Digital Therapeutics Market - Global Forecast to 2021 - New Market Report

From: Fast Market Research, Inc.
Published: Tue Jul 12 2016

Digital Therapeutics Market by Application (Prevention (Prediabetes, Obesity), Care (Diabetes, CVD, CNS, CRD, Smoking Cessation, Musculoskeletal)), Sales Channel (B2C (Patient, Caregiver), B2B (Provider, Payer, Employer, Pharma)) - Global Forecast to 2021

The digital therapeutics market in terms of value is expected to reach USD 457.9 million by 2021 from USD 110 million in 2016, growing at a CAGR of 27.7% from 2016 to 2021. This market is categorized on the basis of application, sales channel, and region.

Major factors contributing to the growth of the digital therapeutics market include increasing incidence of chronic diseases, rising focus on preventive healthcare, technological advancements, growing need to control healthcare costs, significant increase in venture capital investments, and the benefits of digital therapeutics. Government initiatives to support the development and adoption of digital therapeutics solutions also provide an impetus for the growth of this market. For instance, in 2010, the U.S. Congress authorized the Centers for Disease Control and Prevention (CDC) to create the Diabetes Prevention Recognition Program (DPRP) and recognize programs that meet evidence-based standards provided by DPRP. This includes programs such as the "Prevent" program offered by Omada Health Inc. (U.S.) implemented for the prevention of diabetes. Additionally, the Affordable Care Act (2010) authorized a series of diabetes prevention programs under the National Diabetes Prevention Program (NDPP). One example of such a program is three digital diabetes prevention programs, provided by Canary Health (U.S.), Noom Health (U.S.), and Omada Health (U.S.), which received recognition in 2015. Such government initiatives are likely to provide an impetus for market growth. Relatively untapped markets in developing regions of Asia-Pacific and unexplored therapeutic applications have opened an array of opportunities for the digital therapeutics market. However, factors such as a lack of awareness and access to digital therapeutics programs in developing countries, patient data privacy concerns, and resistance from traditional healthcare providers may restrain the growth of this market.

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