Patients Segment to Lead Digital Therapeutics Market between 2021 and 2028

According to our latest study on "Digital Therapeutics Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Application and Distribution Channel," the market is expected to grow from US$ 4,226.94 million in 2021 to US$ 18,061.79 million by 2028; it is estimated to grow at a CAGR of 23.1% from 2021 to 2028. The report highlights the key factors and trends impacting the market and focuses on prominent players and their strategies.

Digital therapeutics are evidence-based therapeutic interventions powered by software to prevent, manage, or treat medical diseases or disorders. It can help patients self-manage their symptoms, improve their quality of life, and provide other clinical outcomes, such as enabling physicians to work closely with the patients and provide personalized care as well as help doctors to manage patient adherence to medical regimens. Digital therapeutics use digital tools and technologies, such as mobile devices, apps, sensors, virtual reality, and the internet of things (IoT) to encourage behavioral changes in patients. Digital therapeutics development can have a favorable impact on offering well-adapted health services; because their design is adjusted to match the patient's needs. It can be used as a standalone therapy or in conjunction with conventional treatments, including pharmacological or in-person therapy, or with specific hardware or other sensory or mechanic devices.

The rising prevalence of chronic diseases, the growing need to reduce healthcare costs, and partnerships and collaborations by companies propel the growth of the digital therapeutics market. However, the rise in concerns for cyber threats and data security limits the market growth.

Based on distribution channel, the digital therapeutics market is segmented into patients, providers, payers, and employers. The patients segment held the largest market share in 2021. However, the providers segment is anticipated to register the highest CAGR during the forecast period. Digital therapeutics provide self-management and caregiver support to patients consisting public health and healthcare services. Digital therapeutics helps patients to assist in the diagnosis, treatment, care management, education, and self-management of diseases. It is used as a preventive measure for patients at risk of developing serious health conditions. Patients with prediabetes can use digital therapeutics to change their diet and behavior, leading to a diabetes diagnosis. Digital therapeutics can also be used as a treatment option for existing conditions. Patients with type 2 diabetes can use digital therapeutics to manage the disease effectively. Thus, the increasing application of digital therapeutics supports market growth.

Propeller Health; Canary Health, Inc.; NOOM, INC.; 2Morrow, Inc.; Teladoc Health; Welldoc, Inc.; FITBIT, Inc.; OMADA Health; Mango Health; Pear Therapeutics, Inc.; and Happify Health are among the key players operating in the digital therapeutics market.

The report segments the digital therapeutics market as follows:

The digital therapeutics market is analyzed on the basis of application and distribution channel. Based on application, the market is categorized into respiratory diseases, central nervous system diseases, smoking cessation, musculoskeletal disease, cardiovascular diseases, diabetes, and other applications. Based on distribution channel, the digital therapeutics market is segmented into patients, providers, payers, and employers. By geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East and Africa (the UAE, Saudi Arabia, South Africa, and the Rest of the Middle East and Africa), and South and Central America (Brazil, Argentina, and the Rest of South and Central America).

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