Rapid increase in healthcare apps, surge in incidence of chronic diseases, and requirement to manage healthcare costs drive the global digital therapeutics market
PORTLAND, Oregon, Feb. 10, 2020 /PRNewswire/ -- Allied Market Research published a report, "Digital Therapeutics Market by Application (Diabetes, Obesity, Cardiovascular Disease (CVD), Central Nervous System (CNS) Disease, Respiratory Disease, Smoking Cessation, Gastrointestinal Disorder (GID), and Others), Product Type (Software and Device), and Sales Channel (Business-to-Business (B2B), Business-to-Consumer (B2C)): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global digital therapeutics industry generated $2.24 billion in 2018, and is estimated to garner $9.64 billion by 2026, registering a CAGR of 19.9% from 2019 to 2026.
Prime determinants of growth
Rapid increase in healthcare apps, surge in incidence of chronic diseases, and requirement to manage healthcare costs drive the global digital therapeutics market. However, lack of awareness in developing countries and concerns related to data privacy of patients hinder the market growth. On the other hand, growing adoption of tablets & smartphones and untapped potential in emerging economies create new opportunities in coming years.
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The diabetes segment to maintain its leadership position during the forecast period
Based on application, the diabetes segment held the highest market share in 2018, contributing to more than one-fifth of the global digital therapeutics market, and is estimated to maintain its leadership position during the forecast period. This is attributed to high prevalence in North America and demand for cost-effective healthcare options. However, the obesity segment is estimated to register the highest CAGR of 22.5% from 2019 to 2026, owing to rise in number of overweight population and better accessibility of digital therapeutics software applications for tracking daily activities.
The software segment to continue its lead in terms of revenue by 2026
Based on product, the software segment accounted for the largest market share in 2018, accounting for nearly two-thirds of the global digital therapeutics market, and is expected to continue its lead status by 2026. Moreover, this segment is expected to grow at the highest CAGR of 20.0% during the forecast period. This is owing to usage of the existing software and development of advanced features that offer more effective and affordable solutions. The research also analyzes the devices segment.
North America to maintain its highest contribution during the forecast period
Based on region, North America contributed for the major market share, accounting for around half of the total share of the global digital therapeutics market in 2018, and is projected to maintain its highest contribution during the forecast period. This is due to increase in incidence of chronic diseases, rise in demand for wireless & portable systems, and sophisticated reimbursement structure to reduce costs. However, the market across the Asia-Pacific region is estimated to register a CAGR of 21.7% from 2019 to 2026. This is due to rise in penetration of smartphone, increase in need to reduce healthcare costs, and rise in prevalence of chronic diseases.
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Leading market players
- 2MORROW, Inc.
- Fitbit, Inc. (Twine Health, Inc.)
- Livongo Health, Inc.
- Medtronic Plc.
- Omada Health, Inc.
- Pear Therapeutics, Inc.
- Proteus Digital Health, Inc.
- Resmed, Inc. (Propeller Health)
- Voluntis, Inc.
- Welldoc, Inc.
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