Pune, India, April 26, 2023 (GLOBE NEWSWIRE) -- The global digital therapeutics market size was valued at USD 5.53 billion in 2022. The market is projected to grow from USD 6.77 billion in 2023 to USD 28.66 billion by 2030, exhibiting a CAGR of 22.9% during the forecast period. The term “digital therapeutics” (DTx) refers to software and hardware that digitally preserve evidence-based therapeutic actions for the management and prevention of diseases. The tools and software support the management of several ailments linked to cardiovascular, respiratory, and mental health issues. The rising incidence of chronic conditions like diabetes, cancer, heart failure (HF), and mental illness is another factor contributing to the increased demand for these items.
Hence, therapies are being used by more patients to manage and treat a variety of chronic conditions. Additionally, it is projected that the growing demand for these items from the pharmaceutical industry and doctors will fuel market expansion. Fortune Business Insights presents this information in their report titled "Global Digital Therapeutics Market, 2023–2030."
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Key Industry Development:
July 2020: Baxter International Inc. and Ayogo Health Inc. announced the expansion of their partnership to support the needs of patients with kidney disease through digital health solutions. Ayogo is combining LifePlan—a unique behavior-based digital platform—with Baxter’s expertise in renal care to build mobile apps and digital solutions that provides personalized, digital health solution and timely support to patients with kidney failure.
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 |
Key Takeaways:
- Digital therapeutics assists in providing specialized medications, lifestyle and nutrition management, mental and behavioral health conditions.
- The usage of therapeutics software and devices is driven due to the increased demand for the management and treatment of chronic diseases worldwide.
- The high-performance capabilities of these products are a great aid to the healthcare industry.
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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.
However, therapeutic products have their limitations such as over-predictive results and false information which may result in the downfall of global digital therapeutics market growth.
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Segments:
Devices Segment to Lead the Market due to Real-Time Diagnosis
Based on type, the market is segmented into devices and, software & services.
A sizeable portion of the global market for digital therapeutics is held by the devices segment. Devices have many benefits, including quick consumer access to individualized medicines and real-time diagnosis. Furthermore, it is predicted that during the forecast period, vigorous research on cutting-edge technologies for the treatment of chronic disease will propel segmental expansion.
Rising Number of Health Problems will lead the Segment
In terms of application, the market is segmented into prevention and treatment.
The market’s largest share was recorded by the treatment segment. The demand for this application area is rising as the number of people with diabetes, cardiovascular disease, and poor mental health problems rise. Moreover, major key players are concentrating on establishing strategic alliances with other businesses to launch medication adherence software, which will result in significant acceptance of these products during the projection period.
New Product Releases and Acquisitions to Grow B2B Segment
In terms of sales channels, the market is segmented into B2B and B2C.
Over the projected period, it is anticipated that the B2B sector would account for the largest market share. The payer, provider, pharmaceutical companies, employer, and other entities make up the B2B segment. Due to the rising number of mergers and cooperation among them for new product releases, prominent market players and pharmaceutical corporations now own a disproportionately large percentage of the market. Also, firms increased emphasis on offering the product to their employees is growing their client base, which is fuelling segmental growth.
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.
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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.
List of Key Players Profiled in the Market Report
- 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.)
Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trend
- Key Insights
- Prevalence of Chronic Diseases, By Key Countries/Region
- Advancements in R&D for Digital Therapeutics
- New Product Launches, Key Players
- Key Industry Developments - Mergers, Acquisitions and Partnerships
- Impact of COVID-19 on Digital Therapeutics Market
- Global Digital Therapeutics Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Devices
- Software & Services
- Market Analysis, Insights and Forecast – By Application
- Preventive
- Prediabetes
- Obesity
- Others
- Treatment
- Diabetes
- Respiratory Care
- Mental Health
- Cardiovascular
- Others
- Preventive
- Market Analysis, Insights and Forecast – By Sales Channel
- B2B
- B2C
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- Market Analysis, Insights and Forecast – By Type
- North America Digital Therapeutics Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Devices
- Software & Services
- Market Analysis, Insights and Forecast – By Application
- Preventive
- Prediabetes
- Obesity
- Others
- Treatment
- Diabetes
- Respiratory Care
- Mental Health
- Cardiovascular
- Others
- Preventive
- Market Analysis, Insights and Forecast – By Sales Channel
- B2B
- B2C
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Market Analysis, Insights and Forecast – By Type
- Europe Digital Therapeutics Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Devices
- Software & Services
- Market Analysis, Insights and Forecast – By Application
- Preventive
- Prediabetes
- Obesity
- Others
- Treatment
- Diabetes
- Respiratory Care
- Mental Health
- Cardiovascular
- Others
- Preventive
- Market Analysis, Insights and Forecast – By Sales Channel
- B2B
- B2C
- Market Analysis, Insights and Forecast – By Country/Sub-region
- Germany
- France
- Spain
- UK
- Italy
- Rest of Europe
- Market Analysis, Insights and Forecast – By Type
TOC Continued………….
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