Digital Therapeutics Market is anticipated to grow at a 26.8% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Digital Therapeutics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global digital therapeutics market is anticipated to witness a double digit CAGR from 2019 to 2030 and was valued at over US$ 140.0 Mn in 2018. It is anticipated to grow at a CAGR of 26.8% from 2019 to 2030.
The continual growth of the Digital Therapeutics market can be attributed to several factors, increasing use of smartphones and internet, increasing awareness related to digital health therapy, and rising number of chronic diseases & geriatric population. Moreover, need to curb the growing healthcare cost and provide better healthcare to population are other factors adding to the growth of the global digital therapeutics market between 2019 and 2030. To obtain better insights regarding the market scenario prominent players are increasingly focusing on collaborative initiatives with several institutes and research centers. Kaiku Health, a Helsinki-based company offering digital patient monitoring and patient-reported outcome services, collaborated with Turku University Hospital & Amgen (Finland) to launch a digital symptom tracking for multiple myeloma, a type of bone marrow cancer. This digital health therapy would support and guide patients in their treatment regime.
Rising Geriatric Population
The population of geriatric population across the world has grown rapidly over the past several decades. Moreover, this growth has witnessed an unprecedented rate in recent times. In 2016, it was approximated that the population of individuals aged 65 years or older was 8.5% or 617 million of the entire world population. Furthermore, it is projected that the figure will witness an increment to 17% i.e. 1.6 billion by the end of 2050. Such rapid growth of geriatric population is anticipated to present a remunerative growth opportunity for the global digital therapeutics market in the coming times. As geriatric population requires constant healthcare and services & software on mobile or remote monitoring enable better care and this has been a major growth driver for the global digital therapeutic industry. Treatment of several conditions namely blood glucose monitoring, diabetes, cardiovascular diseases have gained immense popularity in recent times, which is further anticipated grow in the coming years.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Digital Therapeutics Market by Application (Obesity Diabetes Central Nervous System (CNS) Disorders, Cardiovascular Diseases, Respiratory Diseases, Medical Adherence, Smoking Cessation), End Users (Providers, Payers & Patients) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/digital-therapeutics-market/62
Increasing Use of Smartphones and Internet
Smartphones and internet have played a pivot role in growth of digital therapeutics. As healthcare has become costlier digital therapeutics offer cost saving and reduce hospital visits for patients. Mobile applications & consultation offer better way of providing care to patients suffering from chronic diseases. Moreover, in 2017 US FDA approved mobile application to support treatment of substance use disorders (SUD). The mobile application is used with outpatient therapy to treat alcohol, cocaine, marijuana and stimulant SUDs.
Lack of Awareness & Data Security to Restrain the Market
Lack of awareness and data security has been affecting the growth of the digital therapeutics industry inversely. Many patient and physician are not aware of full potential of digital therapeutics, the cost of the software & services also are another factor for less adoption of digital therapeutic. Moreover, there are more than 318,000 health-related apps available to date, but most of them are not safe and pose a threat to data of consumers and healthcare professionals. These security threats and lack of awareness are thereby, restraining the growth of the market during the forecast period.
Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing geriatric population, continuously growing economy, and increasing awareness regarding digital health, and increasing use of smartphone & internet is anticipated to present a lucrative growth scenario for the digital therapeutics market in this region. Furthermore, supportive government healthcare regulations and norms are expected to present an attractive growth prospect for the market in the coming years.
Major Players in the Digital Therapeutics Market
The prominent players in the global digital therapeutics market are Pear Therapeutics, Inc., Proteus Digital Health, Inc, 2Morrow, Inc., Omada Health, Inc., Livongo Health, Ginger.Io, Inc., Noom, Inc. Mango Health, Canary Health, Inc., and Propeller Health among others.
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