Digital therapeutics (DTx) are a new class of health care products that are used to treat, manage or prevent a medical condition through the use of software applications and connected medical devices. The DTx market includes software applications, hardware, platforms, and services that help treat, manage, and prevent medical conditions through digital means.
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According to the new market research report "Digital Therapeutics Market by Application (Prediabetes, Nutrition, Care, Diabetes, CVD, CNS, CRD, MSD, GI, Substance Abuse, Rehabilitation), Sales Channel B2C (Patient, Caregiver), B2B ( Providers, Payer, Employer, Pharma) - Global Forecasts to 2027", The global digital therapeutics market is projected to reach USD 17.7 billion by 2027 from USD 4.5 billion in 2022, at a CAGR of 31.6% during the forecast period.
DTx products are designed to improve patient outcomes, reduce health care costs, and provide better patient engagement. Examples of DTx products include digital therapeutics programs, mobile health apps, virtual reality, telemedicine, and connected health devices.
The global DTx market is expected to grow at a CAGR of 31.6 % from 2022 to 2027. The growth of the market is attributed to factors such as the growing prevalence of chronic diseases, the increasing demand for remote patient monitoring, and the rising adoption of connected medical devices.
Key Market Players
Prominent players in the digital therapeutics market include Noom, Inc (US), Teladoc Health, Inc. (US), Omada Health, Inc. (US), WellDoc, Inc (US), Pear Therapeutics, Inc. (US), CogniFit Inc (US), Ginger (US), Propeller Health (US), 2Morrow, Inc. (US), Canary Health (US), Click Therapeutics, Inc. (US), Akili, Inc. (US), Cognoa, Inc (US), Wellthy Therapeutics Pvt. Ltd. (India), Twill Inc. (US), Better Therapeutics, Inc (US), Mindstrong (US), Kaia Health (Germany), BehaVR Inc (US), Ayogo (Canada), Mindable Health GmbH (Germany), Virta Health Corp (US), Hinge Health, Inc. (US), Orexo AB (Sweden) and Freespira (US).These companies are focusing on collaborations and partnerships with various health care organizations and research centers to increase their product portfolio and gain a larger market share.
The DTx market offers a huge potential for growth, as it is expected to revolutionize the health care system by providing personalized, effective, and cost-effective treatments. Furthermore, the increasing demand for remote patient monitoring and connected medical devices is likely to drive the growth of the market.
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Geographical Growth Scenario:
The digital therapeutics market is segmented into four main regional segments: North America, Europe, the Asia Pacific, and the RoW. In 2021, North America held the largest share of the market, also expected to grow at the highest CAGR followed by Europe. Factors such as the influx of new start-ups, increasing investments in digital therapeutics, enhancements in the reimbursement structure for digital therapeutics, and government initiatives to encourage technological advancements drive market growth in this region.
Reasons to Purchase Global Digital Therapeutics Market Report:
- Current and future of Global Digital Therapeutics market outlook in the developed and emerging markets.
2.This report segments the global Digital Therapeutics market comprehensively. It provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.
- The report helps stakeholders understand the pulse of the Digital Therapeutics market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- Analysis of various perspectives of the market with the help of Porter's five forces analysis.
- The segment that is expected to dominate the Global Digital Therapeutics market.
- Regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, Global Digital Therapeutics market shares, and strategies employed by the major market players.
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