Published on : Oct 24, 2017
Albany, New York, October 24, 2017: Nowadays, use of technology for treating medical conditions has been increased. Due to several technological advancements, the medical industry has seen a lot of product innovations, one of them is digital therapeutics. The demand for technologically advanced products for treating medical conditions coupled with rising disposable incomes is positively influencing the global digital therapeutic devices market, finds a new study added to the broad storehouse of Market Research Hub (MRH). The study is of 280 pages and titled as “Digital Therapeutic Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025”, in which the global digital therapeutic devices market is explored in great detail, and the present market dynamics has been covered comprehensively, explaining to the report readers the drivers, restraints and trends operating in this highly competitive market.
Digital therapeutics, commonly known as software-for drugs has been gaining much attention due to the number of benefits it offers to patients that utilize it. According to the report projections, the global digital therapeutic devices market will develop at a remarkable CAGR of 15.6% during the forecast period between 2017 and 2025. At this pace, the market for digital therapeutic devices is estimated to touch a revenue valuation of US$2,082.3 mn by 2025-end, which is strikingly up from its estimated worth of US$590.8 mn in 2016. Further, the report also states that the competitive scenario is likely to intensify as more and more medical device companies make a foray into this market with their technological expertise.
In the beginning, the report comprises an elaborate executive summary, together with a market snapshot that offers information of various segments and sub-segments. The market has been segmented on the basis of product type, application, end-user and regions. The report provides market size in terms of US$ Mn for each segment for the period 2015 to 2025, considering the macro and micro environmental factors. Growth rates for each segment within the global digital therapeutic devices market have been determined after a thorough analysis of past trends, demographics, future trends, technological developments, and regulatory requirements.
By product type, the study includes pain management devices, respiratory therapy devices, insulin pumps and rehabilitation devices. On the basis of application, digital therapeutic devices are used for preventive, and treatment/care. Geographically, the study outlines some of the prime regions such as North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Of these, North America holds the maximum share of the overall market. However, Asia Pacific is expected to display the leading growth rate over the forecast period.
Moving further, the market dynamics sections highlights major drivers boosting digital therapeutics market growth, which are increasing government initiatives, rising incidence of diabetes, cardiovascular diseases, increasing collaborations between companies for technological advancements and increasing adoption of digital therapeutic devices product by healthcare providers. It has been identified that digital therapeutics will be first-line treatment for chronic disease. Thus, the increasing prevalence of chronic diseases is also a factor that will positively influence the digital therapeutic devices market. Major trends observed by the study are increasing adoption of cloud-based systems; Virtualization technologies and technological advancements which add new dimension to healthcare IT.
Later, the study highlights some of the popular company names in global digital therapeutic devices market, including Propeller Health, Proteus Digital Therapeutic Devices, Omada Health, Inc., WellDoc, Inc., Noom, Inc., Ginger.io, Inc., 2Morrow, Inc., Mango Health, BiogeniQ Inc., Livongo Health, Twine Health, Inc., Glooko, Inc., Canary Health, Firstbeat Technologies Ltd., and others.
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