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Global Digital Therapeutics Market to Grow at a CAGR of 23.1% During 2021-2026, Aided by the Rising Prevalence of Chronic Diseases

According to a new report by EMR titled, ‘Global Digital Therapeutics Market Report and Forecast 2021-2026’, the market attained a value of about USD 3.6 billion in 2020. The industry is further expected to grow at a CAGR of 23.1% in the forecast period of 2021-2026 to reach a value of nearly USD 12.6 billion by 2026.

The market for digital therapeutics is being driven by several factors, such as the rising incidence of chronic diseases, the desire to cut healthcare costs, a growing emphasis on preventive healthcare, and increased expenditures in digital therapeutics. The increasing prevalence and incidence rate of chronic diseases is a major concern for healthcare systems across the world. Patients with chronic diseases provide a significant therapeutic challenge since psychosomatic or biopsychic factors commonly impact these patients. Since chronic diseases are often associated with substantial levels of uncertainty, patients must change their behaviour as part of a new self-care lifestyle. Many chronic diseases and conditions worsen with time and become more common as people age. As a result, as the global geriatric population rises, chronic diseases are anticipated to rise even more throughout the forecast period. This is expected to boost the demand for digital therapeutics in the upcoming years.

Recently, some key industrial developments have shown the potential to drive the market over the forecast period. For instance, Pear Therapeutics (US) collaborated with Spectrum Health Systems (US) in March 2021. Tufts Health Plan and Spectrum Health Systems have established a partnership with Pear Therapeutics to test FDA-approved digital therapeutics to aid patients with substance use disorders in their recovery journeys by offering solutions for enhanced treatment access and care innovation. In addition, the growing competition among the industry key players, such as Livongo Health Inc. (NASDAQ: LVGO) and Mango Health Inc., is expected to foster market growth in the coming years.

Market Analysis by Application, End Use, and Region:

  • By application, the market is divided into diabetes, obesity, cardiovascular diseases (CVD), central nervous system (CNS) disease, respiratory diseases, and smoking cessation, among others.
  • Based on end use, the industry can be categorised into patients, providers, payers, and employers, among others.
  • The regional markets for digital therapeutics include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rising prevalence of preventable chronic diseases is expected to drive the market over the forecast period.
  • The need to reduce healthcare costs is likely to propel the growth of the market in the coming years. 
  • The growing focus on preventive healthcare is anticipated to have a positive impact on the progress of the industry.
  • Increased investments in digital therapeutics will provide the industry with immense growth opportunities.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for digital therapeutics for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the applications, end uses, and regions of digital therapeutics.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global digital therapeutics market are Omada Health, Inc., WellDoc Inc., Livongo Health Inc., Mango Health Inc., and Canary Health Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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