Patients Held Larger Share of Distribution Channel Segment in Digital Therapeutics Market
According to our new research study on "Digital Therapeutics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application, and Distribution Channel," the market was valued at US$ 4,226.94 million in 2021 to US$ 18,061.79 million by 2028. It is estimated to register a CAGR of 23.1% from 2022 to 2028.
Digital therapeutics provide evidence-based therapeutic intrusions to patients that focusses on the treatment of diseases with the programs, management using the high quality software. Digital therapeutics have made progress in the last few years, harnessing technology for the supplement or potentially replace traditional clinical therapy. They are used independently or in concert with devices, medications, or other therapies for the optimization of patient care and health outcomes. The key factors contributing to the growth of the digital therapeutics market is the rising prevalence of chronic diseases, concerns regarding the need to reduce healthcare costs, and partnerships and collaborations by companies. Moreover, increasing number of start-ups will further boost the digital therapeutics market growth in the future.
Digital Therapeutics Market Size and Forecast to 2028 - COVID-19 Impact and Global Analysis by Application [(Diabetes, Cardiovascular Diseases, Central Nervous System (CNS) Disease, Respiratory Diseases, Smoking Cessation, Musculoskeletal Diseases, and Others] and Distribution Channel (Patients, Providers, Payers, and Employers)
Digital Therapeutics Market Trends Report & Size Analysis 2028
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Impact of COVID-19 Pandemic on the Digital Therapeutics Market
The COVID-19 pandemic has significantly impacted the market for digital therapeutics. A surge in demand for convenient and accessible digital health solutions is a primary COVID-related factor. Telehealth usage has increased by nearly 38 times since the beginning of the pandemic, according to Teladoc. Supportive activities by key regulatory organizations, such as the FDA, aided in the acceptance of these solutions. For example, in April 2020, the US Food and Drug Administration (FDA) issued guidelines to broaden the availability of digital health therapeutic devices and their use for mental health disease patients. This will reduce the burden on health care facilities and reduce the risk of exposure to the virus. In addition, the U.S. digital health companies raised $5.4 billion in venture funding in the initial six months of 2020. Thus, such initiatives by the government has offered growth opportunities to digital therapeutics market.
Aphria, Inc., Canopy Growth Corporation, CanaQuest Medical Corporation, GW Pharmaceuticals, Organigram Holdings Inc., Propeller Health, Canary Health Inc., NOOM INC., 2Morrow Inc, Teladoc Health, Welldoc Inc, FITBIT Inc, OMADA Health, Mango Health, Pear Therapeutics Inc, and Happify Health are among the leading companies operating in the Digital Therapeutics market.
The report segments the digital therapeutics market as follows:
The digital therapeutics market is segmented on the basis of application, and distribution channel. Based on application, the digital therapeutics market is divided into respiratory diseases, central nervous system diseases, smoking cessation, musculoskeletal diseases, cardiovascular diseases, diabetes, and other applications. The diabetes segment held the largest digital therapeutics market share in 2021 and is anticipated to register the highest CAGR during the forecast period. Based on distribution channel, the digital therapeutics market is categorized into patients, providers, payers, and employers. The patients segment held the largest digital therapeutics market share in 2021. However, the providers segment is anticipated to register the highest CAGR during the forecast period.
Based on geography, the digital therapeutics market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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