Digital Therapeutics Market Significant Trends to Watch in 2019 and Beyond Profiling-CANARY HEALTH, Noom, 2Morrow, Livongo Health, Proteus Digital Health
Digital Therapeutics market report give a 360-degree holistic view of the market and highlights the key developments, drivers, restraints and future trends with impact analysis of these trends on the market for short-term, mid-term and long-term during the forecast period. In addition, the report also provides profiles of major companies along with detailed SWOT analysis, financial facts and key developments of products/service from the past three years.
According to a new market research study titled ‘Digital Therapeutics Market to 2025 – Global Analysis and Forecasts by Application and Distribution Channel, the global digital therapeutics market was valued at US$ 1,993.2 Mn in 2017 and is estimated to reach US$ 8,941.1 Mn by 2025. The market is estimated to grow with a CAGR of 20.8% from 2018-2025.The report highlights the trends prevalent in the global digital therapeutics market and the factors driving the market along with those that act as deterrents to its growth.
North America is the largest geographic market and it is expected to be the largest revenue generator during the forecast period, whereas the market is expected to witness growth at a significant rate in Asia Pacific (APAC) region during the forecast period. Factors such as, increasing prevalence of the chronic diseases, acceptance of the digital health platforms, developments performed by the market players in the countries such as India, China, Australia and others are likely to propel growth of the market.
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Major players operating in the digital therapeutics market include Propeller Health, CANARY HEALTH, Noom, Inc., 2Morrow Inc., Livongo Health, Proteus Digital Health, WellDoc, Inc., Fitbit, Inc., Omada Health, Inc., and MANGO HEALTH and among others.
Answers that the report acknowledges:
- Market size and growth rate during forecast period.
- Key factors driving the “Digital Therapeutics” market.
- Key market trends cracking up the growth of the “Digital Therapeutics” market.
- Challenges to market growth.
- Key vendors of “Digital Therapeutics” market.
- Detailed SWOT analysis.
- Opportunities and threats faces by the existing vendors in Global “Digital Therapeutics” market.
- Trending factors influencing the market in the geographical regions.
- Strategic initiatives focusing the leading vendors.
- PEST analysis of the market in the five major regions.
Global digital therapeutics market, based on the application is segmented into diabetes, cardiovascular disease, central nervous system disease, respiratory diseases, smoking cessation, musculoskeletal disease and others. In 2017, diabetes segment held the largest share, by application. The segment is also anticipated to grow at a significant rate during the forecast period, since there has been an increase in the incidence of diabetes across the globe.
Global digital therapeutics market is expected to grow in the coming years, owing to the rising pressure on healthcare providers to reduce healthcare cost in the market. The fiscal pressure and patent cliffs compel healthcare providers to cut on drug prices, encourage the use of generics and scale back the reimbursement. This in turn is gradually reducing the profit margins and annual net sales of the healthcare companies that leads to immediate requirement of a strategic plan so as to cut down on the operational costs.
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The market players are focused towards bringing new and innovative program and product launches to sustain their position in the market. For instance, in November 2017, Fitbit, Inc. launched in Argentina with its Fitbit Versa, Fitbit Ionic and Fitbit Ionic adidas Edition smart watches and Fitbit Charge 3 fitness tracker devices. Additionally, in September 2018, Fitbit, Inc. launched Fitbit Care device that combines health coaching and virtual care through the new Fitbit Plus app.
Product launch/update and partnerships were observed as the most adopted strategy in global digital therapeutics industry. Few of the product approvals and partnerships made by the players in the market are listed below:
2017: In November, Propeller Health and Express Scripts entered into a partnership to provide Propeller’s FDA-cleared digital solutions to Express Scripts to manage asthma or COPD.
2016: In November, Propeller Health received FDA approval for its Propeller platform for use with GSK’s Ellipta inhaler.
2018: In April, Canary Health entered into a partnership with NMRHCA to offer the Better Choices, Better Health (BCBH) digital therapeutics program in New Mexico.
2016: In June, Canary Health partnered with Medtronic to expand their diabetes care offerings with Canary Health’s self-management suite for pre-diabetes, diabetes and related comorbidities.
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Reasons to Buy the Report:
– Learn about the driving factors, affecting the market growth.
– Imbibe the advancements and progress in the market during the forecast period.
– Understand where the market opportunities lies.
– Compare and evaluate various options affecting the market.
– Pick up on the leading market players within the market.
– Envision the restrictions and restrains that are likely to hamper the market.
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