Digital Therapeutics and Wellness Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2015-2020 and Forecast 2021-2027

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Digital Therapeutics and Wellness Market By Application (Diabetes, Obesity, CVD, CNS disease, Respiratory disease, Smoking Cessation and others), By end user (Patients, Providers, Payers, Employers and others) and Geography

 

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Report

Description

Global digital therapeutics and wellness market was estimated at US$ 2.6 billion in 2020 and is projected to cross US$ 10.9 billion in the forecast period by 2027 with a CAGR of 19.7%. Demand for global digital therapeutics is increasing as a result of increasing mobile and tablet adoption, combined with healthcare apps; growing need to monitor healthcare costs; and increasing incidence of chronic diseases. However, lack of understanding in developed countries about digital therapy and concerns about patient data privacy hinder the growth of the digital therapy industry. On the contrary, it is expected that high growth prospects in untapped markets would create significant profitable opportunities for producers in the digital therapeutics and wellness market. The general public has become more conscious of the continuously shifting digital scene. Furthermore, the market is fueled by rising chronic disease prevalence and rapid technology improvements. End-user awareness is predicted to rise as a result of the use of digital devices and solutions, propelling the industry forward. Consumer attitudes toward digital health are predicted to continue to alter, as will their demand for accessible, personalised, and engaging medical solutions. Another key technological driver for the market for digital therapeutics is the rise in smartphone and internet usage among consumers.

Digital Therapeutics and Wellness Market

MARKET SUMMARY
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19.7%
  • Study Period– 2021 – 2027
  • Base Year– 2020
  • CAGR– 19.7%
  • Largest Market– North America
  • Fastest Growing Market– Asia-Pacific

Digital Therapeutics and Wellness Market

  • Global digital therapeutics and wellness market provides a detailed outlook on digital therapeutics and wellness across the globe with special emphasize on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
  • The report on global market gives historical, current and future market size (US$ Bn) on the basis of application, end user, and geography.
  • This study analyses the global digital therapeutics and wellness market dynamics in a detailed manner to identify current trends and drivers, growth opportunities and potential challenges to the key stakeholders in the operating market.
  • Key stakeholders of the global assisted reproductive technology include suppliers, manufacturers, marketers, policy makers, and service providers engaged in global assisted reproductive technology market.
Market Key Players
  • Proteus Digital Health, Inc.
  • Omada Health, Inc.
  • WellDoc Inc.
  • 2Morrow Inc.
  • Livongo Health
  • Propeller Health
Growth

Digital Therapeutics and Wellness Market

One of the significant drivers for the digital therapeutic market is the growing use of Smartphone and internet between people. India, for example, was ranked 47th in 2013 by Google for Smartphone penetration, and 36th in 2015. As healthcare has become more costly, digital treatments provide cost savings for patients and reduce hospital visits. Mobile devices & consultation provide a safer way to care for patients with chronic illnesses. In addition, the US FDA approved a mobile application in 2017 to facilitate the treatment of substance-use disorders (SUD). The Smartphone device is used for the treatment of alcohol, cocaine, marijuana and stimulant SUDs with ambulatory therapy.


North-America Got Significant Share

Digital Therapeutics and Wellness Market

In 2019, North America dominated the market, accounting for the highest share, and is expected to sustain this trend over the forecast period. This is due to an increase in geriatric population, an increase in chronic disease prevalence, an increase in demand for wireless & portable devices, and the availability of sophisticated reimbursement mechanisms aimed at minimizing expenditure.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Key Developments

  • In April 2018, Canary Health entered into a partnership with NMRHCA to offer the Better Choices, Better Health (BCBH) digital therapeutics programme in New Mexico.
  • In November 2017, Propeller Health and Express Scripts entered into partnership to provide Propeller’s FDA-cleared digital solutions to Express Scripts to manage asthma or COPD.

Key

Key Findings OF THE REPORT


Key

Key features of the report

Digital Therapeutics and Wellness Market Segmentation


Location

GEOGRAPHY


Report

Table Of Content


Report

Company Profile

  • Proteus Digital Health, Inc.
  • Omada Health, Inc.
  • WellDoc Inc.
  • 2Morrow Inc.
  • Livongo Health
  • Propeller Health
  • Canaray Health
  • Twine Health Inc.
  • Mango Health Inc.

Description

Global digital therapeutics and wellness market was estimated at US$ 2.6 billion in 2020 and is projected to cross US$ 10.9 billion in the forecast period by 2027 with a CAGR of 19.7%. Demand for global digital therapeutics is increasing as a result of increasing mobile and tablet adoption, combined with healthcare apps; growing need to monitor healthcare costs; and increasing incidence of chronic diseases. However, lack of understanding in developed countries about digital therapy and concerns about patient data privacy hinder the growth of the digital therapy industry. On the contrary, it is expected that high growth prospects in untapped markets would create significant profitable opportunities for producers in the digital therapeutics and wellness market. The general public has become more conscious of the continuously shifting digital scene. Furthermore, the market is fueled by rising chronic disease prevalence and rapid technology improvements. End-user awareness is predicted to rise as a result of the use of digital devices and solutions, propelling the industry forward. Consumer attitudes toward digital health are predicted to continue to alter, as will their demand for accessible, personalised, and engaging medical solutions. Another key technological driver for the market for digital therapeutics is the rise in smartphone and internet usage among consumers.

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