Digital Therapeutics Market Research Insights Shared Detailed Report 2028- The Insight Partners.

Posted by niket gore on August 5th, 2022

Digital Therapeutics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application and Distribution Channel," the market is expected to grow from US$ 4,226.94 million in 2021 to US$ 18,061.79 million by 2028; it is estimated to grow at a CAGR of 23.1% from 2021 to 2028. The report highlights the key factors and trends impacting the market and focuses on prominent players and their strategies.

Digital therapeutics are evidence-based therapeutic interventions powered by software to prevent, manage, or treat medical diseases or disorders. It can help patients self-manage their symptoms, improve their quality of life, and provide other clinical outcomes, such as enabling physicians to work closely with the patients and provide personalized care as well as help doctors to manage patient adherence to medical regimens. Digital therapeutics use digital tools and technologies, such as mobile devices, apps, sensors, virtual reality, and the internet of things (IoT) to encourage behavioral changes in patients. Digital therapeutics development can have a favorable impact on offering well-adapted health services; because their design is adjusted to match the patient’s needs. It can be used as a standalone therapy or in conjunction with conventional treatments, including pharmacological or in-person therapy, or with specific hardware or other sensory or mechanic devices

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Diabetes Segment to Lead Market during 2021–2028

According to our new research study on "Digital Therapeutics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application and Distribution Channel," the market is expected to grow from US$ 4,226.94 million in 2021 to US$ 18,061.79 million by 2028; it is estimated to grow at a CAGR of 23.1% from 2021 to 2028. The report highlights trends prevailing in the market and factors driving its growth. The rising prevalence of chronic diseases and the growing need to reduce healthcare costs propel the demand for digital therapeutics. However, risks related to cyber threats and data security hamper the market growth.

Based on application, the digital therapeutics market is segmented into respiratory diseases, central nervous system (CNS) diseases, smoking cessation, musculoskeletal disease, cardiovascular diseases, diabetes, and other applications. The diabetes segment held the largest share of the market in 2021; it is anticipated to register the highest CAGR in the market during the forecast period. Diabetes is mainly caused by the body’s inability to produce or effectively utilize the hormone insulin. This inability prevents the body from adequately regulating blood glucose levels. There are two types of diabetes—type 1 diabetes (also known as diabetes insipidus) and type 2 diabetes (also termed diabetes mellitus). Type 2 diabetes is the most prevalent form of diabetes, as ~91% of adults have type 2 diabetes in high-income countries.

Digital therapeutics prevent and manage diabetes effectively. Various diabetes care providers have collaborated with digital therapeutic companies to provide better care to their customers. In September 2018, Roche Diabetes Care partnered with Ieso Digital Health. Roche utilized Ieso’s online cognitive behavioral therapy to identify, manage, and treat diabetic patients with mental health issues through this partnership.

Impact of COVID-19 Pandemic on Digital Therapeutics Market

The COVID-19 pandemic has adversely affected various industries, such as manufacturing and healthcare. Initially, the pandemic disrupted the digital therapeutics market growth. However, the adoption of digital therapeutics solutions have started to grow. As nonessential requirements were a low priority during the COVID-19 outbreak, patients turned to digital therapeutic solutions. The COVID-19 crisis has encouraged the general population to try and increase their use of digital therapeutic devices, particularly to avoid visits to health centers. In addition, medical device manufacturers and suppliers are shifting their focus on the development of digital devices for the treatment and management of diseases. This increased the acceptance of digital therapeutic applications across various medical fields, such as substance abuse disorders, cardiovascular diseases, metabolic disorders, and inflammatory diseases. Moreover, supportive activities by key regulatory organizations, including the Food and Drug Administration (FDA), aided in the acceptance of these solutions. In April 2020, the US FDA issued guidelines to broaden the availability and use of digital health therapeutic devices for mental health disease patients.

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Propeller Health and Canary Health, Inc. — Notable Market Players in Digital Therapeutics Market

Digital therapeutics provide evidence-based therapeutic intrusions to patients that focus on treating diseases and its management using the high quality software. It has progressed in the last few years, harnessing technology to supplement or potentially replace traditional clinical therapy. Digital therapeutics often employ strategies rooted in cognitive behavioral therapy. Due to the digital nature of the methodology, data can be collected and analyzed as a progress report and a preventative measure.

The growth of the digital therapeutics market is attributed to the rise in the prevalence of chronic diseases and concerns regarding the need to reduce healthcare costs. However, cyber threats and risks in data security hampers the market growth.

Market leaders operating in the market have undertaken various organic and inorganic growth strategies. The digital therapeutics market majorly consists of players such as Propeller Health; OMADA Health; Mango Health; Pear Therapeutics, Inc.; Canary Health, Inc.; NOOM, INC.; 2Morrow, Inc.; Teladoc Health; Welldoc, Inc.; Happify Health; and FITBIT, Inc.

Several organic approaches, such as product launches and company expansion, have resulted in the growth of the market. Similarly, inorganic strategies, including mergers & acquisitions and collaborations, have helped the company strengthen its revenue, which allows it to hold a strong position in the market. 

List Of Companies: -

  • Propeller Health
  • Canary Health
  • NOOM, INC.
  • 2MORROW, INC.
  • Teladoc Health
  • Welldoc, Inc.
  • FITBIT, INC.
  • OMADA Health
  • Mango Health
  • Pear Therapeutics, Inc.
  • HAPPIFY Health.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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niket gore

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niket gore
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