Europe Digital Therapeutics Market: Segments: by Application (Diabetes, Obesity, CVD, CNS Disease Respiratory Diseases, Smoking Cessation and Others); By End Use (Patients, Providers, Payers, Employers and Others); By Type (Software and Devices), and Region - Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030
Europe Digital Therapeutics Market is anticipated to surpass USD 4 billion by 2030 from USD 0.5 billion in 2020 at a CAGR of 32% throughout the forecast period, i.e. 2020-2030
Digital therapeutic is a healthcare technology branch, which provides patients with applications and tools for the diagnosis, prevention, and treatment of medical diseases based on facts and evidence. Digital and online medical systems are used for the diagnosis of psychological and medical problems. Furthermore, software technologies enable patients and physicians to monitor patient data by tracking the conduct of patients. Digital therapy offers online supervision to resolve issues with long-term health. The European Chronic Diseases Alliance (ECDA) estimates that 85 percent of all fatalities are attributed to chronic illnesses such as heart disease, cancer, diabetes, severe lung disorders, and mental disorder in the European Union (EU). Moreover, the European economy spends about $130 billion a year on these chronic diseases. In comparison, digital therapy aims to reduce these costs. Digital therapies are anticipated to reduce the healthcare expenses of an insurance company by reducing the utilization of acute conditions plan in health insurance policies.
Rise in smartphone usage, Europe's digital therapeutics market is predicted to grow rapidly during the forecast period of 2020-2030. Additionally, an increase in the cost of healthcare is projected to increase market growth to lower the costs and the prevalence of chronic diseases. More advanced devices associated with smartphones and related programs support the boost in the market.
With the rise in the incidence and occurrence of diabetes, the highest growth is expected in this category in the forecast period. Patients with diabetes need appropriate treatment training to cope with symptoms such as polyuria, polydipsia, and polyphagia. Many clinicians use medicine and expect diabetes to hit the highest business value over the next five years. More than a quarter of the overall market share for 2018 was accounted for by the diabetes category.
Severely sick people need support and training to ensure their well-being and health. Hospitals are projected to expand at a fast rate as digital therapeutics technologies are being augmented to provide patients with accessible emergency care. Hospitals can help an individual’s access to health services and reduce the rising stress levels by utilizing mobile healthcare services.
It is guided to avoid, control, or treat a medical problem through software applications and devices. Software tools for the digital therapeutic sector may be used separately or in conjunction with devices, medicines, or any other treatment to ensure patient care and wellbeing effects. These services include digital technologies, best design practices, accessibility, and validation of clinics and data protection. Before using it, statutory bodies check and evaluate these goods. Digital therapeutics enable patients, healthcare professionals, and payers through high-quality, secure, and efficient data-driven treatments with sophisticated and usable resources to deal with a variety of ailments.
A rise in the adoption of technology
The expansion of the European digital therapeutics market is driven by an acceleration in acceptance and usage of smart devices like smartphones, tablets, and healthcare apps, the increment in the cost of healthcare management, and the spike in disease prevalence. In developing markets, high prospects of growth offer competitive opportunities for major players established in this region.
Lack of Awareness
The lack of understanding of digital therapeutics and patient data protection issues in developing countries hinder the expansion of the industry. The government or private sector in most developing countries of Europe is not taking any major steps in boosting the digital therapeutics market due to a lack of awareness about these solutions. Cybersecurity poses a major threat to the databases, the hackers may hack the digital platforms and gain all the personal information related to the patients. Thus, the security and privacy issues of patients related to medical data hinder the market growth.
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