Global 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$ Mn) 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. In addition, PBI has analyzed the global market to better equip customers with possible investment opportunities across region and consumer unmet needs. Key stakeholders of the global assisted reproductive technology include suppliers, manufacturers, marketers, policy makers, and service providers engaged in global assisted reproductive technology market.
Global Digital Therapeutics and Wellness Market:
Global digital therapeutics and wellness market was estimated at US$ 2.5 billion in 2019 and is projected to cross US$ 10.6 billion in the forecast period by 2026 with a CAGR of 19.9%. 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 industry.
Increasing Smartphone and internet usage increase the growth of 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 holds the leading market share in the 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.
Key players profile in global market include-
- Proteus Digital Health, Inc.
- Omada Health, Inc.
- WellDoc Inc.
- 2Morrow Inc.
- Livongo Health
- Propeller Health
- Canaray Health
- Twine Health Inc.
- Mango Health Inc.
- 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 findings of report:
- Global digital therapeutics and wellness market expanding at significant CAGR over 2020 to 2026 owing to increasing mobile and tablet adoption, combined with healthcare apps.
- North America accounted for larger share of market revenue based on the region and projected a gain in market revenue over a forecast period.
- Players focusing on innovation of technologies and collaboration strategies to retain market position in global market.
Key features of the report:
- The report provides granular level information about market size, regional market share, historic market (2015-2019) and forecast (2020-2026).
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market.
- The report provides plethora of information about market entry strategies.
- CNS disease
- Respiratory disease
- Smoking cessation
- Rest of Europe
- Australia & New Zealand
- Rest of APAC
- Rest of LATAM
- South Africa
- GCC Countries
- Rest of MEA