Press Release Description

Digital Therapeutics Market to Bloom Globally Due to Increasing Penetration of Smartphones

The Global Digital Therapeutics Market is projected to grow at a CAGR of 20% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The market growth has been attributed to a prevalence of preventable chronic diseases, such as diabetes, obesity, cardiovascular diseases (CVDs), etc., across the globe that has created a need for cost-effective solutions like digital therapeutics.

Further, driven by improved affordability and technological advancements, smartphone penetration has surged globally, and this has successfully propelled the adoption of digital therapeutics across nations. With that, the commercialization and clinical application of digital therapeutics (DTx) has significantly increased, accelerating the overall Digital Therapeutics Market.

The industry growth owes to high healthcare costs, which, in turn, are due to a surge in the aging population, the growing prevalence of chronic diseases, and technological advancements in treatments. As a result, the adoption of digital therapeutic solutions that offer remote & scalable interventions to prevent or manage conditions and reduce the need for expensive in-person care has witnessed the rise. Hence, this has further accelerated the growth of the Global Digital Therapeutics Market.

Besides, the increase in the demand for these digital therapeutics solutions has led to an increment in the number of strategic activities, including acquisitions & mergers by the key companies to gain a share in the Lateral Digital Therapeutics Market. Therefore, these efforts by global companies are anticipated to drive market growth in the coming years as well.

Global Digital Therapeutics Market

Digital Therapeutics Market Segmentation Analysis

Software Segment to Dominate the Global Digital Therapeutics Market

Based on the product, the market is further categorized into Software and Devices. Off all, the Software segment held the largest share of the Digital Therapeutics Market. The segmental market growth owes to the increased prevalence of chronic & infectious diseases necessitating scalable & cost-effective solutions, such as digital therapeutics. Also, the aging population at risk for several chronic diseases demands effective solutions, like digital therapeutics for managing chronic conditions, promoting adherence to treatment plans, and enabling remote monitoring. This becomes more crucial for elderly individuals who may have mobility limitations or require frequent healthcare interventions, thereby driving the demand for digital therapeutic software.

North America Witnessed Considerable Growth in the Global Digital Therapeutics Market

In the dynamic landscape of the Global Digital Therapeutics Market, North America stands tall as a frontrunner. The dominance has been attributed to the prevalence of various chronic diseases, such as cancer, cardiovascular diseases (CVDs), etc., in the region. As digital therapeutics offer effective solutions to prevent & manage a range of chronic diseases, their adoption has increased and has contributed to the escalation of regional market growth.

Furthermore, the presence of several patients with various neurological diseases like hyperactivity disorder (ADHD), Parkinson's disease, etc., has increased the adoption of digital therapeutics that offer cognitive training exercises or symptom monitoring tools for the betterment of patients. Also, North America has been witnessing an increase in healthcare costs and this has encouraged people to search for affordable healthcare solutions such as digital therapeutics, thereby driving North America Digital Therapeutics Market growth.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Omada Health Inc., Google (Fitbit Health Solutions), 2Morrow® Inc., Teladoc Health. Inc. (Livongo), ResMed (Propeller Health), Aptar (Voluntis, Inc.), Welldoc, Inc., Canary Health, Noom, Inc., Biofourmis, Click Therapeutics, Better Therapeutics, Cognoa, CogniFit Inc., Virta Health, and Others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the Digital Therapeutics Market?
  3. What key factors would propel and impede the industry across the region?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping across various regions?
  6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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