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(Medical-NewsWire.com, November 03, 2022 ) Major Growth Driving Factors:
The digital therapeutics market is mainly driven by factors such as increasing investments in digital therapeutics, rising incidence of preventable chronic diseases, increasing government initiatives to support technological developments, and developments in the field of digital therapeutics to curb growing healthcare costs. However, hesitancy among patients to adopt digital therapeutics, and uneven payment models are challenging the growth of this market.
Projected Surge in Revenue Generation:
The global digital therapeutics market is projected to reach USD 17.7 billion by 2027 from USD 4.5 billion in 2022, at a CAGR of 31.6%.
Treatment/care-related applications segment is expected to account for the largest share of the digital therapeutics market in 2022
Based on application digital therapeutics market is segmented into preventive and treatment/care-related applications. The treatment/care-related applications segment is expected to hold the largest share of this market in 2022. The growth of this segment is primarily attributed to the increasing healthcare costs, the rising prevalence of chronic diseases, and the ability of digital therapeutics to deliver cost-effective solutions.
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B2B segment is estimated to account for the largest share of the digital therapeutics market
Based on sales channel, digital therapeutics market is segmented into business-to-customer (B2C) and business-to-business (B2B). The B2B segment is estimated to account for the largest share of the digital therapeutics market in 2022. Factors such as increasing partnership between many leading digital therapeutics provider companies and payers, providers, and employers to enhance their customer base are driving the B2B sales of digital therapeutics solutions.
North America is expected to hold the largest share of the digital therapeutics market in 2022
The digital therapeutics market has been segmented into four main regional segments: North America, Europe, the Asia Pacific, and Rest of the World. North America is expected to hold the largest share of this market, followed by Europe in 2022. The market in North America is also expected to grow at the highest CAGR. The large share can be attributed to the rising number of new start-ups in digital therapeutics market and slowly developing reimbursement structures for digital therapeutics solutions.
Global Leading Companies:
Prominent players in the digital therapeutics market include Noom, Inc (US), Teladoc Health, Inc. (US), Omada Health, Inc. (US), WellDoc, Inc (US), Pear Therapeutics, Inc. (US), CogniFit Inc (US), Ginger (US), Propeller Health (US), 2Morrow, Inc. (US), Canary Health (US), Click Therapeutics, Inc. (US), Akili, Inc. (US), Cognoa, Inc (US), Wellthy Therapeutics Pvt. Ltd. (India), Twill Inc. (US), Better Therapeutics, Inc (US), Mindstrong (US), Kaia Health (Germany), BehaVR Inc (US), Ayogo (Canada), Mindable Health GmbH (Germany), Virta Health Corp (US), Hinge Health, Inc. (US), Orexo AB (Sweden) and Freespira (US).
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