According to a new report published by Allied Market Research, titled, “Europe Digital Therapeutics Market by Application, Product, and Sales Channel: Europe Opportunity Analysis and Industry Forecast, 2019–2026,” the Europe digital therapeutics market size was valued at $0.50 billion in 2018 and is projected to reach $2.27 billion by 2026, growing at a CAGR of 20.6% from 2019 to 2026.The diabetes segment accounted more than one-fifth of the total market share in 2018.
Digital therapeutics is a subset of digital health, which delivers evidence-based therapeutic interventions to patients by software programs and devices to manage, prevent, and treat medical disorders. It utilizes digital and online health technologies to treat medical and psychological conditions. In addition, software applications help patients and physicians to track health data by tracking patient behavior. Moreover, digital therapeutics provides remote monitoring to improve long-term health problems. According to European Chronic Disease Alliance (ECDA), 85% of deaths in the European Union (EU) occur due to chronic diseases, including cardiovascular disease, cancer, diabetes, chronic respiratory disease, and mental illness. In addition, these chronic illnesses cost European economy around $124 billion a year.
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Rise in utilization of smart devices and smartphones & tablets coupled with increase in incidence of chronic diseases boosts the growth of the Europe digital therapeutics market. However, lack of awareness toward healthcare-associated applications and increase in concerns regarding patient data restrict the market growth.
The key market players active in the market are, Ada Health GmbH, CogniFit, Caterna Vision GmbH, Fitbit, Inc. (Twine Health, Inc.), Kaia Health, Medtronic Plc., Novartis International AG (Pear Therapeutics, Inc.), ResMed, Inc. (Propeller Health), Sonormed GmbH, and Voluntis, Inc.
Based on Application, Europe Digital Therapeutics Market is segmented into Diabetes, Obesity, Cardiovascular Disease (CVD), Central Nervous System (CNS) Disease, Respiratory Disease, Smoking Cessation, Gastrointestinal Disorder (GID), and Others. Depending upon product Type, the market is divided into software and device. By sales channel, the market is bifurcated into business-to-business (B2B) and business-to-consumer (B2C). Region wise, the market is studies across European countries including, UK, Germany, France, Italy, Spain, Russia, and Rest of Europe.
Among applications, obesity segment is expected to grow at a high CAGR during the forecast period, owing to the increase in obese population. For instance, according to the WHO, in Europe, 58.7% of the population was overweight and 23.3% of population were obese in 2016, and this percentage is rising every year.
Among products, in 2018, software segment held a dominant portion in the market, accounting for about 68.2% of Europe digital therapeutics market share in 2018. This is mainly due to the increased penetration of smart phones and other devices mostly in developing economies. This further increases the use of digital therapeutics.
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Key Findings of the Study
- Software is expected to be one of the most lucrative segments, registering a CAGR of 20.8% during the forecast period.
- The business-to-consumers (B2C) segment accounted for maximum share in the Europe market in 2018, and is expected to grow at a CAGR of 21.1% during the forecast period.
- UK dominated the Europe digital therapeutics market, and is projected to retain this trend throughout the forecast period.
- Diabetes is accounted for the maximum share in 2018, in Europe, with registering a CAGR of 22.6% during the forecast period.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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