Digital Therapeutics Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4614
Digital Therapeutics Market size is projected to experience significant growth from 2020 to 2026. Digital therapeutics is a field of medicine which delivers evidence-based therapeutic mediation for preventing, managing or treating a disease or disorder. Digital therapeutics includes software-based interventions or software used in conjunction with wearable devices such as fitness trackers, smart pills, non-invasive blood glucose meters and smart inhalers among others.
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Increasing launches of various mobile and web-based applications for treating and managing medical conditions will boost the market growth. Advancements in technology is one of the major factors resulting in the increased launches of mobile and web-based applications globally.
Additionally, increase in adoption of smartphones & tablets coupled with need to control healthcare costs are other factors contributing to the growth of the market. Adoption of smart phones especially in the developing economies such as India, China, Brazil, and South Africa is on a rise, which could significantly impact the growth of the market during the analysis period. For instance, the number of smart phone users in 2018 were 2.9 billion individuals, whereas in 2019 the number grew to 3.2 billion individuals. Thus, the increase in smartphone adoption, technological advancements and increased launch of novel healthcare applications will supplement the market growth during the study period.
On the basis of component, the market is segmented into software and devices. Software will witness a higher growth rate during the analysis period owing to the frequent launch of fitness as well as health apps on smart phones. For instance, in 2015, there were around 150,000 health apps available in the market, however as of 2018, the number doubled and had reached to around 318,000. Thus, the increase in the availability of app will aid in boosting the market growth.
Based on application, digital therapeutics market is segmented as diabetes, obesity, gastrointestinal disorder (GID), cardiovascular disease (CVD), respiratory disease, smoking cessation, central nervous system (CNS) disease, and others. Diabetes segment was the major revenue contributor in the market owing to the increasing diabetes cases globally. This is mostly prevalent in developing countries such as India and China which are known as the diabetes hub of the world. For instance, the total diabetes population in India is expected to reach 69.9 million by 2025 and 80 million by 2030.
On the basis of sales channel, the digital therapeutics market is segmented into business-to-business (B2B) and business-to-consumers (B2C). Business-to-consumers is predicted to hold a major share in the market due to the direct availability of apps on various platforms such as Android, Windows and Apple among others. Also, the rise in smartphone utilization will further augment the growth of the market.
North America held a major share in the digital therapeutics industry owing to the already increased awareness regarding the availability and benefits of health apps. Also, major players operating in the digital therapeutics market are based in the U.S., which will result in the increased exposure of apps to the general population. Thus, this will result in the increased usage and adoption of apps, thereby augmenting the market growth.
Asia Pacific digital therapeutics industry is estimated to garner a higher growth rate during the forecast period due to the increasing smart phone penetration, awareness and the rising trend of self-management of health via mobile applications.
2MORROW, INC., Livongo health, Inc., Medtronic plc. and Pear therapeutics, Inc. are few major players operating in the digital therapeutics market. These players are adopting various strategies for expanding its product portfolio as well as business reach. For instance, in January 2019, Resmed Inc., acquired Propeller Health. Propeller Health engages in the development of COPD and asthma related product solutions and partners with healthcare and pharmaceutical organizations.
Digital Therapeutics Market, By Component, 2015 - 2026 (USD Million)
Digital Therapeutics Market, By Application, 2015 - 2026 (USD Million)
- Respiratory Disease
- Smoking Cessation
- Gastrointestinal Disorder (GID)
- Cardiovascular Disease (CVD)
- Central Nervous System (CNS) Disease
Digital Therapeutics Market, By Sales Channel, 2015 - 2026 (USD Million)
- Business-to-business (B2B)
- Business-to-consumers (B2C)
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
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