The North America Digital Therapeutics Market would witness market growth of 20.9% CAGR during the forecast period (2021-2027).
Digital Therapeutics is used through various digital platforms such as internet-based health technologies to supervise all the changes that occur in patient conditions. Mainly, digital treatment aims to monitor the alteration that occurs in the behaviour, lifestyle, and psychological condition of a patient. These digital methods assist in real-time observation or collection of data to make a progress report or to take necessary prevention methods on the basis of digital stimulus. Digital therapeutics help in monitoring various health conditions like insomnia, obesity, depression, anxiety, chronic diseases, dementia, etc. The digital therapeutics market is witnessing more investments from investors owing to the increasing consumer interest in digital therapeutics platforms.
Favourable government initiatives and venture capital funding are surging the market growth over the forecast period. In addition, increasing preventive healthcare practices, efficient management of chronic diseases, and digitalization of the healthcare system are opening new growth prospects for the digital therapeutics market in forecast years. Benefits of digital therapeutics like enhanced drug adherence, the convenience of patients, and its ability to stimulate behavioural changes are spurring the growth of the market. Though, lack of accessibility & awareness about digital therapeutics programs in emerging nations along with the data privacy concerns about patient’s data is among the key factors hampering the growth of the market.
The U.S. FDA in April 2020 rolled out some guidelines to increase the availability of digital health therapeutics gadgets for psychiatric health conditions. Through these guidelines, the FDA aimed to help and support people who were under home quarantine orders or maintaining social distancing, without any in-clinic visit requirements during the COVID-19 pandemic. It can ease down the burdens on the healthcare sector and decrease the risk of exposure to the Covid-19 virus.
The US market dominated the North America Payers Market by Country 2020, thereby, achieving a market value of $901.2 million by 2027. The Canada market is experiencing a CAGR of 24.2% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 23.1% during (2021 - 2027).
Based on End Use, the market is segmented into Patients, Providers, Payers, Employers and Others. Based on Applications, the market is segmented into Diabetes, CNS Disease, Respiratory Diseases, Smoking Cessation, Obesity, CVD and others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ResMed, Inc. (Propeller Health), Teladoc Health, Inc. (Livongo Health), Noom, Inc., Omada Health, Inc., Welldoc, Inc., Canary Health, Mango Health, Inc. (TrialCard, Incorporated), 2Morrow, Inc., Pear Therapeutics, Inc., and Mindstrong, Inc.
Scope of the Study
Market Segments covered in the Report:
By End Use
• CNS Disease
• Respiratory Diseases
• Smoking Cessation
• Rest of North America
• ResMed, Inc. (Propeller Health)
• Teladoc Health, Inc. (Livongo Health)
• Noom, Inc.
• Omada Health, Inc.
• Welldoc, Inc.
• Canary Health
• Mango Health, Inc. (TrialCard, Incorporated)
• 2Morrow, Inc.
• Pear Therapeutics, Inc.
• Mindstrong, Inc.
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