New York, USA, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Digital Therapeutics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), Digital Therapeutics Market Information By Product, Application, Sales Channel, End Users, And Region - Forecast till 2030", the market is expected to grow at 25.1% CAGR to reach USD 31.15 billion during the forecast period 2022-2030.
Market Synopsis
Patients receive evidence-based treatment interventions through digital therapy. It is made available through software and equipment to prevent, manage, or treat medical disorders. To deliver patient care and health results, the digital therapy software application can be utilized alone or in combination with another tool, drug, or therapy. With top-notch software programs, digital therapeutics provides patients with real therapeutic actions designed to prevent, solve, or treat medical diseases or disorders. Innovative technology related to design, clinical validation, usability, and data protection and security is present in these items. These treatments mostly concentrate on producing clinical outcomes and reporting various medical circumstances. Medical disorders can also be treated with digital therapeutic systems, which have the potential to improve and transform the patient's health significantly.
They can also be used individually or in combination with other therapies, drugs, or technology to improve patient care and clinical outcomes. Digital therapies' design, clinical validation, functionality, and data security are based on state-of-the-art technology and best practices. Before use, these products are examined and authorized by regulatory bodies. Additionally, digital therapies offer a variety of interventions, including high-quality, secure, and efficient evidence-based cards, to treat various illnesses. These tools are smart, accessible, and available to patients, healthcare professionals, and payers. For a therapist to personalize treatment and collaborate with the patient to prevent issues, it can compile, fuse, and analyze patient data. The industry is projected to rise as more people utilize digital medicines to help manage long-term diseases like diabetes, sleeplessness, and asthma.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 31.15 Billion |
| CAGR | 25.1% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Application, Sales Channel and End Users |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising global geriatric population |
| Increasing prevalence of chronic diseases |
Competitive Landscape:
The illustrious companies in the digital therapeutics market are:
- Proteus Digital Health (U.S.)
- Better Therapeutics (U.S.)
- Virta Health (U.S.)
- Happify (U.S.)
- Mindable Health (Germany)
- Kaia Health (Germany)
- Mango Health (U.S.)
- Cognoa (U.S.)
- Wellthy Therapeutics (India)
- Propeller Health (U.S.)
- se (Sweden)
- BehaVR (U.S.)
- Akili Interactive Labs (U.S.)
- Hinge Health (U.S.)
- Click Therapeutics (U.S.)
- Canary Health (U.S.)
Digital Therapeutics Market Dynamics:
Market Drivers:
The market is anticipated to be driven by rising smartphone adoption in both developed and developing nations, the affordability of digital health technology for patients and providers, and rising demand for patient-centered care and integrated healthcare systems. The global healthcare system's top concern continues to be the rising prevalence and instances of several chronic illnesses. An additional risk factor for chronic illness is poor diet, tobacco use, drunkenness, and inactivity. The fact that most chronic diseases co-occur with other conditions and that patients frequently have co-morbidities greatly impacts healthcare expenses. With increased social and economic interconnection worldwide, smartphone ownership is already becoming a need. The penetration of smartphones significantly influences the market's growth.
Since biopsychic or psychosomatic elements typically impact patients with chronic conditions, treating them can be extremely difficult. Patients undergo behavioral modifications as part of their most recent self-care lifestyle since chronic diseases are typically linked to large degrees of uncertainty. Additionally, several chronic illnesses advance, and their prevalence increases with aging. Consequently, chronic illnesses will continue to rise over the coming years due to the fast-increasing global senior population. This might present a sizable opportunity for the digital therapies sector in the long run.
Market Restraints:
The main issues impeding the development of the global market include lack of knowledge, patient reluctance to accept digital therapies, the difficulty of demonstrating the efficacy of digital therapeutics, and patient data privacy concerns. Concerns about patient privacy are hampering digital therapies uptake. The fear that the data may be compromised or the fact that technology will make it vulnerable to unwelcome personal surveillance further restrains the market expansion for digital therapies.
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COVID 19 Analysis
Due to increased awareness of the value of digital health, an increase in the incidence of mental illness, and an increase in the rate of drug abuse internationally, the COVID-19 pandemic is anticipated to have a favorable effect on the market for digital therapeutics. The situation is particularly bad in nations with a high incidence of COVID-19, such as India, China, Brazil, the U.S., and several European nations, including Russia, Italy, and Spain. The healthcare, biotechnology, and pharmaceutical industries are making the most of this situation to serve the greatest number of patients and medical professionals and, as a result, grow at an excellent market rate, while other global industries, such as oil and petroleum, aviation, and mining, among others, are seeing a sharp decline in revenue. Additionally, because people had to stay at home during the pandemic, less physical exercise, an unhealthy lifestyle, and more stress contributed to the rise in chronic diseases.
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Digital Therapeutics Market Segmentation
By application, the market includes respiratory diseases, smoking cessation, cardiovascular diseases, obesity, and diabetes.
By product type, the market includes software and devices.
By sales channel, the market includes B2B and B2C.
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Digital Therapeutics Market Regional Insights
Due to the region's high number of chronic diseases and government initiatives to assist technological innovation in digital medicines, North America is predicted to have the greatest market for these products. According to estimates, the U.S. dominates worldwide and North American markets for digital therapeutics in terms of revenue. Additionally, it is anticipated that the evolving pay scheme for digital therapeutic solutions and growing investment in the sector would be the key growth drivers for the U.S. digital therapeutics industry. But during the anticipated time, it is anticipated that the Asia-Pacific region will demonstrate significant growth. The rising incidence of chronic illness, the region's aging population, and the development of digital therapies contribute to this trend.
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