Report Description of the APAC Digital Therapeutics Market Analysis
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for APAC Digital Therapeutics Market Analysis
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the APAC Digital Therapeutics Market Analysis
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy based consulting analysis
APAC Digital Therapeutics Market Analysis Executive Summary
Digital therapeutics refers to healthcare solution and treatment option, which uses digital technologies to cure patients with any kind of medical or psychological problem. It offers a whole new approach for the treatment and disease management under which it uses systems & high-quality software to assist patients to monitor their health conditions at home. In addition, these solutions use internet infrastructure, smartphones, and certain advanced technologies like artificial intelligence (AI), machine learning, and big data analytics to maximize the treatment for a patient, thus implementing the principle of customized medicine. The digital therapeutics market consists of a wide variety of products like telemedicine platforms, apps, wearable devices, and others. In present scenario, there are many healthcare apps and wearable devices which are easily accessible all over the world.
Market Size and Key Findings
The APAC Digital Therapeutics Market Analysis size stood at around USD 2.01 billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of 23.4% during the forecast period.
The digital therapeutic (DTx) market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 23.4% in the forecast period of 2021 to 2028 and is expected to reach USD 10,639.36 million by 2028 from USD 2,012.29 million in 2020.
Market Growth Drivers Analysis
Increasing prevalence of chronic diseases such as diabetes, hypertension among others as well as the rising awareness by government agencies will increase the growth of the digital therapeutic (DTx) market. Digital therapeutics (DTx) deliver therapeutic interventions directly to patients using employing evidence-based, remote assessed software to serve, manage and avert a broad spectrum of behavioural, mental and physical disorders. They are utilized alone or mix with medications, devices or other therapies to optimize patient care and health outcomes. Rising remote access to therapies that are clinically tested as safe and effective is one of the properties of digital therapeutics (DTx) during the treatment. The technological advancement which the companies make in order to grow their product line and gain profits are one of the drivers for the growth of the digital therapeutic (DTx) market.
The privacy concerns related to digital therapeutic (DTx) apps may act as a restraint for the growth of the digital therapeutic (DTx) market. The quality of digital therapeutic (DTx) is to be maintained in order to provide better treatment and proper care for the customers, hence, this needs to be done correctly, therefore this would act as challenge for the digital therapeutic (DTx) market because many a times the need is not met. However, lack of awareness and access to digital therapeutics programs in emerging countries impede the market growth. The digital therapeutics market’s primary concerns are unstable payment models and patient data privacy concerns, which restrain the market growth.
COVID-19 impact on “APAC Digital Therapeutics Market Analysis”
The emergence of the outbreak has disrupted the APAC region’s healthcare systems as the healthcare responses are focused on strengthening the Covid-19 infrastructure. The need for the substantial shift to apps and hardware capable of lifestyle enhancement and medical intervention has developed during the Covid-19 pandemic period. M
Covid-19 has positively impacted the digital therapeutics market growth. Due to the pandemic, the awareness among the people has increased about the importance of digital health and the proliferation of mental illness, and the rising rate of drug abuse worldwide is expanding the market during Covid-19 period. Moreover, due to nationwide lockdown, people are restricted to home, which led physical activity, and unhealthy lifestyles, and mental stress has increased chronic diseases. Therefore, the demand for therapeutics devices and software flourishes across the Asia Pacific.
Digital therapeutic (DTx) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to digital therapeutic (DTx) market. The major companies providing digital therapeutic (DTx) market are Smartpatient gmbh, Wellthy Therapeutics Pvt Ltd, SAMSUNG, ResMed and Fitbit, Inc., among other domestic and global players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Products in Pipeline
In November 2020, ResMed published a randomized controlled trial in the Journal of Allergy and clinical immunology. This showed a significant decline in the use of reuse inhalers and higher patient compliance in patients using Propeller Health digital platform. The company gains more customers after such publications and increases its value.
In April 2020, Smartpatient gmbh had decided to partner with “Around the Pill’ Solutions for pharmaceutical development in the future. The partnership needs to be done to gain partnered products and developments to gain more customers and expanding the business. After the partnership, the company will have development in product and the market value would increase.
Notable Recent Deals
- The Diabetes market dominated the South Korea Digital Therapeutics Market by Applications 2020, thereby, achieving a market value of $90.2 million by 2027. The CNS Disease market is estimated to grow at a CAGR of 27% during (2021 – 2027). The Respiratory Diseases market is showcasing a CAGR of 28.3% during (2021 – 2027). Additionally, The Smoking Cessation market is expected to witness a CAGR of 27.7% during (2021 – 2027).
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
Advancements in technologies in developing countries are estimated to spur the demand for the digital therapeutics market. It is due to the increasing disposable income, use of the internet, and mobile & other smart devices. In addition, a rising number of healthcare applications and wearable gadgets have contributed to connecting the world via a different range of applications. All these technological improvements will further open new growth avenues for the digital therapeutics market during the forecast period. Moreover, the increasing government initiatives & programs to protect the healthy population are also expected to support the demand for the digital therapeutics market over the years. Developing countries are adopting various technological advancements that further help the market to grow