Pune, India, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The digital therapeutics market size was valued at USD 5.53 billion in 2022. and market is projected to grow USD 28.66 billion by 2030, exhibiting a CAGR of 22.9% during the forecast period. The rising demand for items among the medical community and the pharmaceutical industry is projected to fuel market expansion.
Fortune Business Insights presents this information in their report titled Global Digital Therapeutics Market, 2023–2030.
Key Industry Development:
September 2022: Prosoma Digital Therapeutics and EVERSANA announced the partnership to support the expected launch and commercialization of Prosoma’s digital therapy to support the mental health of cancer patients.
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Key Takeaways:
- The increased prevalence of chronic conditions like diabetes, mental illness, cancer, and heart failure (HF) worldwide is factor contributing to the increased demand for these items.
- The usage of therapeutics software and devices is driven due to the increased demand for the management and treatment of chronic diseases worldwide.
- Digital therapeutics assists in providing specialized medications, lifestyle and nutrition management, mental and behavioral health conditions.
- The segment registers a significant CAGR during the forecast period.
- The digital therapeutics market size in North America stood at USD 2.64 billion in 2022.
List of Key Players Present in the Report:
“Companies leading the global Digital Therapeutics Market are Omada Health Inc. (U.S.), Welldoc, Inc. (U.S.), Fitbit Health Solutions (U.S.), CANARY HEALTH (U.S.), JOGOHEALTH (U.S.), GAIA AG (Germany), CureApp, Inc. (Japan), Propeller Health (U.S.), Brain+ A/S (Denmark), Pear Therapeutics, Inc. (U.S.)”
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 22.9% |
| 2030 Value Projection | USD 28.66 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 6.77 Billion |
| Historical Data | 2019 to 2021 |
| No. of Pages | 130 |
| Segments covered | By Type, By Application, By Sales Channel, By Region |
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Segments:
Growing Adoption of Health Monitoring Apps to Propel Market Growth
Based on type, the market is segmented into devices and, software & services.
Due to the rising adoption of software, software and services held the largest market share in 2022. Patients who use the software can easily access their specific meds and conveniently use them. The growing attention given by industry players to the creation of software for people with chronic illnesses like diabetes, heart disease, and mental health will aid in the expansion of this market sector.
Preventive segment to Gain Momentum, Lifestyle-related illnesses to Push Segment Growth
In terms of application, the market is segmented into prevention and treatment.
Pre-diabetes, obesity, and various sub-segments make up the preventive segment. The treatment. The treatment segment is further divided into subsections for diabetes, cardiovascular care, respiratory care, mental health, and others. During the predicted period, the preventive segment experienced considerable growth. Throughout the projection period, it is anticipated that rising modern lifestyle-related illnesses such as obesity, prediabetes, smoking cessation, and numerous other chronic conditions will increase demand for these devices.
Pharmaceutical Companies’ Adoption of Digital Therapeutics to grow B2B segment
In terms of sales channels, the market is segmented into B2B and B2C.
Throughout the anticipated period, the B2B segment is anticipated to have the largest market share. The payer, provider, employer, pharmaceutical companies, and other business entities make up the B2B (Business to Business) segment. Due to a rising number of mergers and collaborations among them for the development of new products, significant industry players and pharmaceutical corporations now own the majority of the market share. Also, businesses are putting greater emphasis on offering the product to their employees, which is growing the client base and fostering segmental growth.
By Type
- Devices
- Software & Services
By Application
- Preventive
- Prediabetes
- Obesity
- Others
- Treatment
- Diabetes
- Respiratory Care
- Mental Health
- Cardiovascular
- Others
By Sales Channel
- B2B
- B2C
By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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Drivers & Restraints:
Smartphone Use for Digital Therapies will Rise, Driving the Market
Over the past few years, healthcare has seen several changes as a result of increased digitalization. Better treatment and health monitoring are now possible thanks to smartphones, smart medical equipment, and cloud-based data platforms. This has led to market participants and other organizations focusing more on creating and releasing cutting-edge technologies with built-in applications for treating numerous chronic diseases with the aid of these items. Launches of innovative digital therapeutics mobile applications are projected to fuel market expansion in the forecast year due to the increased attention of leading industry participants on regulatory body approvals. These factors attribute to the growing global digital therapeutics market share.
Regional Insights
Several People Suffering from Chronic Illnesses Resulted in North America’s Growth
In 2022, North America’s market was worth 2.64 billion USD. The dominance of this geographical market can be attributed to the rise of patients with chronic illnesses and substance use disorders. The introduction of these devices in the region is also anticipated to expand as a result of an increase in collaboration and agreements among the major firms to concentrate on the research and development of these goods.
Competitive Landscape
Major Corporations Dominate the Market due to Strong Product Portfolio
The market for digital therapeutics is somewhat fragmented, with several businesses offering a wide variety of goods, including mobile software and hardware. Pear Therapeutics, Inc. the market leader, maintains a commanding position with a powerful software portfolio. Its large market share is mostly due to the rising sales of reset and reset-O in the U.S. Another element contributing to the company’s increased market share is the rising R&D costs for the creation of these items. To boost their revenue in the market, other market players like AppliedVR, Inc., Welldoc, Inc., CureApp, Inc., and Brain+A/S are concentrating on the execution of cutting-edge tactics including mergers and acquisitions, market penetration, partnerships, and distribution agreements.
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FAQ’s
How big is the digital therapeutic market?
The global digital therapeutics market size was USD 5.53 billion in 2022. It is expected to reach USD 28.66 billion by 2030.
What is the market for digital therapeutics?
The Digital Therapeutics Market will exhibit a CAGR of 22.9% during the forecast period, 2023-2030.
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