Chicago, March 15, 2023 (GLOBE NEWSWIRE) -- The digital therapeutics (DTx) industry is poised for tremendous growth in the near future. DTx combines digital technologies with evidence-based medical treatments to improve patient outcomes. These digital treatments are becoming increasingly popular as healthcare providers look for cost-effective solutions that offer improved patient outcomes. There is a growing demand for digital therapeutics, and the industry is expected to experience rapid growth over the next few years.
Digital Therapeutics (DTx) market in terms of revenue was estimated to be worth $4.5 billion in 2022 and is poised to reach $17.7 billion by 2027, growing at a CAGR of 31.6% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. The digital therapeutics market is growing at the highest rate owing to factors such as increase incidence of preventable chronic diseases, the need to control healthcare costs, rising focus on preventive healthcare, and rising investments in digital therapeutics.
However, concerns of product & data quality, reliability in treatment decisions, patient privacy, security are restraining the growth of this market.
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Digital Therapeutics (DTx) Market Scope:
| Report Coverage | Details |
| Market Revenue in 2022 | $4.5 billion |
| Estimated Value by 2027 | $17.7 billion |
| Growth Rate | Poised to grow at a CAGR of 31.6% |
| Market Size Available for | 2020-2027 |
| Forecast Period | 2022–2027 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Sales Channel, Application, and Region |
| Geographies Covered | North America (US and Canada), Europe (Germany, UK, France, Spain, Italy, and the RoE), Asia Pacific (Japan, China, India, and the RoAPAC), and the Rest of the World |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Emerging economies |
| Key Market Drivers | Rising incidence of preventable chronic diseases |
On the basis of sales channel, the digital therapeutics market is segmented into business-to-business (B2B) and business-to-customer (B2C). In 2021, the B2B segment accounted for the largest share of the digital therapeutics market. The large share of this segment is recognized to rising awareness among providers, payers, and employers about the benefits of digital therapeutics.
On the basis of application, the digital therapeutics market is segmented into preventive and treatment/care-related applications. The treatment/care-related applications segment held the largest share in 2021. This is attributed to the growing incidences of chronic diseases and the increasing economic burden of their treatment.
The digital therapeutics market is segmented into four main regional segments: North America, Europe, the Asia Pacific, and the RoW. In 2021, North America held the largest share of the market, also expected to grow at the highest CAGR followed by Europe. Factors such as the influx of new start-ups, increasing investments in digital therapeutics, enhancements in the reimbursement structure for digital therapeutics, and government initiatives to encourage technological advancements drive market growth in this region.
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Hypothetic Challenges of Digital Therapeutics (DTx) Market in Near Future:
- Ensuring Quality and Regulatory Compliance:DTx products must meet stringent quality standards and regulatory compliance requirements in order to be successful in the market. Ensuring that all DTx products are safe and effective while meeting all applicable regulatory requirements will be a major challenge.
- Overcoming Access Barriers: Access to DTx products is often limited due to cost and insurance coverage. Overcoming these access barriers and making DTx products more affordable and accessible to all patients will be a major challenge for the market.
- Meeting Patient Expectations: DTx products must meet the needs and expectations of the patient. Patients expect DTx products to be easy to use, have accurate results and provide meaningful outcomes. Meeting these expectations will be a major challenge in the future.
- Improving Data Security and Privacy: Ensuring the security and privacy of patient data is essential to DTx products. Improving data security and privacy protocols will be a major challenge for the market in the future.
- Developing Scalable Solutions: DTx products must be scalable to meet the needs of different patient populations and countries. Developing scalable solutions that can easily be adapted to different patient populations and countries will be a major challenge for the market.
Top 3 Use Cases of Digital Therapeutics (DTx) Market:
- Chronic Disease Management: DTx can be used to manage chronic diseases such as diabetes, hypertension, asthma, and COPD by delivering digital interventions such as personalized health coaching, digital therapeutics, and remote patient monitoring.
- Mental Health Management: DTx can be used to manage mental health conditions such as depression, anxiety, substance abuse, and post-traumatic stress disorder (PTSD) through digital interventions such as cognitive behavioral therapy (CBT), mindfulness, and virtual reality.
- Prevention: DTx can be used to prevent chronic diseases such as heart disease, stroke, and cancer through digital interventions such as lifestyle coaching, nutrition tracking, and risk assessment.
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Recent Developments:
- In August 2022, Pear Therapeutics (US) entered into an agreement with SelectHealth (US) to provide members with covered access to Pear’s innovative prescription digital therapeutic (PDT), reSET-O, for treating opioid use disorder (OUD) as an adjunct to outpatient treatment.
- In March 2022, Omada Health (US) integrated behavioral health support into its programs (Diabetes Prevention, Diabetes Management, Hypertension, and Musculoskeletal). The new behavioral health integration comprises anxiety and depression assessment, resources to manage social health determinants, like food access, stress management, and sleep tools.
- In April 2021, Welldoc (US) partnered with Dexacom (US). This partnership helped provide BlueStar with Dexcom G6 CGM as a single platform to people with Type 2 diabetes for improved health.
- In March 2021, Pear Therapeutics (US) partnered with Sprectrum Health Systems (US). Tufts Health Plan and Spectrum Health Systems announced a collaboration with Pear Therapeutics to test FDA-approved digital therapeutics to help people with substance use disorders and improve their recovery journeys by delivering solutions for improved treatment access and care innovation journeys by delivering solutions for improved treatment access and care innovation
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