Digital Therapeutic (DTx) Market Analysis as per the Latest COVID-19 Impact
by Sasha Sharma Industry Analyst | Blogger
The growth of the Digital Therapeutics Market is primarily driven by factors such as government initiatives for preventive healthcare, technological advancements in mobile healthcare, a significant increase in venture capital investments, and the benefits of digital therapeutics, such as the ability to induce behavioral change (an important challenge in healthcare), user-friendliness, patient convenience, and improved drug compliance.
What the Market Looks Like?
The global digital therapeutics market is projected to reach USD 6.9 billion by 2025 from USD 2.1 billion in 2020, at a CAGR of 26.7% during the forecast period (2020–2025). The global digital therapeutics market is segmented into North America, Europe, the Asia Pacific, and the RoW. In 2019, North America (US and Canada) held the largest share of the market, followed by Europe.The major factors supporting market growth include the increasing investments in digital therapeutics, the influx of new start-ups, improvements in the reimbursement structure for digital therapeutics, and government initiatives to support technological advancements.
Based on the application, the digital therapeutics market is segmented into preventive and treatment/care-related applications. One of the key factors driving the growth of this segment is the rise in treatment and healthcare costs, especially due to chronic conditions. Rising healthcare costs, the growing prevalence of chronic diseases, and the ability of digital therapeutics to provide cost-effective solutions are some factors responsible for driving the market for treatment/care-related digital therapeutics applications.
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What Drives the Market?
The growth of the global market for Digital Therapeutic (DTx) Market is primarily influenced by the following factors:
1. Increasing incidence of preventable chronic diseases2. Rising focus on preventive healthcare3. Need to control healthcare costs4. Significant increase in venture capital investments
DTx solutions can be bought or sold in two ways i.e. by business-to-consumer (B2C) and business-to-business (B2B) channels. Through the B2C channel, digital therapeutics providers sell products directly to users or their caregivers, whereas in the B2B channel, digital therapeutics providers sell their products to providers, payers, pharmaceutical companies, and employers. The B2B channel accounted for the largest share of the market in 2019.
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Created on Jun 7th 2020 22:14. Viewed 243 times.