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 Market Revenue and Forecast to 2028 (US$ Million)
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,023.59 Million |
| Market Size by 2028 | US$ 1,338.13 Million |
| CAGR (2021 - 2028) | 22.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Application
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Digital Therapeutics Market is valued at US$ 1,023.59 Million in 2021, it is projected to reach US$ 1,338.13 Million by 2028.
As per our report Europe Digital Therapeutics Market, the market size is valued at US$ 1,023.59 Million in 2021, projecting it to reach US$ 1,338.13 Million by 2028. This translates to a CAGR of approximately 22.9% during the forecast period.
The Europe Digital Therapeutics Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Digital Therapeutics Market report:
The Europe Digital Therapeutics Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Digital Therapeutics Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Digital Therapeutics Market value chain can benefit from the information contained in a comprehensive market report.
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