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(Health-NewsWire.Net, September 01, 2021 ) How much is the Digital Therapeutics (DTx) Market worth?
[204 Pages Report] 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. Growth in this 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.
The study involved four major activities in estimating the current size of the global digital therapeutics market. Exhaustive secondary research was conducted to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing values with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size.
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Covid-19 Impact on the Digital Therapeutics Market
The impact of the coronavirus pandemic and the subsequent establishment of nationwide lockdowns is visible in various industries. The overall growth of various sectors has been heavily impacted, especially in countries with a high incidence rate of COVID-19, such as India, China, Brazil, the US, and several European countries (including Russia, Italy, and Spain). While industries such as oil and petroleum, aeronautics, and mining are experiencing a steep fall in revenues, the healthcare, biotechnology, and pharmaceutical industries are optimizing this situation to serve a maximum number of patients and healthcare professionals.
Based on application, the digital therapeutics market is segmented into preventive and treatment/care-related applications. The largest share is the treatment/care related applications. 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.
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North America to dominate the Digital Therapeutics Market market
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.
Recent Developments:
1. In April 2021, Welldoc(US) partnered with Dexacom (US). This partnership helped provide BlueStar with Dexcom G6 CGM as a single platform to people with Type 2 diabetes for improved health.
2. In March 2021, Pear Therapeutics (US) partnered with Sprectrum Health Systems (US). Tufts Health Plan and Spectrum Health Systems announced a collaboration with Pear Therapeutics to test FDA-approved digital therapeutics to help people with substance use disorders and improve their recovery journeys by delivering solutions for improved treatment access and care innovation journeys by delivering solutions for improved treatment access and care innovation
3. In January 2020, Crossroads Treatment Centers (US) collaborated with Pear Therapeutics (US) to implement the company’s digital platform reSET-O to help patients with opioid abuse and addiction.
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raviraj.tak@marketsandmarkets.com
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