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Global Digital Therapeutics Market is driven by the increasing investments in digital therapeutics

The field of digital therapeutics is focused on preventing and treating diabetes and obesity. In a unified system, insulin pumps, blood glucose monitors, and wearable gadgets transmit data. Clinical data can be collected, synthesized, and analyzed using digital therapeutics to allow clinicians to tailor treatment to the patient’s needs and prevent complications.

The rise in prevalence of chronic diseases and the growing geriatric population are the major driving factors for the growth of the global digital therapeutics market. Cardiovascular disease (CVD) is the leading cause of death globally and treatment of patients with chronic diseases is a significant challenge for the healthcare system. Thus, healthcare professionals are majorly focusing on adopting preventative healthcare techniques and are expected to fuel the demand for market growth.

As the Internet of Medical Things (IoMT) becomes increasingly used in clinical trial protocols, early adopters willing to invest in these technologies may propel market share. Further, clinical trials in cardiovascular, rare diseases, diabetes, and Parkinson’s disease will benefit from advancements in various treatments which in turn increase the demand for the global digital therapeutics market. The industry players are focusing on the adoption of digital health technologies, which enhance the demand for the market. However, privacy concerns associated with patients’ data and increasing concerns of product & data quality may hamper the growth of the digital therapeutics market. Furthermore, increasing government investments in the development of healthcare IT infrastructure in emerging markets such as China and India along with an increase in the adoption of smart devices are projected to offer a lucrative opportunity to the digital therapeutics market in the forecast period.

The global digital therapeutics market is segmented into product type, application, and region. Based on the product type, the global market is split into preventive and treatment/care. The application segment consists of diabetes, cardiovascular diseases, musculoskeletal diseases, smoking cessation, medication adherence, and others.

Geographically, the North America region is expected to dominate the global digital therapeutics market and is anticipated to continue its dominance over the forecast period. Factors such as the increasing adoption of digital health technologies and supportive government initiatives on technological advancement in the healthcare industry are boosting the growth of this market in this region. Further, rising investments in digital therapeutics and the presence of leading players in the North America region propels market growth. On the other hand, Europe holds the second-largest position in the market and is anticipated to account for a significant share over the forecast period. This is attributed to the rising prevalence of lifestyle diseases along with growing health concerns among consumers.

The global digital therapeutics market is highly competitive owing to few domestic and international leading players in the market. Proteus Digital Health, Livongo Health, Pear therapeutics, 2Morrow Inc., Mango Health, Omada Health, WellDoc, Noom Inc., Propeller Health, and Canary Health are some of the major players that are functioning in the digital therapeutics market.

In January 2020, Pear Therapeutics Inc. had announced a strategic collaboration with Crossroads Treatment Centers for implementing Pears’ reSET-O® PDT in 38 Crossroads treatment centers. This will be used for the treatment of Opioid Use Disorder.

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