The report Digital Therapeutics Market by Sales Channel (B2b and B2C), Product Type (Software, Device), Application (Preventive Applications, Treatment/Care-related Applications), and Regions- Global Forecast to 2030.” The Global Digital Therapeutics Market share was USD 2.3 billion in 2020. It is predicted to reach USD 35.78 billion by 2030, representing a CAGR of 31.4 percent throughout the forecasted period”.
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KEY FACTORS AUGMENTING THE MARKET GROWTH
Some of the most notable factors that are majorly driving the overall growth of the market worldwide are an increase in chronic diseases, majorly among the geriatric people, the adoption of mobile phones and tablets, the need to control the cost, and an increase in focus on preventive health care.
By sales channel, the B2B held the highest market share in 2020
Based on sales channels, the Digital Therapeutics industry worldwide has broadly classified into B2C (Patients and Caregivers) and B2B (Providers, Payers, Employers, and Pharmaceutical Companies). The B2B segment dominated the overall market with a steady digital therapeutic device market CAGR which is attributed to the increase in awareness among payers, providers, and employers about the benefits of digital therapeutics and wellness with the inclination of pharmaceutical companies to integrate digital therapeutics with drug products.
By Product Type, the software segment held the highest market share in 2020
Based on Product Type, the Digital Therapeutics industry worldwide has broadly classified into software and Devices. The software segment dominated the overall market during the 2020 market share due to the increase in the adoption of mobile phones and usage of the internet across developing nations.
By Application, the Treatment/Care-related Applications held the largest market share in 2020
Based on Application, the Digital Therapeutics industry worldwide has broadly classified into Preventive Applications (Prediabetes, Obesity, Nutrition, Lifestyle Management) and Treatment/Care-related Applications (Diabetes, CNS Disorders (Mental Health Disorder) Chronic Respiratory Disorders, Musculoskeletal Disorders, Cardiovascular Diseases, Smoking Cessation, Medication Adherence, Gastrointestinal Disorders, Substance Use & Addiction Management, Rehabilitation & Patient Care). The Treatment/Care-related Applications dominated the overall market during the 2020 market share, with diabetes as a significant revenue generator in 2020 due to the increase in the chronic diseases such as obesity, increase in the economic burden of treatment, and cost and also investments in digital therapeutics market to make it cost-effective and scalable.
Based on Region, North America held the significant market share and is also expected to grow at the highest CAGR, with US digital therapeutics market as a major one, followed by Europe's digital therapeutics market, which is due to the factors such as the Increase in the new start-ups, government initiatives to support technological advancements, and increasing investments in digital therapeutics that drive market growth in this region.
Key Competitive Players
Some of the crucial players in the Global Digital Therapeutics Market include 2MORROW, Inc., Akili Interactive Labs, Inc., Click Therapeutics, Inc., Fitbit, Inc. (Twine Health, Inc.), Happify, Inc., Kaia Health, Livongo Health, Inc., Medtronic Plc., Omada Health, Inc., Pear Therapeutics, Inc., Proteus Digital Health, Inc., Resmed, Inc. (Propeller Health), Voluntis, Inc., Welldoc, Inc., f-star therapeutics, omega therapeutics,g1 therapeutics, gsk digital therapeutics, q digital, viridian therapeutics
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