Europe's Digital Therapeutics Market Poised for Strong Growth, Projected to Reach $1,338.13 Million by 2028

The Europe digital therapeutics market is projected to grow from $1,023.59 million in 2021 to $1,338.13 million by 2028, expanding at a CAGR of 22.9% during the forecast period. Key drivers of this growth include rising partnerships and collaborations among healthcare companies and the increasing emergence of startups across the region. However, concerns over cybersecurity threats and data privacy risks may hinder market expansion.

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Growing Adoption and Strategic Collaborations Fuel Market Growth

Digital therapeutics has gained significant traction among employers, insurers, and healthcare providers due to its proven benefits. The market has witnessed a surge in strategic partnerships, accelerating its development and adoption. While numerous small players dominate the space, larger corporations are increasingly entering the market.

• In June 2018, Cigna partnered with Omada Health, enabling eligible Cigna plan members to access Omada’s digital behavioral counseling platform at no cost as a preventive health benefit.
• In 2019, Propeller Health (a leading digital therapeutics company) collaborated with Orion Corporation to integrate Orion’s Easyhaler inhalers for asthma and COPD patients with Propeller’s digital medicine platform, expanding its European footprint.
• The Digital Therapeutics Alliance (DTA) has played a pivotal role in advancing industry standards, partnering with USP in 2018 to establish guidelines for digital therapeutics and expanding its European membership with S3 Connected Health in October 2018.

Government Support and Rising Demand for Chronic Disease Management

Digital therapeutics offer effective monitoring and management solutions for chronic conditions such as diabetes, cardiovascular diseases, and respiratory disorders. Supportive government initiatives, reimbursement policies, and increasing regulatory approvals are encouraging more startups to enter the market.

With rising patient demand, technological advancements, and favorable policies, Europe’s digital therapeutics market is set for robust growth, presenting significant opportunities for innovation and investment.

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.

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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Author's Bio
Akshay
Senior Market Research Expert at Business Market Insights