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.
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.
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 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.
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.
|
Report Attribute |
Specifications |
|
Growth Rate CAGR |
CAGR of 14.17% from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Technology Type, Therapeutic Area, Application, And End-User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
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 |
|
Competitive Landscape |
IBM Watson Health, Google Health, Amazon Web Services (AWS) Healthcare, Microsoft Healthcare, Tempus, Flatiron Health, 23andMe, Verily Life Sciences, and Roche. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Smart Therapies Market Snapshot
Chapter 4. Global Smart Therapies Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis of Metaverse Industry
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. COVID-19 Impact on Metaverse Industry
Chapter 5. Market Segmentation 1: By Technology Type Estimates & Trend Analysis
5.1. By Technology Type & Market Share, 2019-2031
5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2022 to 2031 for the following By Technology Type:
5.2.1. Artificial Intelligence (AI) and Machine Learning (ML)
5.2.2. Digital Health Tools
5.2.3. Genomics and Precision Medicine
Chapter 6. Market Segmentation 2: By Application Estimates & Trend Analysis
6.1. By Technology Type & Market Share, 2019-2031
6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2022 to 2031 for the following By Application:
6.2.1. Drug Discovery and Development
6.2.2. Diagnosis and Treatment Planning
6.2.3. Patient Monitoring and Management
Chapter 7. Market Segmentation 3: By End User Estimates & Trend Analysis
7.1. By Technology Type & Market Share, 2019-2031
7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2022 to 2031 for the following By End User:
7.2.1.1. Hospitals and Clinics
7.2.1.2. Pharmaceutical Companies
7.2.1.3. Research Institutions
Chapter 8. Market Segmentation 4: By Therapeutic Area Estimates & Trend Analysis
8.1. By Technology Type & Market Share, 2019-2031
8.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2022 to 2031 for the following By Therapeutic Area:
8.2.1.1. Oncology
8.2.1.2. Neurology
8.2.1.3. Cardiology
8.2.1.4. Others
Chapter 9. Market Segmentation 5: Regional Estimates & Trend Analysis
9.1. North America
9.1.1. North America Smart Therapies Market Revenue (US$ Million) Estimates and forecasts By Technology Type, 2023-2031
9.1.2. North America Smart Therapies Market Revenue (US$ Million) Estimates and Forecasts By Application, 2023-2031
9.1.3. North America Smart Therapies Market Revenue (US$ Million) Estimates and forecasts By Therapeutic Area, 2023-2031
9.1.4. North America Smart Therapies Market Revenue (US$ Million) Estimates and forecasts By, End User 2023-2031
9.1.5. North America Smart Therapies Market revenue (US$ Million) estimates and forecasts by country, 2023-2031
9.1.5.1. U.S.
9.1.5.2. Canada
9.2. Europe
9.2.1. Europe Smart Therapies Market revenue (US$ Million) by Technology Type, 2023-2031
9.2.2. Europe Smart Therapies Market Revenue (US$ Million) Estimates and Forecasts By Application, 2023-2031
9.2.3. Europe Smart Therapies Market revenue (US$ Million) estimates and forecasts By Therapeutic Area, 2023-2031
9.2.4. Europe Smart Therapies Market revenue (US$ Million) estimates and forecasts By End User ,2023-2031
9.2.5. Europe Smart Therapies Market revenue (US$ Million) by country, 2023-2031
9.2.5.1. Germany
9.2.5.2. Poland
9.2.5.3. France
9.2.5.4. Italy
9.2.5.5. Spain
9.2.5.6. UK
9.2.5.7. Rest of Europe
9.3. Asia Pacific
9.3.1. Asia Pacific Smart Therapies Market revenue (US$ Million) by Technology Type, 2023-2031
9.3.2. Asia Pacific Smart Therapies Market Revenue (US$ Million) Estimates and Forecasts By Application, 2023-2031
9.3.3. Asia Pacific Smart Therapies Market Revenue (US$ Million) Estimates and forecasts By Therapeutic Area, 2023-2031
9.3.4. Asia Pacific Smart Therapies Market revenue (US$ Million) estimates and forecasts By End User, 2023-2031
9.3.5. Asia Pacific Smart Therapies Market revenue (US$ Million) by country, 2023-2031
9.3.5.1. China
9.3.5.2. India
9.3.5.3. Japan
9.3.5.4. Australia
9.3.5.5. Rest of Asia Pacific
9.4. Latin America
9.4.1. Latin America Smart Therapies Market revenue (US$ Million) by Technology Type, 2023-2031
9.4.2. Latin America Smart Therapies Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
9.4.3. Latin America Smart Therapies Market Revenue (US$ Million) Estimates and forecasts By Therapeutic Area, 2023-2031
9.4.4. Latin America Smart Therapies Market Revenue (US$ Million) Estimates and Forecasts by End User, 2023-2031
9.4.5. Latin America Smart Therapies Market revenue (US$ Million) by country, (US$ Million) 2023-2031
9.4.5.1. Brazil
9.4.5.2. Rest of Latin America
9.5. Middle East & Africa
9.5.1. Middle East & Africa Smart Therapies Market revenue (US$ Million) by Technology Type, (US$ Million)
9.5.2. Middle East & Africa Smart Therapies Market revenue (US$ Million) estimates and forecasts By Application, 2023-2031
9.5.3. Middle East & Africa Smart Therapies Market revenue (US$ Million) estimates and forecasts By Therapeutic Area, 2023-2031
9.5.4. Middle East & Africa Smart Therapies Market revenue (US$ Million) estimates and forecasts By End User, 2023-2031
9.5.5. Middle East & Africa Smart Therapies Market revenue (US$ Million) by country, (US$ Million) 2023-2031
9.5.5.1. South Africa
9.5.5.2. GCC Countries
9.5.5.3. Rest of MEA
Chapter 10. Competitive Landscape
10.1. Major Mergers and Acquisitions/Strategic Alliances
10.2. Company Profiles
10.2.1. IBM Watson Health
10.2.2. Google Health
10.2.3. Amazon Web Services (AWS) Healthcare
10.2.4. Microsoft Healthcare
10.2.5. Tempus
10.2.6. Flatiron Health
10.2.7. 23andMe
10.2.8. Verily Life Sciences
10.2.9. Roche
Smart Therapies Market By Technology Type
Smart Therapies Market By Therapeutic Area -
Smart Therapies Market By Application-
Smart Therapies Market By End-User-
Smart Therapies Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
