It is a new class of healthcare products that use digital technology to prevent, manage or treat medical conditions. Additionally, it uses digital health technology to treat mental conditions. Hence, the aforementioned factors drive the growth of the US digital therapeutics market. Digital Therapeutics (DTX) is a subset of digital health and not all digital health measures are digital therapeutics. The difference between digital health and digital therapy is based on the clinical outcomes of patients. For example, digital therapies do not include consumer health-focused technologies such as step-counter and calorie-counter. As per the report published by Allied Market Research, titled, the U.S. Digital Therapeutics Market size was valued at $1.16 billion in 2019, and is expected to reach $5.08 billion by 2027 with a CAGR of 19.2% during the forecast period.
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Demand for this specialty has grown significantly as a result of the growing demand for smartphones, tablets and smart wearables, including healthcare apps, the need to control healthcare costs and the prevalence of chronic diseases. The adoption of advanced technology and the growth of technology-driven healthcare products and applications further drives the market. However, the lack of reimbursement strategies for digital therapeutics and the issue of privacy of patient data hinder the growth of the market. Conversely, laws and regulations favourable to digital health technologies and increased investment in digital therapeutics are expected to provide significant lucrative opportunities for manufacturers in the US digital therapeutics market.
The US digital therapeutics market is expected to be positively impacted by the Covid-19 pandemic, increasing awareness of the importance of digital health, rising rates of mental illness, and increasing drug abuse in the country. Moreover, during this pandemic, people have to stay at home, which leads to less physical activity, unhealthy lifestyles, mental stress and the spread of chronic diseases. Hence, the demand for digital therapeutics (DTX) equipment and software is increasing across the country.
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Key Advantages:
• Quantitative analysis of the current U.S. digital therapeutics market trends and forecast estimations from 2020 to 2027, which assists to identify the prevailing market opportunities.
• An in-depth market analysis includes analysis of various regions, which is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate country-specific plans.
• A comprehensive analysis of factors that drive and restrain growth of the market is provided.
• Country-wise market conditions are comprehensively analyzed in this report.
• The projections in this report are made by analyzing the current trends and future market potential from 2020 to 2027, in terms of value.
• An extensive analysis of the market provides insights that are expected to allow companies to strategically plan their business moves.
• Key market players within the U.S. digital therapeutics market are profiled in this report and their strategies are analyzed thoroughly, which helps in understanding competitive outlook of the market.
Key Market Segments:
Based on the application, the U.S. The digital therapeutics market is segmented into diabetes, obesity, cardiovascular diseases, central nervous system diseases, respiratory diseases, smoking cessation, gastrointestinal disorders, and others. The diabetes segment was the major revenue contributor in 2019 and due to the high prevalence of diabetes, this trend is expected to continue during the forecast period.
Depending on the product, the U.S. The digital therapeutics market is segmented into software and devices. The software segment is estimated to witness the highest growth during the forecast period. This is due to the increasing demand to reduce healthcare costs worldwide.
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Key Market Players:
• 2morrow, Inc.
• Fitbit, Inc. (Twine Health, Inc.)
• Livongo Health, Inc.
• Medtronic Plc.
• Pear Therapeutics, Inc.
• Omada Health, Inc.
• Proteus Digital Health, Inc.
• Resmed, Inc. (Propeller Health)
• Voluntis, Inc.
• Welldoc, Inc.
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