LONDON, Oct. 07, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the digital therapeutics market, the increasing use of smartphones and tablets coupled with healthcare apps is expected to propel the growth of the digital therapeutics market in the forecast period. Smartphones and tablet-based healthcare apps have numerous advantages over the lower rate of medication errors, facilitating preventive care, and more accurate staffing.
For instance, according to the Groupe Speciale Mobile Association (GSMA) report, globally 2.71 billion people owned a smartphone in 2019 and the number of smartphone users in the US reached 270 million in 2020. Therefore, the increasing use of smartphones drives the growth of the digital therapeutics market.
The global digital therapeutics market size is expected to grow from $3.53 billion in 2020 to $4.20 billion in 2023 at a compound annual growth rate (CAGR) of 19%. The change in growth trend of the digital therapeutics market is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The digital therapeutics market is expected to reach $10.62 billion in 2025 at a CAGR of 26.1%.
The Business Research Company’s report titled Digital Therapeutics Global Market Report 2023 – By Product (Software, Devices), By Sales Channel (Business-To-Business (B2B), Business-To-Consumers (B2C)), By Application (Preventive Applications, Treatment Or Care-Related Applications), COVID-19 Implications And Growth covers major digital therapeutics companies, digital therapeutics market share by company, digital therapeutics manufacturers, digital therapeutics market size, and digital therapeutics market forecasts. The report also covers the global digital therapeutics market and its segments.
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The main product types of digital therapeutics are devices and software. Digital therapeutics devices provide intervention to prevent, manage or treat a disease or medical disorder. This includes devices such as sensors used to track medication usage and location data. The different sales channels include business-to-business (B2B), business-to-consumer (B2C). Digital therapeutics are used in preventive applications and treatment or care-related applications.
Technological innovation is an emerging trend gaining popularity in the digital therapeutics market. Major companies operating in the market are focused on developing technologically advanced solutions for digital therapeutics to strengthen their position. For instance, in 2020, Boehringer Ingelheim, a Germany-based pharmaceutical company, and Click Pharmaceuticals, a US-based prescription digital therapeutics business, have agreed to collaborate on the development and commercialization of a digital medication for schizophrenia patients worth more than $500 million. The treatment named CT-155 will be a mobile app developed on Click’s technology platform, according to the company.
Major players in the digital therapeutics industry are Omada Health Inc., WellDoc Inc., 2Morrow Inc., Livongo Health, Propeller Health, Pear Therapeutics, Canary Health Inc., Noom Health Inc., Mango Health Inc., Akili Interactive Labs, Better Therapeutics, Happify Health, Kaia Health, Medtronic Plc., Teladoc Health Inc, and Fitbit Health Solutions.
In April 2020, Novartis, a Switzerland-based pharmaceutical company acquired Ambylotech for an undisclosed amount. Amblyotech is a US-based digital therapeutics company. This acquisition is expected to help Novartis to develop Amblyotech’s novel digital technology to treat amblyopia or lazy eye through digital therapeutics.
North America accounts for the largest share in the digital therapeutics market. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital therapeutics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Digital Therapeutics Global Market Report 2023 – COVID-19 Implications And Growth is one of a series of new reports from The Business Research Company that provide digital therapeutics market overviews, digital therapeutics market analyze and forecast market size and growth for the whole market, digital therapeutics market segments and geographies, digital therapeutics market trends, digital therapeutics market drivers, digital therapeutics market restraints, digital therapeutics market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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