The global digital therapeutics market size is projected to hit US$ 11.84 billion by 2028 and is growing at a CAGR of 20.5% during the forecast period 2022 to 2030.
The global digital therapeutics market size is projected to hit US$ 11.84 billion by 2028 and is growing at a CAGR of 20.5% during the forecast period 2022 to 2030.
According to Precedence Research, the global digital therapeutics market size was valued at USD 3.23 billion in 2021. Patients can receive evidence-based treatment interventions using digital therapies. It is used to manage, prevent, or treat medical conditions using software applications and equipment. To deliver patient care and health results, digital therapeutics software can be used alone or in combination with drugs, devices, or other therapies. Digital therapies products are designed, clinically validated, usable, and data secure using sophisticated technological beat practices. The government and regulatory agencies also review and approve these products before they are used. The wearable devices, mobile applications, and sensors are just a few of the product categories available in the digital therapeutics sector. Before being used, these products are assessed and approved by regulatory organizations. Digital therapeutics is a subset of digital health; however, not all digital health solutions are digital therapeutics.
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The global digital therapeutics market is growing due to the surge in adoption of smartphones and tablets as well as healthcare applications combined with growing need to control healthcare costs and significant advantages to the entire healthcare domain. Moreover, a robust pipeline of potential products projected to be released throughout the forecast period provides profitable future prospects. Thus, growth in the digital therapeutics market is primarily driven by the increasing incidence of chronic conditions and growing focus on preventative healthcare.
Report Highlights:
- Based on the product type, the software segment dominated the global digital therapeutics market in 2020 with highest market share. This is attributed to the rising adoption of smart phones and other smart devices, especially in developing nations.
- Based on the application, the diabetes segment dominated the global digital therapeutics market in 2020 with highest market share. This is due to rising incidence of obesity in developing nations, as well as the major risks and economic expenses associated with obesity related disorders.
- North America is the largest segment for digital therapeutics market in terms of region. The digital therapeutics market expansion in this region is fueled by factors such as the entry of new startups, government initiatives to assist technical advancements, rising investments in digital therapeutics, and change in the reimbursement structure for digital therapeutics.
- Asia-Pacific region is the fastest growing region in the digital therapeutics market. This is due the region’s early acceptance of new technology and increased investment through funding. The funding is linked to an increase in venture capitalists, government fundings, acquisitions, and mergers.
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Future of Digital Therapeutics Market
Chronic disease’s high prevalence and incidence rate is a big issue for healthcare systems all over the world. Patients with chronic disorders present a substantial barrier in terms of treatment as biopsychic and psychosomatic elements frequently impact these patients. Patients must adapt their behavior as part of new self-care lifestyle because chronic ailments are accompanied with significant levels of uncertainty. Moreover, many chronic disorders and ailments progress with time and their prevalence rises as people get older. Thus, chronic problems are projected to rise even more in the coming years as the worldwide senior population grows.
COVID-19 Impact Analysis:
- The COVID-19 pandemic has a remarkably good overall influence on the digital therapeutics sector.
- Due to increased awareness of the importance of digital health, surge in the rate of drug abuse, and rise in the incidence of mental illness around the world.
- Furthermore, people were forced to stay at home throughout the pandemic, which resulted in decreased physical activity, mental stress, increasing the prevalence of chronic disorders, and unhealthy lifestyle.
- As a result, demand for digital therapeutics devices and software is increasing around the world.
Key Developments in the Marketplace:
- Welldoc teamed with Dexacom in April 2021. This collaboration allowed BlueStar to offer the Dexcom G6 CGM to people with Type 2 diabetes as a single platform for better health.
- Crossroads Treatment Centers partnered with Pear Therapeutics in January 2020 to install the company’s digital platform reSET-O to assist patients suffering from opioid misuse and addiction.
- Philips announced the acquisition of BioTelemetry Inc, a major provider of remote cardiac diagnostics and monitoring in the U.S. in February 2021.
- Hydrus 7 Lab announced a strategic agreement with Epillo, a European Digital Health Startup in January 2021.
Market Segmentation
By Product
- Device
- Software
By Sales Channel
- Business-to-Consumer (B2C)
- Caregiver
- Patient
- Business-to-Business (B2B)
- Healthcare Provider
- Employer
- Others
By Application
- Obesity
- Diabetes
- Central Nervous System (CNS) Disease
- Gastrointestinal Disorder (GID)
- Cardiovascular Disease (CVD)
- Smoking Cessation
- Respiratory Disease
- Others
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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