Global Digital Therapeutics Market: Key Highlights
Global Digital Therapeutics Market: Key Market Dynamics
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Global Digital Therapeutics Market: Regional Overview
The digital therapeutics market in Europe is projected to witness high demand due to the well-established healthcare system and government support. According to European Chronic Disease Alliance (ECDA), 85% of deaths in the European Union occur due to chronic diseases, including cardiovascular disease, cancer, diabetes, chronic respiratory disease, and mental illness. These diseases cost the European Economy around USD 124 billion every year. Thus, the use of digital therapeutics helps in lowering healthcare costs. Additionally, it helps to lower the companies cost by lowering the usages of health insurance plans. Increase in utilization of smart devices and smartphones &tablets coupled with an increase in the incidence of chronic diseases boosts the growth of the Europe digital therapeutics market.
North America is one of the major markets for digital therapeutics globally. The U.S. has been reported to spend USD 3.2 trillion a year on healthcare. In order to control this expense, there is a rising focus on preventive healthcare, to ensure overall patient wellness as an alternative to medical treatment.
Global Digital Therapeutics Market: Key Players Overview
Noom, Inc. is one of the leading behaviour change company, disrupting the weight loss and healthcare industries. Nooms Inc. platform is been used by various leading pharmaceutical and healthcare companies to improve outcomes for patients worldwide. In Oct 2019, Noom partnered with Novo Nordisk to implement digital therapies for weight management.
Omada Health is one of the leading players in the field of digital therapeutics. The company has attracted significant investments to enhance its solutions, particularly its digital prediabetes program ‘Prevent.’ In June 2019, the company secured USD 73 million from its investors for the development of digital care health programs focusing on preventable chronic conditions.
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