Report Description of the US 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 US 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 US 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
US Digital Therapeutics Market Analysis Executive Summary
The U.S. digital therapeutics market size was valued at USD 1.05 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 22.2% from 2020 to 2027. Digital Therapeutics (DTx) deliver a wide range of services, encouraging users to adopt healthy habits and efficiently track and manage their health conditions which is increasing the demand. Continuously changing digital landscape and outbreak COVID 19 pandemic has led to an increase in the adoption. Furthermore, increased use of the internet and smartphones is one of the major factors driving the market growth.
Market Size and Key Findings
The US Digital Therapeutics Market Analysis size stood at around USD 1.34 billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of 22.2% during the forecast period.
The global digital therapeutics market is projected to reach USD 13.1 billion by 2026 from USD 3.4 billion in 2021, at a CAGR of 31.4% during the forecast period. Growth in this market is primarily driven by the increasing incidence of preventable chronic diseases, the need to control healthcare costs, rising focus on preventive healthcare, and rising investments in digital therapeutics.
Market Growth Drivers Analysis
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 collaboration between the companies will help in the growth of the market and will act as an opportunity for the digital therapeutic (DTx) market.
The digital therapeutic (DTx) market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the digital therapeutic (DTx) market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
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.
COVID-19 impact on “US Digital Therapeutics Market Analysis”
The demand has been increased after the nationwide lockdown due to covid-19. According to the KFF tracking poll in March 2020, around 47% of Americans staying at home have reported negative mental health effects. Out of them, over 21% have reported a major negative impact on their mental health. The FDA has released new guidelines for the computerized behavioral therapy and other DTx solutions during this public health emergency which is expected to fuel the growth.
The 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 players covered in the North America digital therapeutic (DTx) market report are Fitbit, Inc., Livongo, ResMed, Omada Health, Inc., Noom, Inc., Happify, Inc., Welldoc, Inc., SAMSUNG, ATENTIV, MANGO HEALTH, CogniFit, Kaia Health, Mindstrong Health, Smartpatient gmbh, Ayogo Health Inc., Ginger, Better Therapeutics, Inc., 2Morrow Inc., CANARY HEALTH, Click Therapeutics, Inc., Cognoa, Pear Therapeutics, Inc., Voluntis, Akili Interactive Labs, Inc. among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Products in Pipeline
In August 2019, ATENTIV had agreed with Children’s Specialized Hospital’s Center. The collaboration tie-up between the two comprises of co-development of a unified behavioral and basic treatment operating system that utilizes the best clinical practices for the conveyance of ATENTIV mynd by primary care clinicians. This collaboration tie-up would increase the company’s brand value and market value of the product.
Notable Recent Deals
- The players are taking strategic initiatives such as product launch, merger and acquisitions, pending FDA approval in order to gain more market share. For instance, in March 2020 USFDA approved Somryst by Pear Therapeutics for chronic insomnia, which includes algorithm-driven sleep restriction, recommendations, and consolidation. In November 2019, Blue Cross Blue Shield of Minnesota announced to provide reimbursement for Omada’s diabetes prevention program to its self-insured payers. In January 2019, Proteus Digital health launched digital oncology medicines to improve the outcomes and treatments of cancer patients, enhancing the company’s market growth.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
North America region holds the majority of the share in the digital therapeutic (DTx) market and is expected to witness the CAGR during the forecast period due to increasing number of cases in diabetes. The U.S. has the highest household spending in the world and offers trade agreements with several countries making it the largest market for consumer products including digital therapeutic (DTx) products
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.