London, Feb. 27, 2024 (GLOBE NEWSWIRE) -- As indicated by a newly published report by Fairfield Market Research, the global market for digital therapeutics is poised to witness staggering growth, projected to reach a staggering US$24.5 Bn by 2030, a substantial leap from the current US$5.6 Bn registered by the end of 2022. This astronomical surge reflects a compelling CAGR of 23.5% between 2023 and 2030, fueled by a key trend — the burgeoning demand from the healthcare industry.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$5.6 Bn | |
| Estimated Market Size in 2030 | US$24.5 Bn | |
| CAGR | 23.5% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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The driving forces behind this unprecedented growth are multiple, and majorly include an increasing chronic disease prevalence worldwide. The prevalence of conditions like diabetes, and heart disease(s) has spurred the urgent need for cost-effective healthcare solutions. Enter digital therapeutics, a revolutionary approach that seamlessly integrates technology, patient engagement, and personalised treatments, offering effective tools to manage and prevent chronic diseases.
The surge in preventable chronic diseases has become a pivotal driver for the digital therapeutics market. These solutions, characterised by cost-effectiveness and personalised interventions, have emerged as vital tools in the management and prevention of diseases such as diabetes and heart disease. The market's expansion is, therefore, aligned with the global endeavor to reduce the burden of these conditions and enhance population health.
“The digital therapeutics market is not just a promising sector but looks like a perfectly transformative force in healthcare. With its unparalleled growth trajectory, driven by patient-centric solutions and technological advancements, it is set to redefine how chronic disease management has been working over the years. As the world pivots towards a digital future, digital therapeutics will stand at the forefront, promising a healthier and more connected tomorrow,” says the company’s analyst.
Key Research Insights
- Based on application, diabetes represents the leading market segment throughout the period of projection.
- Patients continue to be the primary end user category in the global digital therapeutics space.
- North America stands the tallest in worldwide space, whereas Asia Pacific emerges as the star regional player.
For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/digital-therapeutics-market
Insights into Segmentation Analysis
The Diabetes Segment Remains a Sizable Slice of the Digital Therapeutics Pie
In the dynamic realm of digital therapeutics, diabetes applications reign supreme, securing the largest market share. The global surge in diabetes cases has fueled the demand for personalised interventions, real-time glucose monitoring, and lifestyle guidance. As diabetes rates continue to escalate worldwide, these digital solutions stand as the cornerstone of effective management, reducing complications, and elevating patients' quality of life.
Smoking Cessation Becomes the Largest Application Area
In the quest to combat the global tobacco epidemic, smoking cessation applications are rapidly gaining traction. Fueled by evidence-based interventions, behavioral support, and personalised plans, these digital therapeutics address the pressing need to curb smoking. With heightened public health initiatives and growing awareness of smoking's health risks, the demand for effective digital solutions in smoking cessation is soaring, propelling this segment into the limelight.
Patients Take Center Stage
Patients have emerged as the driving force behind the digital therapeutics market, claiming the largest market share. Their active role in managing health, coupled with the surge in remote healthcare adoption during the COVID-19 pandemic, has solidified their position.
Seeking personalised, accessible, and convenient solutions, patients are embracing digital therapeutics for self-care and condition management, reshaping the landscape of healthcare engagement.
Healthcare Providers Set to Experience the Fastest CAGR
Healthcare providers are set to experience the fastest CAGR through 2030 in the digital therapeutics market. As digital therapeutics become integral tools for physicians, clinicians, and healthcare organisations, demand from professionals intensifies.
Real-time patient monitoring, treatment adjustments, and streamlined care management are propelling the adoption of these solutions. Recognizing the value in improving patient outcomes and reducing costs, providers are embracing digital therapeutics at an unprecedented pace.
Key Report Highlights
- Telehealth integration is revolutionizing digital therapeutics, ensuring seamless connectivity for remote patient monitoring, consultations, and treatment delivery.
- Wearable devices such as smartwatches, and fitness trackers play a pivotal role in the digital therapeutics market. These devices, equipped with sensors, enable real-time data collection for personalised interventions and progress tracking.
- The remote patient monitoring (RPM) technology, leveraging IoT devices and sensors, is instrumental in the digital therapeutics landscape.
Insights into Regional Analysis
North America Boasts the Top Spot
North America stands tall as the leader in the digital therapeutics market, capturing the largest share. Boasting a sophisticated healthcare infrastructure, advanced technology, and a robust digital health startup ecosystem, the region is a breeding ground for innovation.
A significant patient population with chronic diseases, combined with favourable reimbursement policies and regulatory frameworks, propels the widespread adoption of digital therapeutics in North America.
The region's emphasis on research and development, coupled with a vibrant culture of innovation and substantial venture capital investment, has accelerated the growth trajectory of digital therapeutics. North America's commitment to integrating these solutions into the healthcare system underscores its pivotal role in shaping the future of digital health.
Asia Pacific Chooses to Penetrate Healthcare Challenges with Digital Solutions
In the Asia Pacific region, digital therapeutics are experiencing the fastest penetration, fueled by rising healthcare expenditures, increasing smartphone penetration, and a growing ageing population. Governments and healthcare providers are recognizing the potential of these solutions in addressing the region's healthcare challenges, particularly in managing chronic diseases.
The expanding middle class, coupled with greater awareness of preventive healthcare, is propelling the adoption of digital therapeutics in the Asia Pacific region. Evolving regulatory frameworks and a commitment to preventive healthcare are further driving the rapid growth of digital therapeutics, positioning the region as a key player in the global landscape.
Increasing healthcare expenditure, rising smartphone penetration, growing awareness of digital health solutions, and expanding middle-class population will collectively create a fertile ground for digital therapeutics adoption and market growth in the region.
Key Companies in Digital Therapeutics Market
- Omada Health
- Pear Therapeutics
- Click Therapeutics
- Ginger
- Akili Interactive Labs
- WellDoc
- 2Morrow
- Propeller Health
- Hinge Health
- Better Therapeutics
- Canary Health
- Kaia Health
- Mindstrong Health
- DarioHealth
- Biofourmis
Global Digital Therapeutics Market Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Application Coverage, By End User Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/digital-therapeutics-market
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