The Europe digital therapeutics market is expected to reach US$ 1,338.13 million by 2028 from US$ 1,023.59 million in 2021; it is estimated to grow at a CAGR of 22.9% from 2021 to 2028.
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The growth of the market is attributed to the rising number of partnerships and collaborations by healthcare companies and the increasing number of start-ups across Europe. However, cyber threat and risk related to data security restrict the market growth.
Digital therapeutics has gained rapid acceptance from employers and insurance providers, owing to the benefits being offered by it. In support, there have been various significant collaborations and partnerships in the market, which have fueled the growth of digital therapeutics market. The market has a significant number of small players. However, large companies have begun to take interest in the market in the last few years. For instance, in June 2018, Cigna collaborated with Omada Health. Through this collaboration, eligible Cigna-administered health plan customers can have no-cost access to Omada’s digital intensive behavioral counseling platform as a fully covered preventive benefit in health improvement program portfolio. In 2019, Propeller Health, a leading digital therapeutics company, partnered with Orion Corporation to connect the latter’s Easyhaler line of inhalers for asthma and COPD patients to Propeller’s digital medicine platform. Propeller’s platform covers more than 90% of inhalable medicines for asthma and COPD. The partnership expanded Propeller’s presence in Europe. The association has actively driven the digital therapeutics industry’s growth through collaborations and partnerships. In May 2018, DTA announced a partnership with USP, a nonprofit organization headquartered in Rockville, Maryland, to develop appropriate standards and guidelines for digital therapeutics. In October 2018, DTA expanded its European membership by joining S3 Connected Health, specialized in designing and developing digital therapeutics and health solutions.
Digital therapeutics help monitor and manage various chronic disorders, such as diabetes, heart disease, and respiratory infections. There have been various government initiatives that have supported the growth of the digital therapeutics market. Hence, government-aided reimbursements, surging approvals, increasing number of patients being monitored are expected to encourage startups to enter the digital therapeutics industry.
Europe Digital Therapeutics Strategic Insights
Strategic insights for the Europe Digital Therapeutics provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
Market leaders and key company profiles
Propeller Health (ResMed)
Noom, Inc
Welldoc, Inc.
Fitbit, Inc.
Europe Digital Therapeutics Regional Insights
The geographic scope of the Europe Digital Therapeutics refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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Akshay
Senior Market Research Expert at Business Market Insights
