Digital Therapeutics Market to Register Staggering 26.5% CAGR through 2032 as Focus on Better Healthcare Outcomes Increases
30 Aug 2022
AcquisitionCollaborate
The digital therapeutics market analysis offered by Fact.MR scrutinizes key growth factors that are impacting sales in the market. The report provides in-depth insights covering key factors such as drivers, opportunities, key players' strategies, and demand outlook. In addition to this, the study analyzes latest trends across various segments such as end-user, application, and regions.
NEW YORK, Aug. 30, 2022 /PRNewswire/ -- The global digital therapeutics market is currently valued at US$ 5.27 Billion and is set to reach
US$ 56.41 Billion by 2032. Sales in the market are projected to grow at 26.5% CAGR between 2022 to 2032.
Growing use of digital therapeutics by leading pharma companies to improve health outcomes is a key factor driving the market. Further, accessibility to on-the-go internet and high penetration rate of smartphones has accelerated the demand for digital therapeutics in the pharmaceutical industry.
Pharmaceutical companies around the world are aware of the massive growth potential of the digital therapeutics market. To capitalize on this, key companies are aiming for collaborations between pharmaceutical giants and leading tech companies. For instance, Sanofi and Happify signed an agreement in 2019 to bring prescription digital mental health therapeutics to individuals with multiple sclerosis.
For more insights into the Market, Get A Sample of this Report!
https://www.factmr.com/connectus/sample?flag=S&rep_id=6314
Adoption of digital therapeutics is also likely to be boosted by growing prevalence of chronic diseases such as diabetes, cancer, arthritis, and others. Due to the prevalence of these diseases, patients need constant monitoring and regular health check-ups. Hence, need for digital therapeutics is surging as awareness regarding health among patients continues to surge.
According to the Center of Disease Control and Prevention (CDC), over 50% of the U.S. adults had at least one chronic condition in 2018 and the burden is rising with deteriorating lifestyle. As governments and healthcare providers focus on providing efficient, evidence-based care for chronic diseases, adoption of modern treatment processes such as digital therapeutics is likely to gain traction.
North America is likely to be a prominent market, accounting for 42% share of the global market.
Asia Pacific digital therapeutics market is likely to grow at a brisk pace of 20% CAGR between 2022 and 2032 owing to higher spending on healthcare by governments.
Diabetes application segment is likely to account for 28% of demand share in digital therapeutics market
By end-user, patients segment is likely to remain the largest during the forecast period.
In terms of application, sales of digital therapeutics in obesity segment are anticipated to rise by 2x over the forecast period (2022-2032)
Growth Drivers:
Efficacy of digital therapeutics in improving treatment outcomes is likely to boost its adoption during the forecast period
Increasing focus on preventative healthcare coupled with growing number of untreated and undiagnosed population will drive the demand in the market
Rising prevalence of chronic diseases that demand long-term care such as cancer and diabetes are likely to create opportunities for digital therapeutics companies
Restraints:
Digital therapeutics is highly vulnerable to hacking attacks and phishing, putting patient health at risk. This factor is likely to create reluctance among patients until stringent safety measures are put into place
Get Customization on this Report for Specific Research Solutions
https://www.factmr.com/connectus/sample?flag=RC&rep_id=6314
The digital therapeutics market is highly competitive with a presence of both established companies and new entrants. Market players are focusing on mergers & acquisitions and partnerships to consolidate their position.
For instance,
Teladoc partnered with National Labor Alliance in 2021 as part of its strategic goal of expanding its virtual care products and services
Akili Interactive completed a merger with Social Capital Suvretta Holdings Corp in August 2022. The company also went public, trading under the ticker 'AKLI' on NASDAQ
Key Companies Profiled by Fact.MR
2Morrow, Inc.
More Valuable Insights on Digital Therapeutics Market
In the latest study, Fact.MR offers a detailed study on digital therapeutics market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of digital therapeutics market with analysis across below segments:
By Application Type:
Obesity
Smoking Cessation
By End User:
Patients
Providers
Payers
Employers
By Region:
North America
Latin America
Europe
South East Asia & Oceania
Middle East & Africa
Interested to Procure The Data? Inquire here
https://www.factmr.com/connectus/sample?flag=EB&rep_id=6314
Key Questions Covered in the Digital Therapeutics Market:
What is the projected value of the digital therapeutics market in 2022?
At what rate will the global digital therapeutics market grow until 2032?
Which are the factors hampering the growth in the digital therapeutics market?
Which region is expected to lead in the global digital therapeutics market during 2022-2032
Which are the factors driving the digital therapeutics during the forecast period?
What is the expected market value of digital therapeutics during the forecast period?
Explore Fact.MR's Coverage on the Technology Domain
5G Services Market
- The global 5G services market size is anticipated to procure a market value of US$ 48 billion in 2022 and is likely to reach US$ 3,827.64 billion. Sales in the market are poised to expand at an impressive CAGR of 55% from 2022 to 2032. Growth in the market is primarily attributed to increasing development in virtualization and growing need for AR/VR in in diverse industries.
Real-Time Payments Market
- The real-time payments market is expected to garner a market value of US$ 16 billion in 2022, and is likely to register staggering growth at a CAGR of 33% in the forecast period 2022-2032. Increasing use of e-wallets for transaction across multiple domains such as BFSI, retail, travel, and others is improving the demand in the market.
- The digital remittance market is expected to reach a valuation of US$ 18.16 billion in 2022 and register a positive CAGR of 13.5% in the forecast period 2022-2032. Fact.MR further offers a bird-eye 360-degree view of key trends and opportunities propelling the growth in the market across key regions over the upcoming decade.
Digital Battlefield Market: North America accounts for approximately 39% of the global sales value of digital battlefields. AI innovations in digital battlefields in the defense sector will be key to the growth of market players over the coming years.
Digital Transformation Market
: Digital Transformation Market Analysis by Technology (Cloud Computing, Big Data and Analytics, Mobility/ Social Media, Cybersecurity), by Deployment (Cloud, On-premises), by Organization Size, by Vertical, by Region - Global Forecast 2022-2032
Check it Out More Reports by Fact.MR on Technology Industry
https://www.factmr.com/industry/technology
About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That's why focus on offering insights that can actually make a difference to bottom-lines.
Contact:
Mahendra Singh
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
E: [email protected]
Follow Us: LinkedIn | Twitter | Blog
Logo: https://mma.prnewswire.com/media/713666/FactMR_Logo.jpg
SOURCE Fact.MR
For more details,please visit the original website
The content of the article does not represent any opinions of Synapse and its affiliated companies. If there is any copyright infringement or error, please contact us, and we will deal with it within 24 hours.
Organizations
Indications
Targets
-Drugs
-Chat with Hiro
Hot reports
Get started for free today!
Accelerate Strategic R&D decision making with Synapse, PatSnap’s AI-powered Connected Innovation Intelligence Platform Built for Life Sciences Professionals.
Start your data trial now!
Synapse data is also accessible to external entities via APIs or data packages. Empower better decisions with the latest in pharmaceutical intelligence.