Redding, California, Jan. 10, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled ‘Digital Therapeutics Market by Component (Software, Device), Application (Diabetes, Respiratory, CNS, Gastrointestinal, Cardiovascular, Addiction, Rehabilitation, Obesity, Nutrition), End User (Patient, Payer, Provider, Employer) - Global Forecast to 2030,’ published by Meticulous Research®, the digital therapeutics market is projected to reach $22.16 billion by 2030 at a CAGR of 20.3% from 2023 to 2030.
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Digital therapeutics (DTx) delivers evidence-based therapeutic interventions to prevent, manage or treat patients' physical, mental, and behavioral conditions via high-quality software programs.
Digital therapeutics is a part of the digital health ecosystem and supports self-managing symptoms, ultimately improving the quality of life. Digital therapeutics lowers the stigma of certain traditional therapies by offering at-home convenience and privacy. The user can operate the solution in multiple languages. Digital therapeutics increase access to effective therapies at the patient’s convenience.
Impact of COVID-19 on the Digital Therapeutics Market
The COVID-19 pandemic had a positive effect on the digital therapeutics market. The pandemic accelerated the adoption of digital therapeutics as digital health solutions were convenient and easily accessible during the pandemic. Governments across various countries also supported the growth of this market. For example, in April 2020, U.S. Food and Drug Administration (FDA) eased the certain premarket requirement for smartphone apps and programs specifically designed to support the treatment of conditions such as anxiety, obsessive-compulsive disorder, insomnia, and depression.
The adoption of telemedicine during the COVID-19 pandemic also positively impacted this market. According to the U.S. Department of Health and Human Services (HHS), a surge in telehealth for medicare beneficiaries was observed during the pandemic. The increased penetration of telemedicine also positively impacted the demand for digital therapeutic solutions.
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The global digital therapeutics market is segmented by Component (Software, Devices), Application (Care-related {Diabetes, CNS Disorders, Respiratory Disorders, Gastrointestinal Disorders, Smoking Cessation, Cardiovascular Diseases, Medication Adherence, Addiction Management, Rehabilitation and Patient Care, and Other Care-related Applications}, Preventive {Obesity, Prediabetes, Nutrition, and Other Preventive Applications}, End User (Payers, Patients & Caregivers, Providers, Employers), and Geography. The study also evaluates industry competitors and analyzes their market shares at the global and regional levels.
Based on component, the digital therapeutics market is segmented into software and devices. In 2023, the software segment is expected to account for the largest share of this market. Advancements in digital therapeutic software, the rise in penetration of smartphones and mHealth platforms, and the increasing teleconsultation services are the factors supporting the large market share of this segment.
Based on application, in 2023, the care-related applications segment is expected to account for the largest share of the digital therapeutics market. The care-related applications segment is further segmented into diabetes, central nervous system (CNS) disorders, respiratory disorders, gastrointestinal disorders, smoking cessation, cardiovascular diseases, medication adherence, addiction management, rehabilitation and patient care, and other care-related applications. In 2023, the diabetes segment is expected to account for the largest share due to the high prevalence of diabetes. According to International Diabetes Federation (IDF), in 2021, approximately 537 million adults (aged between 20-79 years) had diabetes. This number is estimated to reach 643 million by 2030 and 783 million by 2045. Thus, the adoption of digital therapeutic solutions for managing diabetes is increasing.
Based on end user, in 2023, the patients & caregivers segment is expected to account for the largest share of the digital therapeutics market. Increased involvement of patients & caregivers in the care management pathway, increasing focus and awareness about self-monitoring, and rising spending on preventive healthcare are the factors supporting the large market share of this segment.
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Based on geography, in 2023, North America is expected to account for the largest share of the digital therapeutics market. The large share of North America in the global digital therapeutics market is attributed to factors such as the increased prevalence of chronic diseases, surge in usage of digital health products, and rise in awareness among government agencies. Additionally, the number of players operating in the U.S. digital therapeutics market is high.
The report also includes an extensive assessment of the key strategic developments of leading market participants in the industry over the past years (2020–2022). In the last couple of years, the global digital therapeutics market witnessed a number of product launches and collaborations.
Some of the key players operating in the global digital therapeutics market are Noom, Inc. (U.S.), 2Morrow Inc. (U.S.), GAIA AG (Germany), Propeller Health (U.S.), Canary Health (U.S.), Welldoc, Inc. (U.S.), DarioHealth Corp. (U.S.), Akili, Inc. (U.S.), Pear Therapeutics (US), Inc. (U.S.), BigHealth (U.S.), Teladoc Health, Inc. (U.S.), Limbix Health, Inc. (U.S.), Kaia Health Software Inc. (Germany), Better Therapeutics, Inc (U.S.), and Fitbit LLC (U.S.).
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Scope of the Report:
Digital Therapeutics Market, by Component
- Software
- Device
Digital Therapeutics Market, by Application
- Care-related Applications
- Diabetes
- CNS Disorders
- Respiratory Disorders
- Gastrointestinal Disorders
- Smoking Cessation
- Cardiovascular Diseases
- Medication Adherence
- Addiction Management
- Rehabilitation and Patient Care
- Other Care-related Applications
- Preventive Applications
- Obesity
- Prediabetes
- Nutrition
- Other Preventive Applications
Note: Other care-related applications include ophthalmology and dermatology
Note: Other preventive applications include hypertension, asthma, and COPD
Digital Therapeutics Market, by End User
- Payers
- Patients & caregivers
- Providers
- Employers
Digital Therapeutics Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Brazil
- Mexico
- Rest of Latin America (RoLATAM)
- Middle East & Africa
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About Meticulous Research®
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