Digital Therapeutic Devices Market to Reach an Opportunity of US$2,082.3 mn by the End of 2025
Global Digital Therapeutic Devices Market: Snapshot
In a highly competitive global digital therapeutic devices market, savvy players are focused on collaborations and partnerships to improve their technical expertise for competitive gains. Established players are also tapping into the emerging economies of Asia Pacific that have vast growth potential in the digital therapeutic devices space.
The global digital therapeutic devices market is primarily driven by the rising use of technology for treating medical conditions. The demand for technologically advanced products for treating medical conditions coupled with rising disposable incomes is positively influencing the global digital therapeutic devices market. Several governments are also supporting the adoption of digital therapeutic devices that marks a significant change from traditional healthcare practices.
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On the downside, the high price factor and risk of data breach are slowing the adoption of digital therapeutic devices.
According to projections by Transparency Market Research (TMR), the global digital therapeutic devices market will expand at impressive CAGR of 15.6% during the 2017-2025 forecast period. At this pace, the market will attract a revenue valuation of US$2,082.3 mn by the end of 2025 from US$590.8 mn in 2016.
Treatment/Care Application Segment to Remain Attractive through 2025
Based on product, the global digital therapeutic devices market has been segmented into pain management devices, respiratory therapy devices, rehabilitation devices, and insulin pumps. Among them, the segment of insulin pumps constituted the leading market share in 2016 due to the increasing prevalence of diabetes. In terms of application, the digital therapeutic devices market has been segmented into preventive and treatment/care. Of the two, treatment/care is anticipated to hold the leading share and display a significant growth rate over the forecast period.
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The segments of the global digital therapeutic devices market depending upon end user are B2C and B2B. While B2C is further segmented into patients and caregivers, B2B is sub-segmented into providers, payers, employers, pharmaceutical companies, and others. B2B held the leading market share in 2016 on the back of increasing adoption of digital therapeutic devices by employers and health insurance companies for ease of processing medical claims.
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Popularity of Growth Funding Initiatives Make North America Leader
Geographically, the report gauges the potential of digital therapeutic devices market in the regions of North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. In 2016, North America accounted for the leading share in the global digital therapeutic devices market. The early adoption of technology coupled with increasing investment in digital therapeutic devices companies through government funding, venture capitalists, and mergers and acquisitions are supporting the growth of this regional market. For example, in March 2017, Livongo Health – the developer of an app for diabetes management and the developer of a cellular-connected blood glucose meter raised US$52.5 million by growth funding.
The Europe market for digital therapeutic devices market is predominantly led by Germany, France, Spain, the U.K., and Italy. Amongst them, the U.K. and Germany constituted the leading share in this regional market. Increasing prevalence of chronic diseases such as cancer, diabetes, and obesity and government initiatives for adoption of technology for treating medical conditions are contributing to the growth of Europe digital therapeutic devices market.
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