According to a new report published by Allied Market Research, titled, "Europe Digital Therapeutics Market by Application, Product, and Sales Channel: Europe Opportunity Analysis and Industry Forecast, 2019–2026," the Europe digital therapeutics market size was valued at $0.50 billion in 2018 and is projected to reach $2.27 billion by 2026, growing at a CAGR of 20.6% from 2019 to 2026. The diabetes segment accounted more than one-fifth of the total market share in 2018.
Rise in utilization of smart devices and smartphones&tablets coupled with increase in incidenceof chronic diseases boosts the growth of the Europe digital therapeutics market. However, lack of awareness toward healthcare-associated applications and increase in concerns regarding patient data restrict the market growth. Conversely, high growth potential in the emerging markets offers lucrative opportunities for key market players operating in this segment.
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COVID-19 scenario analysis:
1) The COVID-19 impact on the Europe Digital therapeutics market is unpredictable and is expected to remain in force till the fourth quarter of 2021.
2) The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and banned import-export of nonessential items for most of 2021. This led to sudden fall in the availability of important raw materials.
3) Moreover, nationwide lockdowns forced manufacturing facilities to partially or completely shut their operations.
4) Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of reliable and innovative drone analytics systems globally.
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Key findings of the Europe Digital therapeutics market:
•Software is expected to be one of the most lucrative segments,registering a CAGR of 20.8% during the forecast period.
•The business-to-consumers (B2C)segmentaccounted for maximum share in the Europe market in 2018, and is expected to grow at a CAGR of 21.1% during the forecast period.
•UK dominated the Europedigital therapeutics market, and is projected to retain this trend throughout the forecast period.
•Diabetes is accounted for the maximum share in 2018, in Europe, with registering a CAGR of 22.6% during the forecast period.
Amongproducts, in 2018, software segment helda dominant portion in the market,accounting for about 68.2% of Europe digital therapeutics market sharein 2018. This is mainly due to the increased penetration of smart phones and other devices mostly in developing economies. This further increases the use of digital therapeutics.
List of Key Players Profiled in the Report:
The key players operating in the Europe digital therapeutics market are Ada Health GmbH, CogniFit, Caterna Vision GmbH, Fitbit, Inc. (Twine Health, Inc.), Kaia Health, Medtronic Plc., Novartis International AG (Pear Therapeutics, Inc.), ResMed, Inc. (Propeller Health), Sonormed GmbH, and Voluntis, Inc.
The other players in the value chain include (profiles not included in the report)GlaxoSmithKline, Veeva Systems, and Syneos Health.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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