New York, NY, June 28, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Digital Therapeutic Devices Market by Application (Preventive [Obesity, Smoking Cessation, and Pre-Diabetes] and Treatment [Diabetes, CNS Diseases, Cardiovascular Diseases, Respiratory Diseases, and Medication Adherence]) and Sales Channel (B2B [Employers, Wellness Centers, Fitness Centers, and Gyms] and B2C [Patients and Caregivers]) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024”. According to the report, global digital therapeutic devices market was valued at approximately USD 1,470 million in 2017 and is expected to generate revenue of around USD 8,472 million by the end of 2024, growing at a CAGR of around 24.0% between 2018 and 2024.
Digital therapeutic is health care intervention delivered through smart devices to support the behavior of an individual and also provide therapeutic effects accordingly. Increase in incidences of preventable chronic diseases and technological advancements in digital therapeutics anticipate driving the growth of the digital therapeutic devices market.
Browse through 105 Tables & 19 Figures spread over 110 Pages and in-depth TOC on "Global Digital Therapeutic Devices Market: Industry Type, Size, Share, Trends and Forecast 2016 – 2022”.
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Digital therapeutic devices market is segmented on the basis of application and sales channel. Based on the application, digital therapeutic devices market is further segmented into preventive and treatment. The preventive application segment is further divided into obesity, smoking cessation, and pre-diabetes. Further, the treatment segment is sub-segmented into diabetes, central nervous system diseases, musculoskeletal diseases, cardiovascular diseases, respiratory disease, and medication adherence. The treatment segment is anticipated to dominate the digital therapeutic devices market in the forecast period. According to American Diabetes Association, approximately 30.3 million people in the U.S. are suffering from diabetes and this number is expected to increase rapidly which is further expected to drive the market growth of this segment.
On the basis of sales channel, the digital therapeutic devices market is segmented into business-to-business and business-to-consumer. The business-to-business segment is further sub-divided into employers, wellness centers, fitness centers, and gyms. The business-to-consumer segment consists of patients and caregivers. The business-to-business segment is expected to show rapid growth in the forecast period. The demand for digital therapeutic devices in business-to-business is increasing due to the use of these devices by employers and in wellness centers.
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North America is the leading regional segment in the global digital therapeutic devices market. In a year approximately, USD 3 trillion is spent on healthcare in the U.S. alone. Growing reforms and increase in investment in the healthcare sector in the country such as the U.S. is expected to mainly drive the growth of the digital therapeutic devices market in this region. Also, there is a dynamic shift of the U.S. healthcare landscape towards the preventive care to promote patient wellness. This is also one of the factors responsible for the growth of digital therapeutic devices market in North America. North America is also the main hub that has a large number of digital therapy device providers. Due to this, there is an early adoption of technology, increase in investment in digital therapeutic devices by the companies, and mergers and acquisitions which supports the growth of regional digital therapeutic devices market.
In Europe, the UK and Germany acquired the leading share of the digital therapeutic devices market. Increase in incidences of chronic diseases such as cancer & diabetes, and growing involvement of government for adoption of technology to treat medical conditions are the factors contributing to the growth of Europe digital therapeutic devices market. The increase in awareness about precautionary healthcare is also expected to fuel the growth of the digital therapeutic devices market in Europe.
Browse the full "Digital Therapeutic Devices Market by Application (Preventive [Obesity, Smoking Cessation, and Pre-Diabetes] and Treatment [Diabetes, CNS Diseases, Cardiovascular Diseases, Respiratory Diseases, and Medication Adherence]) and Sales Channel (B2B [Employers, Wellness Centers, Fitness Centers, and Gyms] and B2C [Patients and Caregivers]) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024" report at http://www.zionmarketresearch.com/report/digital-therapeutic-devices-market
The Asia Pacific is anticipated to show the highest CAGR during the forecast period. According to the World Health Organization (WHO), over 41% of total deaths in China occur due to cardiovascular diseases, while in India around 65 million people suffered from diabetes in 2016. This rapid increase in lifestyle oriented diseases and chronic diseases are anticipated to drive the growth of the market in the Asia Pacific. The rapid increase in population, rapid urbanization, and growing research and development which is funded by government and key players for innovation of the digital therapeutic devices are driving the growth in Asia Pacific digital therapeutic devices market.
The Middle East and Africa and Latin America are expected to witness the least growth among all regions. However, increase in the prevalence of chronic diseases, rise in disposable income, and the economic development in these regions are attracting companies to invest in the healthcare sector thus anticipating the growth of the digital therapeutic devices market in the forecast period.
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The key players in the global digital therapeutic devices market are Propeller Health, Claritas MindSciences, WellDoc Inc., BioTelemetry Inc., Zest Health LLC, Dthera Sciences, Pear Therapeutic Inc., Meru Health Inc., Glooko Inc., Firstbeat Technologies Ltd., Digital Therapeutic, and Digital Twine Health Inc. The major players are involved in innovation and development of new technologies in digital therapeutic and expansion in the regions such as the Asia Pacific.
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This report segments the global digital therapeutic devices market as follows:
Global Digital Therapeutic Devices Market: Application Segment Analysis
- Preventive
- Obesity
- Smoking Cessation
- Pre-diabetes
- Treatment
- Diabetes
- CNS Diseases
- Musculoskeletal Diseases
- Cardiovascular Diseases
- Respiratory Diseases
- Medication Adherence
Global Digital Therapeutic Devices Market: Sales Channels Segment Analysis
- Business-to-Business (B2B)
- Employers
- Wellness Centers
- Fitness Centers
- Gyms
- Business-to-Consumers (B2C)
- Patients
- Caregivers
Global Digital Therapeutic Devices Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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