According to Vision Research Reports, the digital therapeutics market size is expected to be worth around US$ 29.1 billion by 2030 and is projected to grow at a CAGR of 33.1% during forecast period 2021 to 2030.
According to Vision Research Reports, the digital therapeutics market size is expected to be worth around US$ 29.1 billion by 2030 and is projected to grow at a CAGR of 33.1% during forecast period 2021 to 2030.
Growth Factors
The key drivers for this growth include increasing incidence of chronic diseases, digitization, demand for innovative and affordable healthcare, and government initiatives.
Digital health went from novel to necessity during 2020. It swept through almost every healthcare domain as adoption peaked, accelerated by the COVID-19 pandemic. This included telehealth, telemedicine, digital pathology, triage solutions, mhealth, as well as digital therapeutics. Omada Health, Inc., a digital therapeutics provider, leveraged the gaps in care due to COVID-19 to provide extra support and guidance from its licensed specialists to those who had their doctor’s appointments deferred indefinitely. The company also helped primary care providers, therapists, endocrinologists, and cardiologists convert their practices to telehealth through enhanced education, psychosocial support, and remote monitoring.
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In response to COVID-19 and its repercussions on mental health, the FDA released guidelines expanding and promoting the scope of digital health therapeutic devices for mental health conditions. Rising initiatives by public and private players is another factor expected to propel the market growth. For instance, in June 2020, Akili Interactive Labs, Inc. received the CE mark for its digital therapeutic software for the treatment of ADHD called EndeavorRx.
With an increase in internet usage and dependency on smartphones, digital therapeutics is set to register continued growth over the forecast period. This is owing to increased demand for creative and innovative treatment options that could be used remotely by patients. In February 2021, SilverCloud partnered with Cerner Corporation to integrate its virtual mental health platform with the latter’s electronic health records. With this, SilverCloud intended to scale the delivery of evidence-based mental health treatment while improving patient outcomes and lowering the cost of care.
Report Highlights
The diabetes segment dominated the market for digital therapeutics and held the largest revenue share of more than 28.0% in 2020. The segment is expected to record the fastest growth during the forecast period. This growth is driven by the rising incidence of diabetes in the global population. According to the International Diabetes Federation (IDF), 463 million people were living with diabetes in 2019 and this number is expected to reach 700 million by 2045. This is estimated to boost demand for related digital therapeutics solutions. For instance, Patients suffering from diabetes require effective management, coaching, and guidance to handle symptoms like polyuria, polydipsia, and polyphagia, and medication reminders.
The obesity segment is anticipated to grab the second-largest share of the market. As per CDC’s National Center for Health Statistics prevalence of obesity in the U.S. was 42.4% in 2017 and 2018. This growing number is expected to fuel segment growth.
The patients segment dominated the market for digital therapeutics and held the largest revenue share of more than 32.0% in 2020 and is expected to register the highest CAGR during the forecast period. Patients are the primary users of therapeutic healthcare applications and programs. With the burgeoning number of patients suffering from chronic conditions, the demand for digital therapeutics is increasing.
Growth of the providers segment, on the other hand, can be attributed to more and more providers leveraging digital therapeutics to deliver and support therapies that are clinically proven, outside of a care setting, in addition to providing reliable patient engagement. Payers are also getting increasingly interested in covering digital therapeutics, and the segment has much scope for growth. Payers are encouraged to take initiatives by business models that facilitate adherence and enhance efficacy while reducing costs.
North America held the dominant share of more than 41.0% in the digital therapeutics market in 2020. This growth is attributed to the presence of key players, rising government initiatives, well-developed healthcare infrastructure, and rising prevalence of chronic health issues.
In April 2020, the U.S. FDA released guidelines to expand the availability of digital health therapeutic devices for psychiatric conditions. With this, the FDA intended to support individuals that were following home quarantine orders or practicing social distancing, without the need for in-clinic visits during the COVID-19 public health emergency. This would also ease burdens on healthcare facilities and reduce the risk of exposure to the virus.
In Asia Pacific, the market is expected to register the fastest growth rate over the forecast period, owing to two major factors: a large and comparatively younger population base that converts into a vast target base and rapid urbanization and digitization. In addition, constant reforms in countries to address the lack of proper infrastructure and maintain sustainable growth through financial inclusion are expected to benefit the market. As per India Cellular and Electronics Association 2020 report, 97.0% of the internet users across the country access the internet through mobile devices due to factors such as reduced smartphone prices, increased affordability of mobile data, rise in the number of rural users, and various Government initiatives.
Key Players
- Omada Health, Inc.
- WellDoc, Inc.
- 2Morrow, Inc.
- Livongo Health
- Propeller Health
- Pear Therapeutics
- Twine Health, Inc.
- Canary Health, Inc.
- Noom Health, Inc.
- Mango Health, Inc.
Market Segmentation
- Application Outlook
- Diabetes
- Obesity
- CVD
- CNS Disease
- Respiratory Diseases
- Smoking Cessation
- Others
- End-use Outlook
- Patients
- Providers
- Payers
- Employers
- Others
- Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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