Europe Digital Therapeutic (DTx) Market, By Product and Service Type (Hardware Products, Solutions/Software, Service), Application (Treatment/ Care-Related Applications, Preventive Applications), Purchase Mode (Group Purchase Organization, Individual), Sales Channel (B2B, B2C), Country (Germany, U.K., France, Italy, Spain, Netherlands, Russia, Switzerland, Turkey, Belgium, Rest of Europe) Industry Trends and Forecast to 2028
The digital therapeutic (DTx) market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 23.4% in the forecast period of 2021 to 2028 and is expected to reach USD 10,639.36 million by 2028. Increasing prevalence of chronic diseases such as diabetes, hypertension among others as well as the rising awareness by government agencies will increase the growth of the digital therapeutic (DTx) market.
Digital therapeutics (DTx) deliver therapeutic interventions directly to patients using employing evidence-based, remote assessed software to serve, manage and avert a broad spectrum of behavioural, mental and physical disorders. They are utilized alone or mix with medications, devices or other therapies to optimize patient care and health outcomes. Rising remote access to therapies that are clinically tested as safe and effective is one of the properties of digital therapeutics (DTx) during the treatment.
The technological advancement which the companies make in order to grow their product line and gain profits are one of the drivers for the growth of the digital therapeutic (DTx) market. The privacy concerns related to digital therapeutic (DTx) apps may act as a restraint for the growth of the digital therapeutic (DTx) market. The collaboration between the companies will help in the growth of the market and will act as an opportunity for the digital therapeutic (DTx) market. The quality of digital therapeutic (DTx) is to be maintained in order to provide better treatment and proper care for the customers, hence, this needs to be done correctly, therefore this would act as challenge for the digital therapeutic (DTx) market because many a times the need is not met.
The digital therapeutic (DTx) market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
The digital therapeutic (DTx) market is categorized into four segments which are based on product and service type, application, purchase mode and sales channel. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of product and service type, the digital therapeutic (DTx) market is segmented into hardware products, solutions/software and service. In 2021, solutions/software segment is expected to dominate the market since there are number of smart phone users being increased.
- On the basis of application, the digital therapeutic (DTx) market is segmented into treatment/ care-related applications and preventive applications. In 2021, treatment/care-related applications segment is expected to dominate since it provides a good treatment and improve the life style of the people.
- On the basis of purchase mode, the digital therapeutic (DTx) market is segmented into group purchase organization and individual. In 2021, individual segment is expected to dominate the market since many people individually are accepting the digital healthcare platform and preferring them in the pandemic situation.
- On the basis of sales channel, the digital therapeutic (DTx) market is segmented into B2B and B2C. In 2021, B2C segment is expected to dominate the market since the services are mostly preferred directly to the customers.
Europe Digital therapeutic (DTx) Market Country Level Analysis
Europe digital therapeutic (DTx) market is analysed and market size information is provided by the country, product and service type, application, purchase mode and sales channel as referenced above.
The countries covered in the Europe digital therapeutic (DTx) market report are the Germany, U.K., France, Italy, Spain, Netherlands, Russia, Switzerland, Turkey, Belgium, and Rest of Europe.
Europe is expected to grow with the highest CAGR in the forecasted period due to growing prevalence of chronic disease such as diabetes. Germany is expected to dominate the market as it is one of the leading countries in digital therapeutics with increasing number of domestic companies operating in the market.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Strategic Initiatives by Manufacturers is Creating New Opportunities for Players in the Digital Therapeutic (DTx) Market
The digital therapeutic (DTx) market also provides you with detailed market analysis for every country growth in digital therapeutic (DTx) product sales, impact of advancement in the digital therapeutic (DTx) and changes in regulatory scenarios with their support for the digital therapeutic (DTx) market. The data is available for historic period 2010 to 2019.
Competitive Landscape and Digital Therapeutic (DTx) Market Share Analysis
The digital therapeutic (DTx) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breath, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to digital therapeutic (DTx) market.
The major players covered in the Europe digital therapeutic (DTx) market report are Kaia Health, Natural Cycles USA Corp, Noom, Inc., GAIA AG, and Smartpatient gmbh, SAMSUNG, Voluntis, ResMed, Fitbit, Inc., among others among other domestic and global players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product launch and agreement are also initiated by the companies’ worldwide which are also accelerating the digital therapeutic (DTx) market.
- In April 2020, Smartpatient gmbh had decided to partner with “Around the Pill’ Solutions for pharmaceutical development in the future. The partnership needs to be done to gain partnered products and developments to gain more customers and expanding the business. After the partnership, the company will have development in product and the market value would increase.
- In October 2020, Kaia Health had launched AI-powered Motion Coach technology digitally guides users in musculoskeletal (MSK) rehabilitation in terms of digital field. This eliminates effectively and reduces the cost. This will help the company gain more consumers and help in growing.
Collaboration, joint ventures and other strategies by the market player is enhancing the company market in the digital therapeutic (DTx) market which also provides the benefit for organisation to improve their offering for digital therapeutic (DTx) market
Customization Available: Europe Digital Therapeutic (DTx) Market
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