North America to dominate the Digital Therapeutics Market market.
Northbrook, IL 60062 -- (SBWIRE) -- 05/19/2022 -- The Research Report on "Digital Therapeutics (DTx) Market by Application (Prediabetes, Nutrition, Care, Diabetes, CVD, CNS, CRD, MSD, GI, Substance Abuse, Rehabilitation), Sales Channel (B2C, Patient, Caregiver, B2B, Providers, Payer, Employer, Pharma) - Global Forecasts to 2026", 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.
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.
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Industry Segmentation In Detailed:
Treatment/care-related applications form the largest segment of the market, by application.
Based on application, the digital therapeutics market is segmented into preventive and treatment/care-related applications. The treatment/care-related applications segment held the largest share of 82.3% of this market in 2020. The large share of this segment is attributed to the growing incidences of chronic diseases, the rising economic burden of their treatment, and investments in digital therapeutics to encourage the development of cost-effective and scalable treatment platforms for these conditions.
The B2B segment is the largest and fastest-growing segment of the market during the forecast period.
Based on the sales channel, the digital therapeutics market is segmented into business-to-customer (B2C) and business-to-business (B2B). In 2020, the B2B segment accounted for the largest share of 86.3% of the digital therapeutics market. This is attributed to growing awareness among providers, payers, and employers about the benefits of digital therapeutics and the inclination of pharmaceutical companies to integrate digital therapeutics with their drug products.
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Leading Key Players and Analysis:
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).
Geographical Analysis in Detailed:
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.
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