Rise in adoption of tablets, smartphones & smart wearables along with healthcare apps and surge in need to curb healthcare costs drive the growth of the market
PORTLAND, OR, UNITED STATES, October 22, 2020 /EINPresswire.com/ — According to the report, the U.S. digital therapeutics industry generated $1.16 billion in 2019, and is estimated to generate $5.08 billion by 2027, growing at a CAGR of 19.2% from 2020 to 2027.
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Drivers, restraints, and opportunities
Rise in adoption of tablets, smartphones, and smart wearables along with healthcare apps, surge in need to curb healthcare costs, and adoption of technologically advanced healthcare products & applications drive the growth of the U.S. digital therapeutics market. However, data privacy concerns and lack of proper reimbursement policies restrain the market growth. On the other hand, supportive laws and regulations for digital health technologies and surge in investments from market players create new opportunities in the coming years.
There has been rise in awareness regarding digital health, avoidance of physical visits to clinics to reduce possibility of infection, and increase in mental health issues raised demand for digital therapeutics during the Covid-19 pandemic.
Digital therapeutics startups and leading players have been addressing conditions such as Type 2 diabetes, addiction, autism, and musculoskeletal injuries through video consultations, releasing instructional videos and blogs on their websites, and distributing healthcare programs through apps.
After receiving medications and treatments remotely, people have been ordering medication and medical devices through online channels.
"U.S. healthcare embraces digital therapeutics under the pressure of COVID-19 pandemic"
The diabetes segment to maintain its dominant position throughout the forecast period
Based on application, the diabetes segment held the highest market share in 2019, accounting for more than one-fourth of the U.S. digital therapeutics market, and is estimated to maintain its dominant position throughout the forecast period. This is attributed to high prevalence of diabetes and availability of cost-effective treatment options. However, the obesity segment is expected to witness the fastest CAGR of 22.1% from 2020 to 2027, owing to surge in number of overweight people and easy accessibility of digital therapeutics software applications to help patients in maintaining their proper diets and track physical activities.
The software segment to maintain its dominance by 2027
Based on product, the software segment accounted for more than two-thirds of the U.S. digital therapeutics market in 2019, and is estimated to maintain its dominance in terms of revenue by 2027. Moreover, this segment would portray the highest CAGR of 20.3% during the forecast period. This is attributed to increase in demand to lower healthcare costs and innovative software and apps containing advanced features that help people stay healthy and gain proper treatment. The research also analyzes the devices segment.
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The business to business segment to continue its highest contribution by 2027
Based on sales channel, the business to business segment contributed to nearly two-thirds of the U.S. digital therapeutics market in 2019, and is projected to continue its highest contribution during the forecast period. This is due to rise in number of players in the industry that offer favorable reimbursement policies to employees through their employers in the U.S. However, the business to consumers segment is estimated to manifest the highest CAGR of 19.8% from 2020 to 2027, owing to ease in accessibility & availability of software and smart devices along with rise in demand of digital therapeutic products among patients and caregivers.
Leading market players
Fitbit, Inc. (Twine Health, Inc.)
Livongo Health, Inc.
Omada Health, Inc.
Pear Therapeutics, Inc.
Proteus Digital Health, Inc.
Resmed, Inc. (Propeller Health)
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Source: EIN Presswire