Digital Therapeutics market size to grow at CAGR 22.8%, market value to reach USD 19 billion by 2028
Acumen Research and Consulting
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According to study by Acumen research and consulting, the Digital therapeutics market will grow at a remarkable CAGR of 22.8%, the Digital therapeutics market is currently valued at USD 4.5 billion?in 2021, the market is all set to reach a valuation of USD 19 billion by 2028 over the forecast period between 2021 and 2028.
What if your disease could be treated with just an app instead of a drug? This is what digital therapeutics is doing.
Digital therapeutics could help a patient to cure their ailment using just mobile applications and tools instead of side effects causing drugs. They can also help a patient use their drugs effectively. These apps are also used to track patients' health so that they can be guided better in their treatment. It operates by evaluating data from linked devices and sending notifications about changes in the patient's behavior. External sensors on the associated devices monitor the outcome of the patient's medication.
Serious ailments like diabetes, obesity and others can also be managed digitally. Smart wearables, insulin pumps, blood glucose monitors can be connected to our smartphones. People suffering with anxiety could be guided with the help of VR sets.?
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Dynamics of Digital Therapeutics market?
Covid-19 has changed the healthcare industry forever. People have become more conscious about their health and wellbeing. Due to bad lifestyle choices, air pollution, obesity and other factors, people are becoming increasingly affected with chronic illnesses, and have been looking with alternatives to allopathic medicines. While digital apps may not be completely effective against these illnesses, they certainly do help in taking medicines optimally.?
Competition has led to stressful work environment for today’s youth population, leading to rise in mental health issues. Mental health has gained serious importance these past few years, apps can help individuals with mental health issues like anxiety, panic attacks, depression, suicidal thoughts.?
Mental health is another factor driving the growth of the digital therapeutics market. Increased public use of smart phones and internet is another significant technological driver for the digital therapeutics business. Along with increasing awareness of individual well-being and health.?
Digital Therapeutics Market regional analysis?
Because of its fully established health sector and rise in chronic diseases, North America is predicted to be the largest market for digital therapeutics. Due to COVID-19, the US.FDA established several guidelines and rules in April 2020 for the accessibility of digital therapeutic health devices for people suffering with medical disorders.?
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During the projected period, the Asia Pacific digital therapeutics market is expected to have the fastest growth rate. This increase is primarily driven by two primary factors: the presence of a significant younger population base in comparison to other regions, as well as rapid digitization and urbanization.?
Digital Therapeutics Market Key?Players?
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