Brooklyn, New York, USA, 2021-June-14 — /Meridian Market Consultants/ — The report is titled ‘Digital Therapeutics Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the Digital Therapeutics market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The Digital Therapeutics market is expected to grow at a significant rate in the near future.
The global Digital Therapeutics market was valued US$ 34.1 Bn at the end of 2020 and expected to reach at a value of US$ 53.1 Bn by 2028 with a significant CAGR of 5.7%.
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Digital Therapeutics Market Dynamics
In the healthcare system diabetes costs around US$ 245 Bn annually of which around US$ 176 Bn is included under direct medical costs. Medical management under digital therapeutics for the patients includes a change in diet recommendations, physical activities and smoking cessation, oral anti-diabetic agents, insulin therapy, and complication preventions that are linked with diabetes, such as cardiovascular risk factor management.
Change in demographics is one of the important aspects for the growth in the health care industry as most of the countries are experiencing a high percentage of transformation in the young population into the aged population. According to World Bank Data, in 2013, the total healthcare spending globally was $7.2 trillion, which accounts for around 11.0% of global GDP and expected to grow at more than 5.0% annually to 2018. The result of global healthcare spending leads to an increase in life expectancy that leads to an aging population.
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Digital Therapeutics Market Segmentation
The digital therapeutics market is segmented on the basis of application, end-use, and region.
By Application
Preventive Applications
o Prediabetes
o Obesity
o Nutrition
o Lifestyle Management
o Others
Treatment Applications
o Diabetes
o CNS Disorders
o Chronic Respiratory Disorders
o Musculoskeletal Disorders
o Cardiovascular Diseases
o Smoking Cessation
o Medication Adherence
o Gastrointestinal Disorders
o Substance Use & Addiction Management
o Rehabilitation & Patient Care
o Others
By end-use global digital therapeutics market is segmented into Patients, Caregivers, Employers, Payers, and Pharmaceutical Companies.
The rise in digital education and ease in data quantification in the life science and biotechnology industry is the first and foremost factor driving demand for digital therapeutics in the global market. Increasing research and development activities in therapeutic industries would further increase the demand for more use of digital therapeutics. Technological advancements in various therapies is one of the main factor driving the growth of this market.
Digital Therapeutics Market Key Players
The global digital therapeutics market is mainly dominated by Omada Health, NeuroTrack Technologies, Inc., ZappRx, MEDIMETRICS, Arthro Therapeutics, BiogeniQ, Oviva AG, Healark, Pathology Diagnostics Ltd., between MD, LLC.
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