Rising Adoption of Smart Technologies by Physicians to Transform Patient Behavior and Improve Clinical Outcomes will Propel the Growth of Digital Therapeutics (DTx) Market towards USD 10,594.8 million Industry | Forecast and SWOT Analysis by iCognition In

iCognition Insights has published its market analysis report titled “Digital Therapeutics Market Analysis by Application (Nutrition, Diabetes, CNS Disorder, CVD, Respiratory Disorder, MSD, GI, Drug addiction), by Product Type (Software, Hardware), by End User (B2B, B2C), and by Region – Forecast to 2026. This exhaustive research report focuses on market size and forecast at global, segmental, regional, and country level along with key market trends, growth factors and market dynamics from 2018 to 2026.

According to the report, the global Digital Therapeutics (DTx) Market was valued at USD 3,193.2 million in 2020 and is projected to reach USD 10,594.8 million in 2026, registering a notable compound annual growth rate (CAGR) of 22.1% during the forecast period 2021-2026. This massive growth is expected to be steered by factors:

  • The technological advancements in healthcare products
  • Government backing and programs supporting and awarding digital innovation
  • Adoption of smart technology by physicians

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Understanding Digital Therapeutics:

Digital Therapeutics (DTx) is an emerging healthcare discipline that uses technological solutions to augment healthcare delivery. Digital Therapeutics is a digital health service that offers evidence-based, software-driven therapeutic interventions to prevent and treat medical disorders and diseases. The digital revolution comprising the advances in Artificial Intelligence (AI), wearable and mobile technology in healthcare has empowered physicians and patients by bringing them closer, establishing real-time communication and data exchanged for improved treatment decisions and care delivery.

Major FDA Approvals in Digital Therapeutics segment:

FDA governs approval of any digital therapeutic and associated devices and applications through its stringent regulatory model and few innovative prescription digital therapeutics (PDTs) have already received approval.

  • reSET and reSET-O from Pear Therapeutics indicated for the treatment of substance use disorder and opioid use disorder respectively.
  • Breakthrough approval of EndeavorRx from Akili, first game-based digital therapeutic device to improve attention function in children with attention deficit hyperactivity disorder (ADHD).

Learn more about the current market scenario and key elements driving the growth @ https://www.icognitioninsights.com/product/digital-therapeutics-market-analysis/

Digital Therapeutics Market_1

Key Performing Segments and Market Share Analysis:

Growing prevalence of Diabetes to be the primary driver for global market growth

The increasing prevalence of diabetes is expected to drive the market for Digital Therapeutics. According to the American Diabetes Association, 34.2 million Americans had Diabetes in 2018. The total medical costs and lost wages for patients with Diabetes amounted to USD 327 billion. FDA’s digital software precertification program has already started awarding approvals for innovative companies in digital therapeutics that addresses condition like Diabetes and Central Nervous System (CNS) disorders. Such government and regulatory booster along with huge patient pool will contribute significantly to the dominance of Diabetes application segment throughout the forecast period.

The nutrition segment is estimated to grow at a significant CAGR during the forecast period due to the massive obese population, a leading cause of chronic diseases. According to the World Health Organization, it is estimated that over 1 billion people globally would be affected by obesity, and 177 million adults would be severely affected by obesity by 2025.

Cost-effectiveness and Rapid Care to ensure the B2B segment exhibits a significant revenue share

Based on end-user, the market is categorized into business-to-business (B2B) and business-to-consumers segment (B2C). The B2B segment is sub-segmented into employers, hospitals, pharmaceutical firms, and others. This segment accounted for the largest revenue share in 2020 owing to the increasing applications of DTx to provide cost-effective, convenient and rapid patient care.

High Adoption of patient-centric medical solutions to augment the North American market growth

North America was the highest revenue-grossing segment of the global market in 2020 and is projected to maintain its dominance during the forecast period. This is due to the increased adoption of patient-centric medical solutions and rapidly rising demand to reduce healthcare facilities maintenance expenses in this region. The Asia Pacific market is estimated to grow at the fastest growth rate during the forecast period due to the increasing adoption of digital technology in the healthcare sector, significant funding by venture capitalists and government bodies to develop medical infrastructure for treatment of rising chronic conditions concerns amongst the population.

Innovative Strategies and Key Company Trends:

The leading players in the digital therapeutics industry are adopting various strategies including strategic partnerships, investments and funding in R&D, and geographic expansion to capture a maximum revenue share.

  • For instance, Noom, a global player in Digital Therapeutics, established a strategic agreement with EVERSANA in January 2020 to improve health outcomes and drug compliance for patients with chronic and uncommon diseases. Medtronic, another giant in the digital healthcare space, completed the acquisition of Klue, Inc. This digital health technology firm provides behavior change and real-time digital treatment solutions in December 2019.
  • Singapore based start-up Neuroglee raised USD 2.3 million in pre-seed funding for their digital therapeutic platform, aiming at treating patients with neurological disorders.

Major Players researched in the Report include:

  • Noom, Inc.
  • Fitbit, Inc.
  • TrialCard Inc.
  • ResMed
  • Canary Health, Inc.
  • Medtronic PLC
  • WellDoc, Inc.
  • Omada Health, Inc.
  • Kaia Health
  • Livongo Health, Inc.

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Acquisitions, Partnerships & Strategic Initiatives to shape the future of Digital Therapeutics market:

  • Omada Health announced the Omada Insights Lab in April 2021, a cross-functional, data-driven endeavor to revolutionize care delivery and use learnings in creative, cost-effective solutions.
  • In April 2021, Welldoc and Dexcom announced that their strategic agreement would be expanded, integrating their platforms to provide an Integrated Type 2 Diabetes Management Solution. This would be a significant step forward in the management of chronic illnesses and the reduction of healthcare expenses.

The Digital Therapeutics Market report has been categorized into following segments and subsegments:

  1. Digital Therapeutics Market, By Application (Revenue, USD Million, 2017 – 2026):
  • Nutrition
  • Diabetes
  • Cardiovascular Disorder
  • Central nervous system disorder
  • Musculoskeletal Disorder
  • Gastrointestinal Disorder
  • Respiratory Disease
  • Drug Addiction
  1. Digital Therapeutics Market, By Product Type (Revenue, USD Million, 2017 – 2026):
  • Hardware
  • Software
  1. Digital Therapeutics Market, By End User (Revenue, USD Million, 2017 – 2026):
  • Business-to-Business
    • Hospitals
    • Payers
    • Pharmaceutical Firms
  • Business-to-Consumers
    • Patients
    • Caregivers
  1. Digital Therapeutics Market, By Region (Revenue, USD Million, 2017 – 2026):
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

Research Scope:

  • The existing market trends and future market forecast for the worldwide Digital Therapeutics Market from 2021 to 2026.
  • Market dynamics and potential opportunities for the market participants in digital therapeutics segment.
  • The approaches and measures undertaken by industry players to address the COVID-19 impact to remain competitive.
  • In-depth geographic analysis shading light on drivers, restrains and growth prospects provided by leading nations as well as developing countries.
  • The recent strategies adopted by market players such as product launches, collaborations, agreements, mergers & acquisitions to achieve technology edge and maximize the market share.

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