Digital Therapeutics Market is Expected to Reach $9.4 Billion by 2028 | Global Industry Size, Share, Growth, Market Analysis and Forecast

2022-04-26 14:38:08 UTC | Healthcare & Pharmaceuticals
Digital Therapeutics Market is Expected to Reach $9.4 Billion by 2028 | Global Industry Size, Share, Growth, Market Analysis and Forecast

According to a new market research report published by sheer analytics and insights, "TThe Global Digital Therapeutics Market was $1.7 Bn in 2019, and it is expected to reach $9.4 Bn by 2028. It is eventually growing at a commendable high compound of annual growth rate CAGR of 22.1% between 2020-2028, as per the latest market research report titled Global Digital Therapeutics Market (By Product Type - Software, and Device. By Application - Diabetes, Obesity, Cardiovascular Disease (CVD), Central Nervous System (CNS) Disease, Respiratory Diseases, Smoking Cessation, Gastrointestinal Disorder (GID), and Others. By End-Use - Patients, Providers, Payers, Employers and Others. By Geography - North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa)– Global industry analysis, size, share, growth, trends, and forecast, 2020-2028.

Digital therapeutics is a branch of a digital health system that utilizes online health technology for the treatment of certain medical conditions of the patients. Digital therapeutics helps in the treatment of multiple diseases by making modifications in patient behavior and execute the essential monitoring in order to enhance long-term health results. It can be used to treat numerous diseases such as diabetes, dementia, congestive heart failure, cardiovascular disease, respiratory diseases, and obesity, etc.

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Digital therapeutics offers a brand-new approach for the treatment of disease in which digital systems empower patients in managing their own health and disease conditions. Digital therapeutics is equipped with the internet, mobile phone, artificial intelligence, machine learning, and big data analytics to optimize treatment for a patient. The Digital Therapeutics Market is majorly driven by factors such as the rising adoption of digital technologies such as smartphones and tablets along with healthcare applications. Moreover, the rising prevalence of chronic diseases and increasing need to curtail escalating healthcare costs are also some of the prominent market driving factors. Further, rising need for preventive healthcare, technological advancements in healthcare, and significant advantages of digital therapeutics such as patient convenience, user-friendliness ability to induce behavioral changes, and enhanced drug compliance is projected to fuel the market demand for Digital Therapeutics over the forecast period. However, lack of awareness about digital therapeutics and patient data privacy concerns can restrain the market growth to some extent.

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The primary key players in the Digital Therapeutics Market include Proteus Digital Health, Omada Health Inc., WellDoc Inc., 2Morrow Inc., Livongo Health, Propeller Health, Twinehealth, Canary Health, Inc., Mango Health, Inc., and Noom Health Inc.

The Global Digital Therapeutics Market Has Been Segmented Into:

Global Digital Therapeutics Market: By Product Type

Global Digital Therapeutics Market: By Application

Global Digital Therapeutics Market: By End Use

Global Digital Therapeutics Market: By Region

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Abhigyan Sengupta

Sheer Analytics and Insights