(PharmaNewsWire.Com, August 10, 2021 ) The Key Growth Elements in Detailed?
THe Growth in Digital Therapeutics (DTx) Market is primarily driven by the increasing incidence of preventable chronic diseases, the need to control healthcare costs, rising focus on preventive healthcare, and rising investments in digital therapeutics. On the other hand, a lack of awareness and access to digital therapeutics programs in developing countries, resistance from traditional healthcare providers, and unstable payment models are challenging the growth of DTx Market.
Worldwide Growth Opportunities in Terms of Revenue:
The Global Digital Therapeutics Market is projected to reach USD 13.1 billion by 2026 from USD 3.4 billion in 2021, at a CAGR of 31.4% during the forecast period.
Drivers: Increasing incidence of preventable chronic diseases;
The Chronic diseases have increased the burden on healthcare systems across the globe. For example, as per a report—Heart Diseases and Stroke Statistics at a Glance (2016, published by the American Heart Association)—cardiovascular disease (CVD) is the leading cause of death globally. CVD accounts for 17.3 million deaths per year, and this figure is expected to cross 23.6 million by 2030.
The high prevalence and incidence rate of chronic diseases is a major concern for healthcare systems across the globe. The treatment of patients with chronic diseases is a significant challenge, as psychosomatic or biopsychic factors very often influence these patients. As chronic diseases are often associated with high levels of uncertainty, patients need to change their behavior as part of a new self-care lifestyle. Furthermore, many chronic disorders and conditions are progressive, and their incidence increases with age. As a result, with significant growth in the global geriatric population, chronic disorders are expected to rise further in the coming years.
The digital therapeutics market is segmented into North America, Europe, the Asia Pacific, and the RoW. In 2020, North America held the largest share of the market, followed by Europe. The market in North America is also expected to grow at the highest CAGR. Factors such as the influx of new startups, increasing investments in digital therapeutics, improvements in the reimbursement structure for digital therapeutics, and government initiatives to support technological advancements drive market growth in this region.
Major Key Players Mentioned in the research report are:
Prominent players in the digital therapeutics market include Noom (US), Livongo Health (US), Omada Health (US), WellDoc (US), Pear Therapeutics (US), Proteus Digital Health (US), Propeller Health (US), Akili Interactive Labs (US), Better Therapeutics (US), Happify (US), Kaia Health (Germany), Mango Health (US), Click Therapeutics (US), Canary Health (US), Wellthy Therapeutics (India), Cognoa (US), CogniFit (US), Ayogo Health (Canada), Mindstrong Health (US), 2Morrow (US), and Ginger (US).
Noom (US) is one of the leading providers of the Digital Therapeutics (DTx) Market. The company provides best-in-class solutions for weight management, hypertension prevention, hypertension management, diabetes prevention, diabetes management, and comorbidities of hypertension and diabetes. The company adopts organic as well as inorganic strategies to strengthen its position in the digital therapeutics market. The company is supported by a number of investments, which have helped it bring digital therapeutic solutions to the market. For instance, in May 2019, Noom secured USD 58 million from its investors for the development of its health-coaching program.
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