New York, United States , June 26, 2024 (GLOBE NEWSWIRE) -- The Global digital therapeutics market Size is to Grow from USD 6.08 Billion in 2023 to USD 73.09 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 28.23% during the projected period.
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Digital therapeutics, or DTx, is evidence-based, software-driven treatments for the management, prevention, or treatment of illnesses or medical conditions. A subset of digital health known as "DTx" use software that has been clinically evaluated and supported by evidence to provide therapeutic interventions to patients directly. The global rise in the prevalence of chronic illnesses like diabetes, mental illness, cancer, and heart failure (HF) is another factor contributing to the increased demand for these items. As a result, patients are increasingly using medicines to manage and treat a variety of chronic conditions. Digital therapies support the tracking of everyday activities, food and lifestyle management, medicine prescription for specific conditions, and treatment of behavioral, mental, and physical health disorders. Evidence-based treatment solutions are given to patients through the use of digital therapy. Medical conditions can be controlled, avoided, or treated with the use of hardware and software. To improve patient care and health outcomes, digital therapeutics software can be used alone or in conjunction with other medicines. However, growing cybersecurity issues are a major barrier to the general usage of medications. The amount of data breaches, thefts, and leaks is increasing, which is leading to an increase in information security and privacy.
Browse key industry insights spread across 166 pages with 115 Market data tables and figures & charts from the report on the "Global Digital Therapeutics Market Size, Share, and COVID-19 Impact Analysis, By Type (Devices, Software & Services), By Application (Prevention (Prediabetes, Obesity, Others), Treatment (Diabetes, Respiratory Care, Mental Health, Cardiovascular, and Others)), By Sales Channel ((Business to Consumer (B2C) (Caregiver and Patient), Business to Business (B2B) (Healthcare Provider, Employer, and Others)), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The software & services segment accounted for the largest revenue share of the digital therapeutics market during the projected timeframe.
Based on the type, the digital therapeutics market is divided into devices, software & services, and others. Among these, the software & services segment accounted for the largest revenue share of the digital therapeutics market during the projected timeframe. The increasing desire to lower healthcare facility expenses globally and the use of cutting-edge technologies like artificial intelligence (AI) and machine learning (ML) in digital therapeutic apps are factors that driving the expansion of the software and services industry.
The treatment segment is dominates the market with the largest market share of the digital therapeutics market during the projected timeframe.
Based on the application, the digital therapeutics market is divided into preventive (prediabetes, obesity, and others), treatment (diabetes, respiratory care, mental health, cardiovascular), and others. Among these, the treatment segment is dominates the market with the largest market share of the digital therapeutics market during the projected timeframe. Due to the program, patients can conveniently obtain their medication with ease. A greater focus on creating software for patients with chronic conditions such as diabetes, mental health problems, and cardiovascular disorders will help in the development of the market.
The business to customer is anticipated to grow at the highest CAGR growth of the digital therapeutics market during the projected timeframe.
Based on the sales channel, the digital therapeutics market is divided into business to consumer (B2C) (caregiver and patient), business to business (B2B) (healthcare provider, employer, and others), and others. Among these, the business to customer is anticipated to grow at the highest CAGR growth of the digital therapeutics market during the projected timeframe. Due to caregivers and patients have increased awareness of the benefits and applications of these products. It is demand for these therapeutics apps will increase as a result of factors such as growing consumer demand for easily accessible healthcare solutions, expanding smartphone penetration and internet connectivity enabling direct-to-consumer delivery models, and rising health consciousness and self-management trends among individuals.
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North America is expected to hold the largest share of the global digital therapeutics market over the forecast period.
North America is expected to hold the largest share of the global digital therapeutics market over the forecast period. The primary reasons for North America's accelerated growth are higher investments in digital therapeutics, modifications to the reimbursement structure for these treatments, an increase in the number of new businesses entering the market, and government initiatives promoting regional technological advancements. The region's overall market is expected to grow significantly over the forecast period due to favorable reimbursement situations that prioritize improved tracking and diagnosis as well as improved quality of life through increased use of digital health products.
Asia Pacific is predicted to grow at the fastest pace in the global digital therapeutics market during the projected timeframe. Due to the high demand for IT services and the rising government spending on healthcare. Furthermore, there has been an increase in demand for healthcare IT systems as these systems enable hospitals to manage their clinical, financial, and administrative components more successfully.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global digital therapeutics market include LifeScan Inc., Teladoc Health, Omada Health Inc., Pear Therapeutics, Inc., Mango Health, Limbix Health, Inc.,Voluntis, Inc.,Canary Health Inc., Otsuka Holdings Co., Ltd, Livongo Health Inc., DarioHealth Corp., Akili Interactive Labs, Inc., Gsk Digital Therapeutics, Welldoc, Inc., and Others.
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Recent Developments
- In January 2023, Lupin, a fully-owned division of Lupin Limited, declared the release of LYFE, a therapeutic remedy. The only evidence-based, all-encompassing heart care program in India, LYFE dramatically lowers the risk of a heart attack while also enhancing the vital signs and overall quality of life for cardiac patients.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global digital therapeutics market based on the below-mentioned segments:
Digital Therapeutics Market, By Type
- Devices
- Software & Services
Global Digital Therapeutics Market, By Application
- Preventive
- Prediabetes
- Obesity
- thersTreatment
- DiabetesRespiratory Care
- Mental Health
- Cardiovascular
- Others
Global Digital Therapeutics Market, By Sales Channel
- Business-to-Consumer (B2C)
- Caregiver
- Patient
- Business-to-Business (B2B)
- Healthcare Provider
- Employer
- Others
Global Digital Therapeutics Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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