North America and Europe Digital Therapeutic (DTx) Market, By Product & Service Type (Hardware Product, Solutions/Software, and Service), Application (Treatment/ Care-Related Applications and Preventive Applications), Purchase Mode (Group Purchase Organization and Individual), Sales Channel (B2B and B2C) - Industry Trends and Forecast to 2030.
North America and Europe Digital Therapeutic (DTx) Market Analysis and Insights
Digital therapeutics (DTx) delivers evidence-based therapeutics to patients that are operated by high-quality software programs to forbid, cope, or nurse a medical disorder or disease. They are utilized individually or in recitals with medicaments, devices, or other remedies to revamp patient care and health upshot. DTx products subsume advanced technology best applications relating to design, clinical affirmations, usability, and data safety. They are corroborated by legislative bodies as required to hold up product asserts regarding peril, potency, and deliberated ply. DTx licenses patients, healthcare providers and payers with attainable tools for inscribing various conditions through high standard sheltered and virtually data–driven medications.
Some of the market players provide products and services for chronic disorders, which are mainly used for the old age population. During the last few years, new innovative software has been coming up to let people get more attached to digital therapeutics for ease. A large number of market players are involved in providing services to uphold digital therapeutics, which paves the way for market growth.
Accounting for the diversity of products across the DTx industry, individual digital therapeutics have the potential to provide patients, clinicians, and payers with novel therapy options for unmet medical needs, be used independently or in conjunction with other therapies, enhance, support, or optimize current medical treatments, integrate into medical guidelines and best practices and enable the expansion of care outside of a traditional clinic setting.
The demand for digital therapeutic (DTx) has been increased in both developed as well as in developing countries, and the reason behind this is a rise in the prevalence of chronic disorders around the world. The North America and Europe digital therapeutic (DTx) market is growing due to an increase in awareness by government organizations and technological advancement in healthcare. The market will grow in the forecast period with the increasing adoption of digital treatment and technological advancements.
Privacy policies concerned with patient information, digital payment option not acceptable, and lack of internet facilities in underdeveloped countries are expected to restrain the North America and Europe digital therapeutic (DTx) market growth.
North America and Europe digital therapeutic (DTx) market is supportive and aims to reduce the progression of the disease. Data Bridge Market Research analyses that North America and Europe digital therapeutic (DTx) market will grow at a CAGR of 24.8% in North America and 23.53% in Europe during the forecast period of 2023 to 2030.
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Pricing in USD
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Segments Covered
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By Product & Service Type (Hardware Product, Solutions/Software, and Service), Application (Treatment/ Care-Related Applications and Preventive Applications), Purchase Mode (Group Purchase Organization and Individual), Sales Channel (B2B and B2C)
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Countries Covered
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U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Netherlands, Russia, Switzerland, Turkey, Belgium, and the Rest of Europe
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Market Players Covered
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Noom(U.S.), Atentiv(U.S.), Cognoa(U.S.), Kaia Health(U.S.), Ginger(U.S.), Livongo Health(U.S.), Mango Health(U.S.), Natural Cycles (Sweden), Cognifit (U.S.), Fitbit, Inc.(U.S.), Omada Health Propeller Health(U.S.), Welldoc, Inc.(U.S.), Smart Patient GMBH (Germany), Mindstrong Health(U.S.), Ayogo Health(Canada), Better Therapeutics(U.S.), 2morrow(U.S.), Canary Health(U.S.), Click Therapeutics(U.S.), Pear Therapeutics(U.S.), Voluntis(U.S.), Akili Interactive Labs(U.S.), Samsung(Korea), Resmed(U.S.), and GAIA AG(Germany) among others.
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Europe and North America Digital Therapeutic (DTx) Market Dynamics
Drivers
- Rise in the prevalence of chronic diseases
The increased prevalence of diseases such as diabetes, hypertension, and asthma, among others, led to the rising demand for digital therapeutic products. People want to get affordable and comfortable treatment options quickly and in the easiest way. Digital Therapeutic is one such platform offering these services very easily and user friendly. With the rising prevalence of chronic diseases and increased demand for digital therapeutics, this platform serves well for patients. The advancement is required, and digital therapeutic provide such services, which would help in the growth of the North America and Europe digital therapeutic (DTx) market.
The prevalence of the chronic disease is the strongest driving factor in the market. Hence, this instance is expected to act as a driver in the growth of the market.
- Increase In Awareness By Government Agencies
The growing awareness among the providers, payers and employers about the different advantages that these products/services provide, as well as the healthcare cost, helps drive the market growth. The Digital Health Center of Excellence (DHCoE), part of the organized growth of the Digital Health Program in the Center for Devices and Radiological Health (CDRH), had lined up and harmonized with the digital health work beyond the FDA. It had noticed the beginning of a broad approach to digital health technology, setting the phase for promoting and grasping the possibility of digital health.
The Digital Medicine Society (DiMe) is the pioneer professional corporation for a specialist from all authorities containing the various province of digital medicine. DiMe subsists to facilitate digital medicine to develop human health. The purposes they offer are communication & education, research and building community. These strategies is expected to act as a driver in the market growth.
Opportunities
- Rising demand for digital therapeutics
The demand for digital therapeutics is rising as they give the following things: physical and mental goodness, avoidance, personal care, divided care and shared decision making, long term condition handling, and correct utilization of urgent and emergency care.
Digital therapeutics provide access to the optimal level of healthcare services, innovative solutions across all levels, affordable healthcare solutions for payer, payee and society, quality of healthcare delivery and solution outcomes can be seen, patient-centricity, personalization for both patient and staff satisfaction, and also provide faster diagnosis and action based upon data given and prevention through education, information, empowerment, alert systems. Thus, the rising demand for digital therapeutics is expected to act as an opportunity in the market's growth.
Restraints
- Patient Information Privacy Policies
Privacy is the main hurdle for digital therapeutics. People are more interested in getting treatment via traditional healthcare providers. These apps require certain personal information that the patients do not want to disclose and want to keep secret. Thus certain privacy factors would hinder the growth of the market.
Moreover, personal health information is no longer private such apps take the information without concern and share it with third parties, like in social media for advertising.
Hence, the privacy concerns related to digital therapeutics apps is expected to act as a restraint to the growth of the market
Challenges
- Clinical Validation
Companies need to get clinical validation before promoting their product in the market. In some cases, they would require approval from the FDA. These procedures take a long time and sometimes don't show positive results.
Since these clinical studies related to digital therapeutics take time to finish, this is expected to act as a challenge for the market.
North America and Europe Digital Therapeutic (DTx) Market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on Digital Therapeutic (DTx) Market, contact Data Bridge Market Research for an Analyst Brief. Our team will help you take an informed market decision to achieve market growth.
Recent Development
- In January 2023, Pear Therapeutics, Inc. (Nasdaq: PEAR), the leader in developing and commercializing software-based medicines called prescription digital therapeutics (PDTs), announced the inclusion of its PDTs reSET® and reSET-O® on the January 2023 Florida Medicaid Preferred Drug List (PDL). reSET and reSET-O, the only FDA-authorized PDTs for the treatment of substance use disorder and opioid use disorder, respectively, have been added to the Florida Medicaid PDL, effective January 1, 2023
- In December 2022, Click Therapeutics, Inc. (“Click”), a leader in Digital Therapeutics™ as prescription medical treatments, announced that it had received Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA) for CT-132. Click’s CT-132 prescription digital therapeutic is under development as an adjunctive preventive treatment for episodic migraine in patients aged 18 years and older
Europe and North America Digital Therapeutic (DTx) Market Segmentation
North America and Europe digital therapeutic (DTx) market is categorized into four momentous segments, which are based on product and service type, application, purchase mode and sales channel. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
Product and Service Type
- HARDWARE PRODUCTS
- SOLUTIONS/ SOFTWARE
- SERVICE
On the basis of product and service type, North America and Europe digital therapeutic (DTx) market is segmented into hardware products, solutions/software and service.
BY APPLICATION
- TREATMENT/CARE-RELATED APPLICATIONS
- PREVENTIVE APPLICATIONS
On the basis of application, North America and Europe digital therapeutic (DTx) market is segmented into treatment/ care-related applications and preventive applications.
BY PURCHASE MODE
- GROUP PURCHASE ORGANIZATION
- INDIVIDUAL
On the basis of purchase mode, North America and Europe digital therapeutic (DTx) market is segmented into group purchase organization and individual.
BY SALES CHANNEL
- B2B
- B2C
On the basis of sales channel, North America and Europe digital therapeutic (DTx) market is segmented into B2B and B2C.
Digital Therapeutic (DTx) Market Regional Analysis/Insights
The digital therapeutic (DTx) market is analyzed and market size insights and trends are provided by country, product and service type, application, purchase mode and sales channel.
Digital therapeutic (DTx) market comprises of the countries U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Netherlands, Russia, Switzerland, Turkey, Belgium, and the Rest of Europe.
North America is expected to dominate the digital therapeutic (DTx) market due to increasing awareness among consumers about health benefits of microalgae and increase in demand for microalgae products.
The country section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data point downstream and upstream value chain analysis, technical trends porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Home Healthcare Share Analysis
North America and Europe digital therapeutic (DTx) market competitive landscape provides details by the competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus on the inherited North America and Europe digital therapeutic (DTx) market.
Some of the major players operating in the North America and Europe digital therapeutic (DTx) market are: SAMSUNG, Voluntis, Livongo, Fitbit, Inc., ResMed, Natural Cycles USA Corp, GAIA AG, Smartpatient gmbh, Kaia Health, Pear Therapeutics Inc. among others.
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