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Global Digital Therapeutics Market Expected to Reach $9.64 Billion by 2026

 
 

quote The global digital therapeutics market is expected to grow at a faster rate during the forecast period, owing to increase in smartphone penetration globally, especially in developing countries. Moreover, rise in need to curb healthcare costs and increase in prevalence of chronic diseases are anticipated to supplement the market growth. In addition, the introduction of more sophisticated devices, which are compatible with smartphones and associated programs augments the growth of the market. quote

Onkar Sumant
Manager, Healthcare at Allied Market Research

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According to a new report published by Allied Market Research, titled, " Digital Therapeutics Market by Application, Product, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global digital therapeutics market size was valued at $2.24 billion in 2018 and is projected to reach $9.64 billion by 2026, growing at a CAGR of 19.9% from 2019 to 2026. The diabetes segment accounted more than one-fifth of the total market share in 2018. 

Rise in utilization of smart devices and smartphones & tablets coupled with increase in incidence of chronic diseases boosts the growth of the global market. However, lack of awareness toward healthcare-associated applications and increase in concerns regarding patient data restrict the market growth. Conversely, high growth potential in the emerging markets offers lucrative opportunities for key market players operating in this segment.

Among applications, obesity segment is expected to grow at a significant CAGR of 22.5% during the forecast period, owing to increase in obese population worldwide. For instance, according to the WHO, as of 2016, about 39% of the adults in the age group of 18 years and above were overweight, globally. 

Among products, in 2018, software segment held a dominant portion in the market, accounting for about two-thirds share of the global market. This is attributed to increased penetration of smartphones and other devices in the developing economies, which in turn increases the usage of healthcare applications.

Key Findings of the Study:

  • Software is expected to be one of the most lucrative segments, registering a CAGR of 20.0% during the forecast period.
  • The business-to-consumers (B2C) segment accounted for maximum share in the global market in 2018, and is expected to grow at a CAGR of 20.3% during the forecast period. 
  • U.S. dominated the North America digital therapeutics market, and is projected to retain this trend throughout the forecast period.
  • India is expected to exhibit the highest growth in the Asia-Pacific digital therapeutics market, registering a CAGR of 25.7% during the forecast period.
  • Saudi Arabia is expected to witness the highest growth in the LAMEA digital therapeutics market, growing at a CAGR of 23.2% during the forecast period.

In 2018, North America was the highest contributor to the market in terms of revenue, owing to increase in wellness trend and early adoption of novel technologies. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to the presence of high populace countries such as India and China. 

The key players operating in the global market are 2MORROW, Inc., Fitbit, Inc. (Twine Health, Inc.), Livongo Health, Inc., Medtronic Plc., Omada Health, Inc., Pear Therapeutics, Inc., Proteus Digital Health, Inc., Resmed, Inc. (Propeller Health), Voluntis, Inc., Welldoc, Inc.

The other players in the value chain include (profiles not included in the report) Canary Health Inc., Mango Health Inc., Noom, Inc., Dthera Sciences.

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quote Digital Therapeutics Market by Application (Diabetes, Obesity, Cardiovascular Disease (CVD), Central Nervous System (CNS) Disease, Respiratory Disease, Smoking Cessation, Gastrointestinal Disorder (GID), and Others), Product Type (Software and Device), and Sales Channel (Business-to-Business (B2B), Business-to-Consumer (B2C)): Global Opportunity Analysis and Industry Forecast, 2019–2026 quote

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