Global CNS Digital Therapeutics Market is anticipated to grow at a 31.6% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “CNS Digital Therapeutics Market – Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the CNS digital therapeutics market is estimated to be over US$ 737.5 Mn in 2018. It is anticipated to grow at a 31.6% CAGR from 2019 to 2030.
The significant growth of the market can be attributed to rising prevalence of neurological disorders such as alzheimer’s and currently there is no marketed medicine for the disease and that has added up to the burden on the healthcare system. Moreover, factors such as, reduction in healthcare costs, patient convenience and user-friendliness of the digital therapeutics application are anticipated to boost the growth of the market over the forecast period. Furthermore, the rising on investing for development of CNS digital therapeutics device by major companies across the globe to introduce new devices for CNS disorders along with faster FDA approval of these devices. To obtain better insights regarding the market scenario prominent players are increasingly focusing on collaboration and merges. For instance, Dthera Science entered in an agreement with a company in Japan for development and commercialization for product, DTHR-ALZ.
The rising prevalence of neurological diseases is on among the major factors driving the growth of CNS digital therapeutics market. According to Alzheimer organization, alzheimer’s disease is one among the most expensive disease, the treatment expenditure is higher compared to that for treatment of several cancers. Though there is no definite cure available for alzheimer disease, digital therapeutics here can play a pivotal role in helping in treatment of such neurological disease in a cost effective way compared to the conventional medicines.
Browse key industry insights spread across 210 pages with market data tables & figures & charts from the report, CNS Digital Therapeutics Market is anticipated to grow at a 31.6% CAGR from 2019 to 2030. in detail along with the table of contents:https://www.marketindustryreports.com/CNS-digital-therapeutics-market/105
Moreover, the fact that digital therapeutics can be customized according to the patients need and is available to then 24/7 for patients monitoring and participate in their therapy sessions as per their time of convenience. Patient’s preference towards digital therapeutics is increasing owing to the fact that it is user-friendly offered, include prompt reminders, ability to ensure the patients adherence to medications and effective management of diseases.
The lack of awareness toward digital therapeutics and the risk of the cyber threats acts as restraint to the market growth. The applications are vulnerable to hacking; this would disclose private information of the patient without their consent. Similarly, the stringent government for the approval of digital therapeutic devices can hamper the growth of CNS digital therapeutic market.
North America holds the largest market share owing to technologically advanced medical infrastructure, increase in the incidences of chronic diseases and increase in geriatric population is anticipated to lead the growth in this region in the forecast period. Moreover, improving reimbursement structure that aims in reducing healthcare expenditure and increasing investment in CNS digital therapeutic devices through government funding’s are a key growth factors for the growth of the market.
The prominent players in the CNS digital therapeutics market are Pear Therapeutics, Inc., Dthera Sciences, Akili Interactive Labs, Inc, Epicadence, CLICK THERAPEUTICS, INC., Cognoa, GAIA AG, MindSciences, Brainmarc and MedRhythms among others.
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