Digital Therapeutic Devices Market To Report Impressive Growth, Revenue To Surge To US$ 8,472 Million By 2024

With the presence of a large pool of participants, the global digital therapeutic devices market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Propeller Health, Claritas MindSciences, WellDoc Incorporation, BioTelemetry Incorporation, Zest Health LLC, Dthera Sciences, Pear Therapeutic Incorporation, Meru Health Inc., Glooko Inc., Firstbeat Technologies Limited, Digital Therapeutic, and Digital Twine Health Incorporation are some of the key vendors of digital therapeutic devices across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the digital therapeutic devices market study.

This review is based on a report by Zion Market Research, 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.”- Report at https://www.zionmarketresearch.com/report/digital-therapeutic-devices-market

Citing an instance, in August 2018, Dthera Sciences- a U.S. based developer of clinical & consumer digital therapeutics for patients suffering from neurodegenerative disorders- declared that FDA granted breakthrough device designation for its DTHR- ALZ, a development phase digital intervention intended to lessen the agitation & depression symptoms related to neurocognitive diseases of Alzheimer kind. 

As estimated in this report, the global digital therapeutic devices market stood at US$ 1,470 million in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this digital therapeutic devices market is expected to reach US$ 8,472 million by the end of the forecast period.

High Occurrence Of Preventable Chronic Ailments To Aid Market Growth

“Massive rise in the occurrence of preventable chronic ailments along with technological innovations in digital therapeutics are expected to upsurge digital therapeutic devices market trends,” says the author of this study. Apart from this, escalated use of advanced technology for treating medical conditions along with increase in the per capita income of the global population is anticipated to contribute significantly towards digital therapeutic devices market revenue in the coming years. In addition, extensive use of the products across the globe owing to favorable government policies is expected to further trigger the growth of digital therapeutic devices market in the years ahead.

Rapidly rising costs of products and data breach risks, however, are likely to put brakes on the massive demand for digital therapeutic devices in the upcoming years. Nevertheless, the extensive use of the devices for treating diseases such as diabetes, respiratory diseases, central nervous system disorders, heart ailments, and muscuskeletal disorders will promote the expansion of digital therapeutic devices market in the forthcoming years. This, in turn, will normalize the adverse effects of the impediments on the digital therapeutic devices market, reports the study.

Thriving Healthcare Sector To Aid North America Maintain Dominance

Regionally, North America has been leading the worldwide digital therapeutic devices market and is anticipated to continue on the dominant position in the years to come, states the digital therapeutic devices market study. Increase in the fund allocation for healthcare sector by government as well as private firms is the main factor behind the dominance of the North America digital therapeutic devices market. The large number of digital therapeutic devices manufacturers & suppliers being headquartered in North America is another significant factor that is supporting the growth of this regional digital therapeutic devices market. In addition, paradigm shift of the people towards preventive measures rather than treatment or cure of the diseases will further embellish the regional growth.

The global digital therapeutic devices market is segmented as follows:

By Application

• Preventive
  • Obesity
  • Smoking Cessation
  • Pre-diabetes
• Treatment 
  • Diabetes
  • CNS Diseases
  • Musculoskeletal Diseases
  • Cardiovascular Diseases
  • Respiratory Diseases
  • Medication Adherence

By Sales Channels

• Business-to-Business (B2B)
  • Employers
  • Wellness Centers
  • Fitness Centers
  • Gyms
• Business-to-Consumers (B2C)
  • Patients
  • Caregivers

By Region

• 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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