The U.S. Digital Therapeutics Market Is Estimated To Witness High Growth Owing To Increased Adoption Of AI And ML Technologies
The U.S. Digital Therapeutics Market is estimated to be valued at Us$ 2.80 Bn in 2023 and is expected to exhibit a CAGR Of 33. % over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The U.S. digital therapeutics market involves the use of evidence-based therapeutic interventions driven by high-quality software programs to prevent, manage, or treat a medical disorder or disease. Digital therapeutics can be used independently or in combination with drugs, devices, or other therapies to optimize therapeutic outcomes. These interventions are designed to produce a therapeutic impact through reproducibility and scalability.
Market key trends:
One of the major trends spurring growth of the U.S. digital therapeutics market is the increased adoption of Artificial Intelligence (AI) and Machine Learning (ML) technologies. AI and ML allows for continuous personalization of digital therapies based on individual patient data which enhances effectiveness of treatments. AI analyzes large datasets to gain insights into disease progression and offers personalized treatment programs and protocols. This is expected to boost demand for advanced digital therapeutics solutions integrated with AI and ML capabilities over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderately low in the U.S. digital therapeutics market due to high capital requirements and regulations for developing digital therapeutics products.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of various product options from different manufacturers in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as digital therapeutics products require key inputs and technologies from different suppliers.
Threat of new substitutes: The threat of new substitutes is moderate as digital therapeutics finds increasing application in chronic disease management as an alternative to traditional medications and therapies.
Competitive rivalry: The competitive rivalry is high among existing players.
SWOT Analysis
Strength: The U.S. digital therapeutics market offers significant growth opportunities due to rising prevalence of chronic diseases and growing need for cost-effective treatment options.
Weakness: Low awareness regarding advantages of digital therapeutics among patients and healthcare providers is a major weakness for the market. Lack of reimbursement coverage for digital therapeutics is another challenge.
Opportunity: Integration of digital therapeutics with mobile health and telehealth presents lucrative opportunities for market expansion. Growing geriatric population susceptible to chronic conditions also opens new avenues.
Threats: Data privacy and security concerns pose serious threats to adoption of digital therapeutics. Lack of clinical evidence also restricts widespread adoption.
Key Takeaways
The Global U.S. Digital Therapeutics Market Size is expected to witness high growth at a CAGR of 33% over the forecast period, due to increasing prevalence of chronic diseases. As per estimates, chronic diseases affect around half of all Americans and lead to seven out of every 10 deaths in the country annually. Digital therapeutics help address this huge disease burden through cost-effective remote care offerings.
Regional analysis: The North America region currently dominates the U.S. digital therapeutics market and is anticipated to maintain its lead throughout the forecast period. This is attributed to growing penetration of connected health technologies, rapid technological advancements, increasing adoption of digital healthcare services, and rising investments by market players in the region.
Key players: Key players operating in the U.S. digital therapeutics market are 2Morrow Inc., ResMed, Pear Therapeutics, Omada Health Inc., Teladoc Health, Lark Technologies, Kaia Health, Fitbit, Cognoa Inc., and Akili Interactive Labs, among others. These players are engaged in new product launches, partnerships, and technological innovations to strengthen their market presence.
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