology best practices relating to design, usability, clinical validation, and data security.
Global Digital Therapeutics Market: Key Market Dynamics
- Increasing geriatric population and related chronic diseases have anticipated driving the growth of digital therapeutics market.
- Technological advancement in emerging nations has expected to surge opportunities for the demand of digital therapeutics market.
- Lack of awareness and access to digital therapeutics program in developing countries is one of the major challenges for the development of the global digital therapeutics market.
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Global Digital Therapeutics Market: Regional Overview
The digital therapeutics market in Europe is projected to witness high demand due to the well-established healthcare system and government support. According to European Chronic Disease Alliance (ECDA), 85% of deaths in the European Union occur due to chronic diseases, including cardiovascular disease, cancer, diabetes, chronic respiratory disease, and mental illness. These diseases cost the European Economy around USD 124 billion every year. Thus, the use of digital therapeutics helps in lowering healthcare costs. Additionally, it helps to lower the companies cost by lowering the usages of health insurance plans. Increase in utilization of smart devices and smartphones &tablets coupled with an increase in the incidence of chronic diseases boosts the growth of the Europe digital therapeutics market.
- North America
North America is one of the major markets for digital therapeutics globally. The U.S. has been reported to spend USD 3.2 trillion a year on healthcare. In order to control this expense, there is a rising focus on preventive healthcare, to ensure overall patient wellness as an alternative to medical treatment.
Global Digital Therapeutics Market: Key Players Overview
- Noom, Inc.:
Noom, Inc. is one of the leading behaviour change company, disrupting the weight loss and healthcare industries. Nooms Inc. platform is been used by various leading pharmaceutical and healthcare companies to improve outcomes for patients worldwide. In Oct 2019, Noom partnered with Novo Nordisk to implement digital therapies for weight management.
- Omada Health, Inc.:
Omada Health is one of the leading players in the field of digital therapeutics. The company has attracted significant investments to enhance its solutions, particularly its digital prediabetes program ‘Prevent.’ In June 2019, the company secured USD 73 million from its investors for the development of digital care health programs focusing on preventable chronic conditions.
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