• Stacy Lawlor

Global Digital Therapeutics Market Size to grow by US$ 13.4 Bn in 2030

The Global Digital Therapeutics Market is projected to grow from USD 3.4 billion in 2021 to USD 13.4 billion by 2030 at a CAGR of 31.4% during the forecast period.


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Digital therapeutics enables the provision of empirically supported therapeutic interventions to patients. In order to prevent, achieve, or treat a medical condition or ailment, digital therapeutics provides patients with real therapeutic treatments that are powered by top-notch software programs. Innovative technology related to design, usability, clinical validation, and data protection and security is present in these items. These treatments mostly concentrate on producing clinical outcomes and reporting various medical circumstances. In addition to being utilized to treat medical conditions, digital therapeutic systems have the ability to significantly enhance and transform the patient's health. They can also be used individually or in combination with other therapies, drugs, or technology to improve patient care and health outcomes.


Different industries have seen the effects of the coronavirus pandemic and the following implementation of statewide lockdowns. Particularly in nations with a high incidence rate of COVID-19, like China, India, Brazil, the US, and several European countries, the overall growth of numerous sectors has been severely damaged (including Russia, Italy, and Spain). The healthcare, biotechnology, and pharmaceutical industries are making the most of this circumstance to serve the greatest number of patients and healthcare professionals, whereas industries like oil and petroleum, aviation, and mining are seeing a sharp decline in revenue.


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The global market for digital therapeutics is anticipated to experience significant growth during the forecast period due to the need to contain healthcare costs, and advancing technology. According to the American Heart Association's Heart and Stroke Statistics - 2019, nearly half of all individuals in the United States (48 percent, 121.5 million in 2016) have a cardiovascular disease. The market is also expected to rise in the near future as a result of factors like the increased global focus on early diagnosis, disease prevention, and patient convenience. Moreover, the healthcare spending has climbed in several OECD nations, the Organization for Economic Co-operation and Development reports that healthcare spending increased significantly in 2020. The per capita health had risen by almost 4.9 percent in 2020, according to preliminary estimates of healthcare spending in about 16 nations worldwide. Additionally, there has been a movement in preference toward more sophisticated medical treatments, including an increase in the need for novel therapeutic gadgets.


Global healthcare systems are extremely concerned about the rising prevalence and incidence rate of chronic diseases. Since psychosomatic or biopsychic elements frequently have an impact on patients with chronic conditions, treating them might be difficult. Patients must alter their behavior as part of a new self-care lifestyle because chronic diseases are frequently accompanied by significant levels of uncertainty. Additionally, a lot of chronic illnesses and ailments progress over time, and their prevalence rise with advancing age. Chronic disorders are therefore anticipated to increase further in the upcoming years due to the large development in the world's senior population, due to this factor raising the need for digital therapeutics across the globe.


North America region is dominating the market share of global digital therapeutics market owing to the high prevalence of chronic diseases in the region and government initiatives to assist technological innovation in digital medicines. Additionally, it is anticipated that the evolving pay scheme for digital therapeutic solutions and growing investment in the sector would be the key growth drivers for the U.S. digital therapeutics industry. However, Asia Pacific region is anticipated to grow over the next few years of global digital therapeutics market owing to the rising incidence of chronic illness, the region's aging population, and the development of digital therapies are all contributing factors to this trend.


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KEY INDUSTRY DEVELOPMENTS:


November 2019- The Bluestar product was jointly developed and launched in Japan and Asia by Welldoc and Astellas Pharma Inc.


October 2019- the first smartphone app for digital health was released by 2Morrow to assist teens and young adults in quitting vaping.


June 2019- to help a larger segment of the population with digital therapies, Catasys Inc. announced its cooperation with CANARY HEALTH.


Read More Details On This Report: https://extrapolate.com/Healthcare-Medical-Devices-Biotechnology/digital-therapeutics-market/25958

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