According to the new market research report “Digital Therapeutics Market by Application (Prevention (Prediabetes, Obesity), Care (Diabetes, CVD, CNS, CRD, Smoking Cessation, Musculoskeletal)), Sales Channel (B2C (Patient, Caregiver), B2B (Provider, Payer, Employer, Pharma)) – Global Forecast to 2021“, published by MarketsandMarkets™, The global digital therapeutics market is expected to reach USD 457.9 Million by 2021 from USD 110 Million in 2016, growing at a CAGR of 27.7% from 2016 to 2021.
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The global digital therapeutics market is expected to reach USD 457.9 Million by 2021 from USD 110 Million in 2016, growing at a CAGR of 27.7% from 2016 to 2021. The factors driving market growth include growing incidence of chronic diseases, rising focus on preventive healthcare, technological advancements, growing need to control healthcare costs, significant increase in venture capital investments, and the benefits of digital therapeutics. However, factors such as lack of awareness and access to digital therapeutics programs in developing countries, patient data privacy concerns, and resistance from traditional healthcare providers may restrain the digital therapeutics market growth.
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North America dominates the digital therapeutics market, with the U.S. accounting for the major share and highest CAGR. This can be attributed to the growing incidence of chronic diseases, government initiatives to support technological advancements in digital therapeutics, gradually improving reimbursement structure for digital therapeutics solutions, and a growing influx of new startup companies in the market as a result of increasing investments in the digital therapeutics field. For instance, in July 2014, Proteus Digital Health (U.S.) secured an investment of USD 172 million from a list of institutional investors for the manufacturing and development of its digital medicine products. Furthermore, in January 2014, WellDoc, Inc. (U.S.) received USD 20 million from the Merck Global Health Innovation Fund (U.S.), which it used to commercialize its products in the U.S. Such investments are likely to spur the growth of the market in North America in the coming years.
The prominent players in the digital therapeutics market are Proteus Digital Health, Inc. (U.S.), Omada Health Inc. (U.S.), WellDoc Inc. (U.S.), Livongo Health (U.S.), Noom Inc. (U.S.), Ginger.io Inc. (U.S.), Propeller Health (U.S.), 2Morrow Inc. (U.S.), Canary Health Inc. (U.S.), and Mango Health, Inc. (U.S.).
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