U.S. Digital Therapeutics Market Is Estimated To Witness High Growth Owing To Rising Adoption Of Mobile Health Applications
The U.S. Digital Therapeutics Market is estimated to be valued at Us$ 2.80 Bn in 2023 and is expected to exhibit a CAGR Of 33% over the forecast period from 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Digital therapeutics refers to evidence-based therapeutic interventions guided by a senior clinician and delivered through a digital or virtual health application. These applications adopt cognitive and behavioral techniques and are aimed at treating and managing various medical and psychological conditions like diabetes, asthma, insomnia, depression and others. These digital therapeutics provide an alternative treatment pathway for various chronic conditions using evidence-based interventions and are self-managed and patient-centric in nature.
Market Dynamics:
Growing adoption of mobile health applications is driving the U.S. digital therapeutics market. Digital therapeutics provide convenient access to remote care through innovative mobile applications which is highly preferred due to advantages like ease of use, accessibility and flexibility in treatment schedules. This has boosted adoption of digital therapeutic applications significantly. Moreover, increasing acceptance of digital health solutions by physicians is augmenting the demand for digital therapeutic products. Favorable government initiatives promoting digital health innovations and funding provision for research and development activities are further fueling growth of the U.S. digital therapeutics market.
SWOT Analysis
Strengths:
- Uses advanced technologies like artificial intelligence, virtual reality, and digital platforms which improves outcomes and engagement rates.
- Digital therapeutics provide personalized, preventive, precise and participatory care solutions which is cost effective.
- Ability to reach large population base as digital solutions can be accessed remotely anytime as per the patient's convenience.
Weaknesses:
- Lack of awareness among patients and healthcare providers regarding benefits of digital therapeutics.
- Concerns around data privacy, effectiveness, reliability and security of digital therapeutics need to be addressed.
Opportunities:
- Increasing prevalence of chronic diseases and growing geriatric population drive the demand for digital therapeutics in the country.
- Emerging new technologies such as AI, ML, IoT provides opportunities for development of next generation advanced digital therapeutics.
Threats:
- Stringent regulatory policies and compliance issues related to digital therapeutics pose challenges.
- Reimbursement and coverage policies limit widespread adoption of digital therapeutics in the country.
Key Takeaways
The Global U.S. Digital Therapeutics Market Size is expected to witness high growth, exhibiting CAGR of 33% over the forecast period, due to increasing prevalence of chronic diseases and growing need for cost effective healthcare solutions.
Market size: The U.S. Digital Therapeutics Market size was valued at US$ 2.80 Bn in 2023 and is anticipated to reach US$ 40 Bn by 2030, increasing at a very robust rate during the forecast period.
Regional analysis: The Western region dominates the U.S. digital therapeutics market accounting for around 60% share due to higher awareness levels, technological advancements and increasing investments by private players. However, Southern region is expected to witness highest CAGR owing to rising patient pool and healthcare infrastructure development initiatives undertaken by various states.
Key players: Key players operating in the U.S. Digital Therapeutics market are 2Morrow Inc., ResMed, Pear Therapeutics, Omada Health Inc., Teladoc Health, Lark Technologies, Kaia Health, Fitbit, Cognoa Inc., and Akili Interactive Labs, among others. These players are focused on developing innovative and personalized digital therapeutic solutions to cater to the rising demand.
Read More : https://marketinsightsminds.blogspot.com/2023/11/the-us-digital-therapeutics-market-is.html
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