Dublin, June 21, 2023 (GLOBE NEWSWIRE) -- The "Digital Therapeutics Market by Application, Type, End User - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global digital therapeutics market is projected to reach $42.98 billion by 2030 at a CAGR of 31.1% from 2023 to 2030.
The growth in the digital therapeutics market is mainly attributed to the rising adoption of digital health, increasing focus on preventive healthcare, growing prevalence of chronic diseases, and rising penetration of smart technologies, such as artificial intelligence, virtual reality, and the Internet of Things. However, the data privacy concerns for digital therapeutic mobile applications restrain the growth of this market.
The growing demand for digital therapeutic platforms in emerging economies and rising investment in digital therapeutics are expected to generate growth opportunities for the players operating in this market. However, the lack of awareness about digital therapeutics platforms among the population and the lengthy process for regulatory approval are challenges for the players operating in this market.
Based on type, in 2023, the disease management and treatment DTx segment is expected to account for the largest share of the digital therapeutics market. Digital therapeutic platforms are increasingly used for the treatment and management of diseases.
Patients are inclined towards self-management of diseases for better disease management, and digital therapeutic platforms provide real-time health insights to the users, helping users to monitor disease conditions and make data-driven decisions about health. The prescription of DTx platforms by the provider is rising for managing and treating various health conditions.
Based on application, in 2023, the mental health segment is expected to account for the largest share of the digital therapeutics market. Mental health applications help reduce stigma and provide psychological services, patient empowerment, and self-monitoring, thus increasing its demand. For instance, in October 2021, under FDA's Enforcement Policy, Limbix Health, Inc.'s SparkRx application was made available for patients requiring mental support during COVID-19 under the FDA's Enforcement Policy.
Additionally, WHO estimates that anxiety, depression, and other mental health conditions cost the global economy USD 1 trillion per year in lost productivity. The adoption of wellness programs can increase patients' mental health conditions; thus, healthcare providers and patients are adopting digital therapeutics platforms for mental disorders, driving the growth of this segment.
The rising number of patients suffering from chronic disease, increasing adoption of digital therapeutics solutions among patients for monitoring, personalized therapeutic interventions, the trend towards preventive care, and increasing interest of patients and caregivers in the care management process are driving the growth of this segment.
North America's large share is attributed to the region's highly developed digital health infrastructure, high usage of mobile applications for disease management, the high prevalence of chronic diseases coupled with growth in the aging population, and the high adoption of connected devices among patients. The availability of funding for digital health, coupled with the growing pipeline for DTx, supports the growth of this regional market to a certain extent.
Market Insights
Key Factors Affecting Market Growth
- Increasing Focus on Preventive Healthcare and Self-testing is Driving the Market
- Data Privacy Concerns Associated with Digital Therapeutics Applications are Restraining Market Growth
- Emerging Economies and Growing Product Pipeline is Providing Opportunities for Market Growth
- Lengthy and Tedious Regulatory Approval Process is Posing a Challenge to the Market's Growth
Trends
- Partnership of Digital Therapeutics Companies with Pharmaceutical Companies
- Integration of Artificial Intelligence (AI) in Digital Therapeutics
Regulatory and Reimbursement Approval Pathway
- U.S.
- Germany
- France
- Belgium
- U.K.
- China
- Japan
- South Korea
Case Study
- Connected Inhalers to Reduce Asthma Symptoms (Propeller Health)
- Sharp Rees-Stealy Medical Group (U.S.) Improves Outcomes with Diabetes Management Program
- Improvement in Self-management of Diseases with Digital Health Solutions
Company Profiles (Company Overview, Financial Snapshot, Product Portfolio, Strategic Developments, SWOT Analysis)
- Noom Inc. (U.S.)
- 2Morrow Inc. (U.S.)
- GAIA AG (Germany)
- ResMed Inc. (U.S.)
- Canary Health (U.S.)
- Welldoc Inc. (U.S.)
- DarioHealth Corp. (U.S.)
- Akili Inc. (U.S.)
- Biofourmis Inc. (U.S.)
- BigHealth (U.S.)
- Teladoc Health Inc. (U.S.)
- Limbix Health Inc. (U.S.)
- Kaia Health Software Inc. (Germany)
- Glooko Inc. (U.S.)
- Virta Health Corp. (U.S.).
Scope of the Report:
Global Digital Therapeutics Market Assessment, by Type
- Disease Management and Treatment DTx
- Disease Prevention DTx
Global Digital Therapeutics Market Assessment, by Application
- Mental Health
- Diabetes
- Cardiovascular Diseases
- Gastrointestinal Disorders
- Neurology
- Rehabilitation & patient care
- Oncology
- Respiratory Disorders
- Addiction management
- Sleep Disorders
- Smoking Cessation
- Other Applications
Note: Other applications include medication adherence, eyes & ear diseases, dermatology, infectious and parasitic diseases, and genitourinary diseases, among others.
Global Digital Therapeutics Market Assessment, by End User
- Providers
- Individual Consumers
- Employers
- Payers
- Other End Users
Note: Other end users include pharmaceutical organizations and government institutes
Global Digital Therapeutics Market Assessment, 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
For more information about this report visit https://www.researchandmarkets.com/r/wg61tp
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