The global digital therapeutics market is witnessing considerable growth due to increasing prevalence of chronic diseases and lifestyle associated diseases, growing geriatric population, need to control healthcare cost, and technological advancement. Moreover, increasing focus on preventive healthcare and increase in venture capital investment are supporting the growth of the market.
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The benefits of digital therapeutics such as improved drug adherence, ability to induce behavioral changes and patient convenience across the globe is also driving the growth of the market. Based on type of application, the market for preventive application segment is expected to grow at the faster rate during the forecast period, due to increasing government initiatives to increase preventive healthcare.
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Government initiatives to reinforce the development and implementation of digital therapeutics solutions are also fueling the growth of the global digital therapeutics market. These programs are for the self-management and patient education improvement skills to encourage healthy lifestyle of an individual. Geographically, North America has been the largest market for digital therapeutic, owing to increasing prevalence of chronic diseases and government initiatives to support technological advancement in digital therapeutics in the region. The U.S. contributed largest revenue to the North American as well as global digital therapeutics market. The improving reimbursement structure for digital therapeutic solutions, and increasing investment in digital therapeutics field are the key growth driving factor for the U.S. digital therapeutics market. Globally, the digital therapeutics market is expected to witness the fastest growth in Asia-Pacific during the forecast period. The highest growth in the region is attributed to the increasing prevalence of chronic illness and growing geriatric population in the region.
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The key players operating in the global market are Proteus Digital Health Inc., Omada Health Inc., Welldoc Inc., Livongo Health, Noom Inc., Propeller Health, Canary Health Inc., and Mango Health Inc.
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