JERSEY CITY, N.J., July 29, 2024 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Prescription Digital Therapeutics (PDT) Market - (By Type (Medication Augmentation, Medication Replacement), By Application (Children, Adults)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Prescription Digital Therapeutics (PDT) Market is valued at US$4.41 Bn in 2023, and it is expected to reach US$ 21.18 Bn by 2031, with a CAGR of 22.41% during the forecast period of 2024-2031.
Prescription Digital Therapeutics (PDT) represent a new category of medical treatments that utilize software applications to deliver therapeutic interventions under the supervision of healthcare providers. Prescription digital drugs are created by combining biology and technology. Artificial intelligence, various algorithms, and virtual reality were used in the creation of these therapeutic aids. Digital therapies, or prescription PDTs, are a relatively new class of medications. PDTs function as direct therapies for serious illnesses, just like traditional biologics or prescription drugs do. The increased frequency of chronic illnesses is a major factor impacting the growth rate of the prescription digital therapeutics (PDT) market throughout the forecast period.
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List of Prominent Players in the Prescription Digital Therapeutics (PDT) Market:
- Akili Interactive
- Better Therapeutics
- Pear Therapeutics
- ResMed
- Biofourmis
- Novartis
- Medtronic
- GAIA
- Solera Network
- BigHealth
- Voluntis
- Omada Health
- Click Therapeutics
- Natural cycles Nordic
- Happify
- Limbix Health
- NuvoAir
- Sensyne Health
- Xealth
- Other Prominent Players
Prescription Digital Therapeutics (PDT) Market Report Scope:
Report Attribute | Specifications |
Market Size Value In 2023 | USD 4.41 Bn |
Revenue Forecast In 2031 | USD 21.18 Bn |
Growth Rate CAGR | CAGR of 22.41% from 2024 to 2031 |
Quantitative Units | Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
Historic Year | 2019 to 2023 |
Forecast Year | 2024-2031 |
Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
Segments Covered | By Type And Application |
Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
Market Dynamics:
Drivers-
The market share of prescription digital therapeutics (PDT) is expected to increase as more people utilize smartphones and tablets. Moreover, the market for prescription digital therapeutics (PDT) is expected to expand due to increasing government initiatives aimed at enhancing healthcare services and the presence of an aging population. In addition, the market's growth rate will be accelerated by the ease of accessibility, patient comfort, and the ability to affect behavioural change. Additionally, a sizable pipeline of prospective products anticipated to be produced throughout the projection period would present advantageous growth prospects for the prescription digital therapeutics (PDT) market.
Challenges:
Concerns about patient data privacy will hinder the market's rate of expansion. Prescription digital therapeutics (PDT) market challenges will come from developing economies' inadequate healthcare infrastructure and shortage of qualified personnel. Furthermore, during the projection period, the market's growth pace will be further hindered by stringent government regulations and a lack of knowledge regarding digital therapeutics in emerging nations.
Regional Trends:
The North American prescription digital therapeutics (PDT) market is anticipated to report a major market share in terms of revenue owing to the improved quality of healthcare. Numerous resources are available in the area, which makes it possible to come up with new ideas for growing the company.
The region's dominance stems from technological advancement, which enables it to innovate and implement the newest ideas independently. Additionally, the region's numerous businesses and increasingly sophisticated technologies boost this sector's growth. Consequently, North America has become a prominent actor on the international scene, establishing the bar for effective, cutting-edge, and ecologically sustainable platforms.
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Recent Developments:
- In Jan 2023, Pear Therapeutics and BrightView Health extended their pilot program to offer prescription digital therapies for the management of substance use disorders. This initiative was created to offer eligible persons who were experiencing substance use disorder (SUD) and opioid use disorder (OUD) the opportunity to obtain reSET® and reSET-O®.
Segmentation of Prescription Digital Therapeutics (PDT) Market-
By Type-
- Medication Augmentation
- Medication Replacement
By Application-
- Children
- Adults
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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Why should buy this report:
- To receive a comprehensive analysis of the prospects for global Prescription Digital Therapeutics (PDT) market
- To receive industry overview and future trends of global Prescription Digital Therapeutics (PDT) market
- To analyze the Prescription Digital Therapeutics (PDT) market drivers and challenges
- To get information on the Prescription Digital Therapeutics (PDT) market size value (US$ Mn) forecast till 2031
- Major Investments, Mergers & Acquisition in global Prescription Digital Therapeutics (PDT) industry
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