Smart Therapies Market Size is predicted to expand with a 14.17% CAGR during the forecast period for 2023-2031.
Smart treatments, often referred to as digital therapies or digital health interventions, describe the application of digital technologies, such as wearable technology, virtual reality, and artificial intelligence, to the delivery of therapeutic interventions or the promotion of mental health and wellness. These technologies can offer people simple, adaptable, and accessible solutions for addressing a range of medical illnesses, including mental health disorders. Technology advancements are a major factor in the market growth of smart therapeutics. Delivering cutting-edge and successful therapies is made possible by the creation of sophisticated mobile applications, virtual reality platforms, wearable technology, and artificial intelligence algorithms.
However, due to social segregation policies and lockdowns, in-person therapy sessions had some restrictions throughout the pandemic. As a result, teletherapy and Internet counseling platforms quickly gained popularity. These online platforms made it possible for therapists and counselors to remotely continue their client relationships and offer support. The introduction of teletherapy and Internet counseling has enhanced access for people who may have previously encountered barriers to in-person therapy and broadened the scope of mental health services.
Competitive Landscape
Some of the major key players in the Smart Therapies Market are:
- IBM Watson Health
- Google Health
- Amazon Web Services (AWS) Healthcare
- Microsoft Healthcare
- Tempus
- Flatiron Health
- 23andMe
- Verily Life Sciences
- Roche
Market Segmentation:
The Smart Therapies Market is segmented on the basis of technology type, therapeutic area, application, and end-user. Technology type segment includes Artificial Intelligence (AI) and Machine Learning (ML), Digital Health Tools, and Genomics and Precision Medicine. The therapeutic area segment includes oncology, neurology, cardiology, and others. Application segment includes drug discovery and development, diagnosis and treatment planning, and patient monitoring and management. The end-user segment includes hospitals and clinics, pharmaceutical companies, and research institutions.
Based On The Therapeutic Area, The Oncology Segment Is Accounted As A Major Contributor In The Smart Therapies Market.
The oncology category is expected to hold a major share of the global Smart Therapies Market in 2022. This is due to oncology specialists quickly adopting smart medicines, such as artificial intelligence (AI), machine learning, big data, and other digital tools to improve the delivery of oncology care. Intelligent healthcare systems examine medical pictures using artificial intelligence. These are mostly utilized in pathology slides, CT scans, and mammograms to identify cancer cells in their early stages. By helping radiologists and pathologists recognize suspicious lesions or patterns, these tools can increase accuracy and hasten the diagnostic process.
The Patient Monitoring And Management Segment Witnessed Growth At A Rapid Rate.
The patient monitoring and management segment is anticipated to grow at a rapid rate in the global Smart Therapies Market. The use of smart medicines in healthcare has fundamentally changed how patients are monitored and cared for by healthcare professionals, particularly through remote patient monitoring (RPM). In order to gather patient data outside of conventional healthcare settings and transfer it to healthcare experts for analysis and action, RPM makes use of a variety of smart devices and technology. By enabling proactive and prompt treatments, the use of smart healthcare for remote patient monitoring improves patient outcomes, increases patient convenience, and lowers healthcare costs. This will demonstrate the widespread use of smart medicines in the field of remote patient monitoring and management.
In The Region, The North American Smart Therapies Market Holds A Significant Revenue Share.
The North America Smart Therapies Market is expected to register the highest market share in terms of revenue in the near future. This is mostly attributable to the government's beneficial rules and policies, which include the digitalization of healthcare infrastructure and a rise in medical personnel's knowledge of the advantages of digital literacy. Other factors that contribute to the growth of the North American smart therapies market include the increasing focus of major market players on smart healthcare technologies, rising health awareness, increasing internet and smartphone penetration in healthcare facilities, and the rising adoption of health-related applications. Additionally, Asia Pacific is anticipated to experience rapid expansion during the forecast period. This is mainly because they are making larger investments and conducting more R&D on their healthcare IT infrastructure.
Smart Therapies Market Report Scope
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Report Attribute |
Specifications |
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Growth Rate CAGR |
CAGR of 14.17% from 2023 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
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Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
Technology Type, Therapeutic Area, Application, And End-User |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
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Competitive Landscape |
IBM Watson Health, Google Health, Amazon Web Services (AWS) Healthcare, Microsoft Healthcare, Tempus, Flatiron Health, 23andMe, Verily Life Sciences, and Roche. |
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Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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