Major players in the digital therapeutics market are Omada Health Inc. , WellDoc Inc. , 2Morrow Inc. , Livongo Health, Propeller Health, Pear Therapeutics, Canary Health Inc. , Noom Health Inc. , Mango Health Inc.
New York, Oct. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Digital Therapeutics Global Market Report 2021: COVID-19 Implications And Growth" - https://www.reportlinker.com/p06177524/?utm_source=GNW
, Akili Interactive Labs, Better Therapeutics, Happify Health, Kaia Health, Medtronic Plc., Teladoc Health Inc, and Fitbit Health Solutions.
The global digital therapeutics market is expected to grow from $3.53 billion in 2020 to $4.20 billion in 2021 at a compound annual growth rate (CAGR) of 19%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $10.62 billion in 2025 at a CAGR of 26.1%.
The digital therapeutics market consists of sales of digital therapeutics devices and software by entities (organizations, sole traders, and partnerships) that are used in the treatment of medical disorders or diseases.Digital therapeutics (DTx) are the products that give evidence-based therapeutic treatments to patients through high-quality software applications in order to prevent, manage, or treat a medical ailment or disease.
Various applications and tracking devices are integrated into digital therapies for the control and cure of medical disorders. Connected devices such as insulin pumps, blood glucose meters, and wearable gadgets communicate data to a centralized system in digital therapeutics.
The main product types of digital therapeutics are devices and software.Digital therapeutics devices provide intervention to prevent, manage or treat a disease or medical disorder.
This includes devices such as sensors used to track medication usage and location data.The different sales channels include business-to-business (B2B), business-to-consumer (B2C).
Digital therapeutics are used in preventive applications and treatment or care-related applications.
North America was the largest region in the digital therapeutics market in 2020.The Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Technological innovation is an emerging trend gaining popularity in the digital therapeutics market.Major companies operating in the market are focused on developing technologically advanced solutions for digital therapeutics to strengthen their position.
For instance, in 2020, Boehringer Ingelheim, a Germany-based pharmaceutical company, and Click Pharmaceuticals, a US-based prescription digital therapeutics business, have agreed to collaborate on the development and commercialization of a digital medication for schizophrenia patients worth more than $500 million. The treatment named CT-155 will be a mobile app developed on click’s technology platform, according to the company.
In April 2020, Novartis, a Switzerland-based pharmaceutical company acquired Ambylotech for an undisclosed amount.This acquisition is expected to help Novartis to develop Amblyotech’s novel digital technology to treat amblyopia or lazy eye through digital therapeutics.
Amblyotech is a US-based digital therapeutics company.
The increasing use of smartphones and tablets coupled with healthcare apps is expected to propel the growth of the digital therapeutics market in the forecast period.Smartphones and tablet-based healthcare apps have numerous advantages over the lower rate of medication errors, facilitating preventive care, and more accurate staffing.
For instance, according to the Groupe Speciale Mobile Association (GSMA) report, globally 2.71 billion people owned a smartphone in 2019 and the number of smartphone users in the US reached 270 million in 2020. Therefore, the increasing use of smartphones drives the growth of the digital therapeutics market.
The countries covered in the digital therapeutics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06177524/?utm_source=GNW
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