Digital Therapeutics Market to Reach $7.83 Bn, Globally, by 2025 at 20.5% CAGR-Allied Market Research
PORTLAND, Oregon, September 27, 2018 /PRNewswire/ --
Increasing penetration of smartphones & tablets and rising incidence of chronic diseases are expected to boost the growth of the global digital therapeutics market
Allied Market Research published a report, titled, Digital Therapeutics Market by Application (Diabetes, Obesity, Cardio Vascular Diseases (CVD), Central Nervous System (CNS) Disease, Gastrointestinal Disorders (GID), Respiratory Diseases, Smoking Cessation, and Others), Product Type (Software and Devices), and Sales Channel (Business-to-Business (B2B) and Business-to-Consumers (B2C)): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report offers an in-depth analysis of the industry by closely monitoring the market trends, drivers & opportunities, top investment pockets, key growth strategies, and competitive landscape. According to the report, the global digital therapeutics market was pegged at $1.75 billion and is expected to reach $7.83 billion by 2025, registering a CAGR of 20.5% from 2018 to 2025.
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Rapid penetration of smartphones & tablets and high prevalence of chronic diseases drive the growth of the global digital therapeutics market. In addition, increasing awareness about the benefits of digital therapeutics such as low healthcare expenditure, improved patient & doctor communication, and efficient management of patients' health supplements the market growth. However, concerns regarding privacy of patients' data hamper the growth of the industry. On the contrary, high growth potential in the emerging markets is expected to offer lucrative opportunities for the market players.
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Obesity segment would manifest fastest growth through 2025
Obesity segment is expected to grow at the fastest CAGR of 23.1% during the forecast period, as patients spend a copious amount of money to treat obesity. However, the diabetes segment would hold the largest market share, i.e., about 25% share of the total market by 2025. The report discusses applications such as cardiovascular diseases (CVD), central nervous system (CNS) disease, gastrointestinal disorders (GID), respiratory diseases, and smoking cessation, and others.
Software segment would remain dominant through 2025
In 2017, the software segment contributed about two-thirds of the market share and is expected to register the fastest CAGR of 20.6% during the study period. This is attributed to the increased utilization of software for transmiting patients' data from wearable devices to physicians via different electronic devices. The report also includes in depth analysis of the devices segment.
Major sales channels in the market
The report includes an in-depth analysis of the major sales channels of the global digital therapeutics market including business-to-business (B2B) and business-to-consumer (B2C). In 2017, B2C segment garnered more than one-third share of the total market, owing to staggering sales of smartphone applications, online programs, and wearable devices. However, the B2B segment would grow at the fastest CAGR of 17.5% through 2025, as products are sold indirectly to customers through intermediaries such as Google Play and iOS app store, which in turn creates more profitable opportunities.
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Asia-Pacific: the fastest growing region
Asia-Pacific is expected to be the fastest growing segment in the market by 2025, owing to rapid improvements in healthcare infrastructure and increase in penetration of smartphones in developing countries such as India and China. However, North America would remain the dominant segment throughout the study period, contributing more than 41% of the total market share due to large number of new product launches and favorable reimbursement scenario in the U.S. The other regions explored in the study include Europe and Latin America, Middle East and Africa (LAMEA).
Leading players active in the industry
The key market players analyzed in the report include Proteus Digital Health, Inc., WellDoc, Inc., Livongo Health, Twine Health, Inc., Noom Inc., Omada Health Inc., 2Morrow, Inc., Propeller Health, Canary Health, Inc., and Medtronic Plc. These companies have adopted several strategies such as product launches, partnerships, mergers & acquisitions, joint ventures, collaborations, and others to gain a strong foothold in the industry.
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