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Digital Therapeutics (DTx) Market is Expected to Exceed US$ 16.2 Billion By 2027

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[150+ Pages Research Report] According to the recent analysis research report; the global Digital Therapeutics (DTx) Market in 2020 was approximately USD 4.0 Billion. The market is expected to grow at a CAGR of 32.4% and is anticipated to reach around USD 16.2 Billion by 2027. Top market players are Noom (US), Livongo Health (US), Omada Health (US), WellDoc (US), Pear Therapeutics (US), Proteus Digital Health (US), Propeller Health (US), Akili Interactive Labs (US), Better Therapeutics (US), Happify (US), Kaia Health (Germany), Mango Health (US), Click Therapeutics (US), Canary Health (US), Wellthy Therapeutics (India), Cognoa (US), CogniFit (US), Ayogo Health (Canada), Mindstrong Health (US), 2Morrow (US), and Ginger (US).

Overview of Digital Therapeutics (DTx) Market Study

Digital Therapeutics (DTx) market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

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Growth Factors:

Digital therapeutics mARKET dynamics
Drivers: Increasing incidence of preventable chronic diseases
Chronic diseases have increased the burden on healthcare systems across the globe. For example, as per a report—Heart Diseases and Stroke Statistics at a Glance (2016, published by the American Heart Association)—cardiovascular disease (CVD) is the leading cause of death globally. CVD accounts for 17.3 million deaths per year, and this figure is expected to cross 23.6 million by 2030.

The high prevalence and incidence rate of chronic diseases is a major concern for healthcare systems across the globe. The treatment of patients with chronic diseases is a significant challenge, as psychosomatic or biopsychic factors very often influence these patients. As chronic diseases are often associated with high levels of uncertainty, patients need to change their behavior as part of a new self-care lifestyle. Furthermore, many chronic disorders and conditions are progressive, and their incidence increases with age. As a result, with significant growth in the global geriatric population, chronic disorders are expected to rise further in the coming years.

Restraints: Patient data privacy concerns
In many countries, various health apps are deprived of appropriate approvals, leading to concerns of product & data quality, reliability in treatment decisions, patient privacy, security, and the responsible use of data. Digital therapeutics providers have access to patient information and are forbidden from sharing the information with anyone not involved in treating that patient. However, with the integration of data using digital tools, the patient’s data is at risk of being accessed by any healthcare professional not related to the patient’s treatment program.

Some countries, such as the US (with its Health Insurance Portability and Accountability Act (HIPAA) and the Health Information Technology for Economic and Clinical Health (HITECH) Act), have legislation focusing on the issue of data security. However, despite such federal initiatives, digital therapeutics users are subject to infringement and data breaching, which may restrain the growth of the digital therapeutics market.

Opportunities: Emerging markets
Emerging economies such as India, China, and the Middle East present growth opportunities for digital therapeutics. In most geographies, the market is still in its infancy due to a lack of awareness, the minimum availability of these solutions, lack of IT infrastructure, and financial and social constraints. On the other hand, most emerging economies show high rates of chronic disease incidence. According to WHO estimates, by 2020, chronic diseases will be responsible for 70% of the total deaths in developing countries. On the global level, by 2025, ~60% of the burden of chronic conditions will be in developing countries.

In addition, the lack of skilled medical practitioners in developing regions highlights the importance of connected healthcare. Furthermore, developing countries like India and China lack proper standards and government regulations for digital health solutions, which offer huge potential to providers who cannot meet stringent standards set by the federal government in the US. The patient-doctor ratio in these regions is also significantly high, necessitating alternative healthcare solutions.

These countries have also registered widespread adoption of smartphones and related technologies due to their growing affordability. Globally, China and India are the top two countries in terms of smartphone ownership. Furthermore, the increasing access to smart devices and the Internet has encouraged the development of health apps. In addition, government bodies in these regions are taking initiatives to improve HCIT infrastructure. For instance, in its five-year plan from 2015 to 2020, China aimed to improve healthcare quality by implementing HCIT solutions.

Challenges: Reluctance among patients to adopt digital therapeutics
Motivating people to use digital therapeutics and building their confidence is a major challenge faced by digital therapeutics providers. While older and underserved populations show maximum susceptibility to diseases and the highest occurrence rates, they are the least likely to use digital therapeutics products due to low technology literacy levels. Furthermore, the limit of how much behavioral change will be observed with digital therapeutics is still undefined.

The clinical validation and deployment of digital therapeutics are carried out on self-selected or volunteer patients; however, their effect on patients showing resistance is still unknown. Furthermore, it is unknown whether digital therapeutics can be sustained over longer periods; there is little information on total patient retention and long-term outcomes. Many patients still rely on traditional means of diagnosis and treatment and thus show reluctance to adopt these novel therapies. This poses a major challenge to the digital therapeutics market.

Based on Sales, the B2B segment is expected to account for the largest share of the Digital Therapeutics Market, by Sales in 2021
Based on the sales channel, the digital therapeutics market is segmented into business-to-customer (B2C) and business-to-business (B2B). This is attributed to growing awareness among providers, payers, and employers about the benefits of digital therapeutics and the inclination of pharmaceutical companies to integrate digital therapeutics with their drug products

Based on applications, Treatment/Care related Applications are the largest share of the Digital Therapeutics Market, by applications in 2021
Based on application, the digital therapeutics market is segmented into preventive and treatment/care-related applications. The largest share is the treatment/care related applications. This segment is attributed to the growing incidences of chronic diseases, the rising economic burden of their treatment, and investments in digital therapeutics to encourage the development of cost-effective and scalable treatment platforms for these conditions.

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COVID-19 Impact on Digital Therapeutics (DTx) Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Digital Therapeutics (DTx) market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Digital Therapeutics (DTx) market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Digital Therapeutics (DTx) market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Digital Therapeutics (DTx) market include: Noom (US), Livongo Health (US), Omada Health (US), WellDoc (US), Pear Therapeutics (US), Proteus Digital Health (US), Propeller Health (US), Akili Interactive Labs (US), Better Therapeutics (US), Happify (US), Kaia Health (Germany), Mango Health (US), Click Therapeutics (US), Canary Health (US), Wellthy Therapeutics (India), Cognoa (US), CogniFit (US), Ayogo Health (Canada), Mindstrong Health (US), 2Morrow (US), and Ginger (US).

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

Digital Therapeutics Market, by Sales Channel

  • B2C
    • Patients
    • Caregivers
  • B2B
    • Providers
    • Payers
    • Employers
    • Pharmaceutical Companies
    • Other Buyers

Digital Therapeutics Market, by Application

  • Preventive Applications
    • Prediabetes
    • Obesity
    • Nutrition
    • Lifestyle Management
    • Other Preventive Applications
  • Treatment/Care-related Applications
    • Diabetes
    • CNS Disorders
      • Mental Health Disorder
      • Other CNS Disorders
    • Chronic Respiratory Disorders
    • Musculoskeletal Disorders
    • Cardiovascular Diseases
    • Smoking Cessation
    • Medication Adherence
    • Gastrointestinal Disorders
    • Substance Use & Addiction Management
    • Rehabilitation & Patient Care
    • Other Treatment/Care-related Applications

North America to dominate the Digital Therapeutics Market market
The digital therapeutics market is segmented into North America, Europe, the Asia Pacific, and the RoW. In 2020, North America held the largest share of the market, followed by Europe. The market in North America is also expected to grow at the highest CAGR. Factors such as the influx of new startups, increasing investments in digital therapeutics, improvements in the reimbursement structure for digital therapeutics, and government initiatives to support technological advancements drive market growth in this region.

Why Buy this Report?

The purpose of Nova one advisor’s Digital Therapeutics (DTx) market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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