Redding, California, July 05, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled ‘Digital Therapeutics Market by Application (Mental Health, Diabetes, Respiratory, Neurology, Gastrointestinal, Cardiovascular, Addiction, Rehabilitation, Oncology, Sleep Disorder), Type (Disease Prevention, Management), and End User - Global Forecast to 2030,’ published by Meticulous Research®, the digital therapeutics market is projected to reach $42.98 billion by 2030 at a CAGR of 31.1% from 2023 to 2030.
Digital therapeutics (DTx) delivers evidence-based therapeutic interventions to prevent, manage or treat patients' physical, mental, and behavioral conditions via high-quality software programs.
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Digital therapeutics is a part of the digital health ecosystem and supports self-managing symptoms, ultimately improving the quality of life. Digital therapeutics lowers the stigma of certain traditional therapies by offering at-home convenience and privacy. The user can operate the solution in multiple languages. Digital therapeutics increase access to effective therapies at the patient’s convenience.
Increasing Focus on Self-testing is Driving the Market
Digital therapeutics, which leverage software solutions, are increasingly being used for self-testing. The growing emphasis on self-testing for better disease management contributes to the increased adoption of digital therapeutics, driving the market’s growth. Moreover, the COVID-19 pandemic accelerated the adoption of digital therapeutic platforms as patients sought alternatives to traditional healthcare. These platforms became instrumental in monitoring vital parameters such as blood glucose levels, hypertension, and other relevant health indicators. Digital therapeutics applications are prescribed by healthcare professionals as a standalone therapy or in conjunction with pharma therapy.
During and after the COVID-19 pandemic, the demand for self-testing has increased from patients’ side. For instance, during the COVID-19 pandemic, patients increasingly used digital therapeutic platforms to self-monitor blood glucose levels. Patients who have diabetes are more likely to have severe complications if infected by the virus. With the use of DTx software, it was possible to monitor blood glucose from home. Thus, patients were adopting it. DTx platform has proven effective in diabetes management.
The global digital therapeutics market is segmented by Type (Disease Management and Treatment DTx and Disease Prevention DTx), Applications (Mental Health, Diabetes, Cardiovascular Diseases, Gastrointestinal Disorders, Neurology, Rehabilitation & Patient Care, Respiratory Disorders, Oncology, Addiction Management, Sleep Disorders, Smoking Cessation, and Other Applications), End User (Providers, Individual Consumers, Employers, Payers, and Other End Users), and Geography. The study also evaluates industry competitors and analyzes their market share at global and regional levels.
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Based on type, the digital therapeutics market is segmented into disease management and treatment DTx and disease prevention DTx. In 2023, the disease management and treatment DTx segment is expected to account for the largest share of this market. Advancements in digital therapeutic software, the rise in penetration of smartphones and mHealth platforms, and the increasing prevalence of chronic diseases are the factors supporting the large market share of this segment.
Based on application, in 2023, the mental health segment is expected to account for the largest share of the digital therapeutics market. During the COVID-19 pandemic, mental health issues, such as stress, depression, and anxiety, increased due to isolation, financial instability, and illness. Digital therapeutic platforms help manage mental health according to patients' needs and reduce associated stigma, supporting the high adoption of digital therapeutics.
Based on end user, the individual consumers segment is projected to register the highest CAGR during the forecast period. Increased involvement of patients & caregivers in the care management pathway, increasing focus and awareness about self-monitoring, and rising spending on preventive healthcare are the factors supporting the high growth rate of this segment.
Based on geography, in 2023, North America is expected to account for the largest share of the global digital therapeutics market. The government policy for digital health, rising consumer preference for self-testing, and shortage of healthcare providers are driving the market for digital therapeutics in the region.
The report also includes an extensive assessment of the key strategic developments of leading market participants in the industry in the last 3–4 years. The global digital therapeutics market witnessed a number of product launches and collaborations. Some of the key players operating in the global digital therapeutics market are 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.), 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.), and Virta Health Corp. (U.S.).
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Scope of the Report:
Digital Therapeutics Market Assessment, by Type
- Disease Management and Treatment DTx
- Disease Prevention DTx
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.
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
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
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