Digital therapeutics is a sub-sector of digital health, and not all the digital health solutions are the digital therapeutics. The difference between the digital health and digital therapeutics is reliant on the clinical results for the patients. For instance, the digital therapeutics does not comprise the customer health-oriented technologies likewise step-counters and calorie-counters. It is all new class of healthcare products that utilizes the digital technology to safeguard, manage or treat the medical situation, Not only has this, it uses the digital health technologies to cure a psychological condition. Hence, such aforementioned aspects support in growing the global digital therapeutics market share around the globe.
According to the report analysis, ‘Digital Therapeutics Market: Current Analysis and Forecast (2021-2027)’ states that Fitbit Inc., Medtronic, Omada Health, Livongo Health, Proteus Digital Health, Pear Therapeutics, Propeller Health, Virta Health, 2morrowand Kaia Health are the key corporates which recently functioning more actively for leading the highest market growth and registering the great value of market share around the globe during the near years more effectively while increasing the applications and benefits of such, spreading the awareness connected to the benefits and features of such, establishing the several research and development programs, employing the young and active personnel, delivering the better consumer satisfaction, decreasing the associated prices of such, analysing the strategies and policies of the government as well as similar entities, implementing the policies of enlargement and profit making, and improving the qualitative and quantitative measures of such.
In addition, the effective growth in demand across the globe digital therapeutics market is owing to the transforming traditional medical protocols and upsurge in the venture capital investments. The augmented aim on preventive healthcare, technological advancement in remote healthcare, and the requirement increasing medical cost are some aspects propelling the growth of digital therapeutics around the globe. Not only has this, the globally implementation of virtual and home health technologies due to the number of cancelled appointments and deferred care amidst the novel coronavirus outbreak has further increases the international requirement for digital therapeutics. However, few of the limitation in the market comprise lack of awareness and restricted accessibility to the digital therapeutics applications/software in underdeveloped region, patient data security and privacy concerns, unbalanced payment portals, and confrontation from the conventional healthcare system are incumbering the growth of this market all over the globe.
Moreover, based on the region, the North America constitutes the largest market for the digital therapeutics industry and produced revenue of USD xx million in 2020 due to the government assist for the improved research and development in the field of digital therapeutics and growing awareness concerning the features suggested by them. However, the Asia Pacific region is also predicted to augment at the highest CAGR throughout the review duration owing the effective functioning of key players. Therefore, in the near years, it is predicted that the market of digital therapeutics will increase around the globe more effectively over the forthcoming years.
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Ankur Gupta, Head Marketing & Communications