Global Digital Therapeutics Market is Anticipated to Grow at a CAGR of 21.1% From 2019 to 2027 and Reach US$ 9,121.8 Million by 2027, Due to Rising Incidence of Chronic Diseases, Says Absolute Markets Insights
PUNE, India, March 12, 2019 /PRNewswire/ -- Growing rates of chronic diseases in developing countries is expected to drive the global digital therapeutics market. The global digital therapeutics market is estimated to be valued at US$ 1975.1 million in 2019 and is expected to reach US$ 9,121.8 million by 2027, growing at an estimated CAGR of 21.1% over the forecast period. Blue Star, an in-app coach developed by Welldoc effectively helps in management of hypertension, diabetes and weight. It primarily provides real time tips to help individuals in self-management. However, lack of awareness among consumer coupled with its fear regarding the effectiveness is expected to critically impact the market growth. The high growth potential in the developing and emerging nations is expected to propel the overall market growth from 2019 to 2027. In 2018, there was a real-world pilot study of Wellthy Diabetes (WD), a digital therapeutic tool for people suffering from Type 2 diabetes in collaboration with an insurance provider. This was designed receive that real time feedback of self-reported glucose, meals, physical activity and weight. The pilot study proved to be a clinically effective intervention for the consumers as well health insurers in Southeast Asia.
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The detailed research study provides qualitative and quantitative analysis of digital therapeutics market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
-- In terms of revenue, the software segment accounted for more than 60% of
the overall digital therapeutics market. The software based tools helps
in managing the conditions of patients by modifying their behavioral
patterns. The concept of more apps and fewer drugs can be an effective
means to cure chronic diseases. For instance, the management of diabetes
require regular interventions about glycemic control and adjusting
insulin dose, thus offering patients a friendly self-tracking tool that
organizes virtual visits with caregivers via communication interface.
-- Amongst application, the obesity segments is anticipated to exhibit the
highest growth. The same is expected to grow at a CAGR of 22.4% over the
forecast period. In 2015, more than 40% of the 93 million people were
considered obese in the United States. Factors such as sedentary
lifestyle all the more increases the risk of chronic illnesses such as
stoke, hypertension and type-2 diabetes. The company named Omada Health
carries out digital therapeutic innovations to control blood sugar,
obesity, blood fats and blood pressure of an individual.
-- Business to business segment is expected to witness a CAGR of 21.2% over
the forecast period. The Israeli pharmaceutical company named Teva
pharmaceuticals earned FDA approval for a new digital therapeutic system
in 2019 that will help to reduce unnecessary readmissions and
respiratory disease costs. This will help the providers to help reduce
30-day re-admission rates.
-- Asia Pacific region is expected to witness the highest growth rate over
the forecast period. Increasing usage of smartphones coupled with rising
government initiatives is expected to assist the growth of Asia Pacific
region.
-- Key players operating in the digital therapeutics market are GINGER.IO,
Glooko, Inc., Livongo Health, BLUE MESA HEALTH amongst others.
-- Partnership, collaboration, expansion and acquisition are some of the
strategies adopted by companies to expand their space in the digital
therapeutics market.
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By Products
o Software
o Devices
By Application
o Cardiovascular Diseases
o Central Nervous System (CNS) Disease
o Diabetes
o Gastrointestinal Disorders (GID)
o Mental Health
o Neurology
o Obesity
o Ophthalmology
o Respiratory Diseases
o Smoking Cessation
o Others
By Distribution Channel
o Business to Business
o Business to Customer
By End User
o Patients
o Healthcare Providers
o Payers
o Employers
o Other (Fitness and Wellness Centers, Gym, Etc.)
By Geography
-- North America
-- U.S.
-- Canada
-- Mexico
-- Rest of North America
-- Europe
-- France
-- The UK
-- Spain
-- Germany
-- Italy
-- Nordic Countries
-- Denmark
-- Finland
-- Iceland
-- Sweden
-- Norway
-- Benelux Union
-- Belgium
-- The Netherlands
-- Luxembourg
-- Rest of Europe
-- Asia Pacific
-- China
-- Japan
-- India
-- Southeast Asia
-- Indonesia
-- Thailand
-- Malaysia
-- Singapore
-- Rest of South Asia
-- Australia
-- New Zealand
-- South Korea
-- Rest of Asia Pacific
-- Middle East & Africa
-- Saudi Arabia
-- UAE
-- Egypt
-- Kuwait
-- South Africa
-- Rest of Middle East & Africa
-- Latin America
-- Brazil
-- Argentina
-- Rest of Latin America
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