The size of the digital therapeutics market in North America is estimated to progress at a remarkable CAGR of 25.4% between 2023 to 2028.
The rise in smartphone usage and tablets in the North American region is primarily driving the digital therapeutics market during the forecast period in this region. The increase in the adoption of 4G and the highest smartphone usage in this region is further estimated to boost the market's growth rate. The increasing prevalence of chronic diseases such as diabetes drives the North America Digital Therapeutics Market (DTx). The low cost associated with digital therapeutics treatment, the rise in awareness of smart health tracking, increasing expenditure, and the launch of new products & software are estimated to fuel the market growth. In addition, the rise in technological advancements to give transformational healthcare solutions propels the market growth. For instance, ATAI Life Sciences, in June 2020, launched IntroSpect Digital Therapeutics platform. Moreover, biopharmaceutical companies and digital therapeutic providers collaborate to provide a better quality of care for patients.
Cybersecurity poses a significant threat to databases. The hackers may hack the digital platforms and get all the private data related to the patients. Hence, the security and privacy concerns of the patient's medical data hamper the market growth. In addition, the lack of reimbursement policies for digital therapeutics is restraining the North American digital therapeutics market. Moreover, traditional healthcare providers will negatively affect market growth during the forecast period. The significant concern would be the lack of access to proper technology, leading to people's low awareness about the advantages of these applications. The unstable payment models in the North American digital therapeutics market are further forecasted to hinder the market growth.
COVID-19 Impact on the North America digital therapeutics market:
The COVID-19 pandemic has adversely impacted the healthcare system in the United States. But the pandemic has positively affected the global digital therapeutics market and boosted the growth rate. Digital therapeutics help us treat, manage, and monitor disease anywhere without going to hospitals and contacting other people. So even doctors have started treating their patients using digital applications. In addition, the increase in smartphone usage during the pandemic help the market grow during the pandemic.
This research report on the North American digital therapeutics market has been segmented and sub-segmented into the following categories.
By Sales Channel:
Geographically, the size of the North American digital therapeutics market is expected to grow at a healthy rate. The rise in the usage of smartphones and smart wearables is driving the North American digital therapeutics market. In addition, the United States has the most elderly population. Old-age people prefer to be treated at home without going to hospitals for minor problems, which propelled the market. Moreover, the rise in the research and development activities for digital therapeutics devices boosts the market growth. For instance, in February 2019, Cognoa received the Breakthrough Device Designation from the Food and Drug Administration (FDA) for digital diagnostic and digital therapeutic devices for autism. The rise in adoption and awareness of Digital Therapeutics is propelling the market growth. Due to the surge in demand for Digital Therapeutics devices, the market has welcomed new market players, driving the market to grow. Further, the rise in the prevalence of chronic diseases in the United States is boosting the market. For instance, in the U.S, seven out of 10 deaths are accounted for chronic diseases, and the U.S. spends approximately 75% of the $2.2 trillion each year on chronic diseases.
KEY MARKET PLAYERS:
Companies such as 2Morrow, Inc., Pear Therapeutics, Inc., Fitbit, Inc. (Twine Health, Inc.), Proteus Digital Health, Inc., Livongo Health, Inc., Resmed, Inc. (Propeller Health), Voluntis, Inc., Omada Health, Inc. and Welldoc, Inc., and Medtronic Plc are playing a leading role in the North America digital therapeutics market.
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