The global Digital Therapeutics Market is forecasted to grow at a rate of 21.6% from USD 223.5 Million in 2020 to USD 1.06 Billion in 2028. It is a subset of digital health.
The global Digital Therapeutics Market is forecasted to grow at a rate of 21.6% from USD 223.5 Million in 2020 to USD 1.06 Billion in 2028. It is a subset of digital health. They are designed to deliver evidence-based therapeutic interventions to patients that are driven by high-quality software programs to prevent, manage, or treat a medical disorder or disease. In simpler words, digital therapeutics utilize a digital and often, online health technologies to treat the medical or psychological condition.
The purpose of the market is to mirror effective existing treatments, amplify care by using technology to scale to a large patient population, improve their behavior or functioning, and to reduce the costs incurred. The treatment relies on behavioral and lifestyle changes usually spurred by a collection of digital impetuses. They are used either independently or in concert with medications, devices, or other therapies to optimize patient care and health outcomes. Incorporation of advanced technology relating to design, clinical validation, usability, and data security. They are validated by regulatory bodies as required to support product claims regarding risk, efficacy, and intended use. These therapeutics tend to target conditions that are poorly addressed by healthcare systems today. These essentially include chronic and neurological diseases. This field is slowly joining the medical and healthcare mainstream. The continuous research and development and the rising awareness about its applications are the key driving factors of this market.
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The field of digital therapeutics is gradually integrating into the mainstream of medicine and healthcare. Continuous research and development, as well as a growing awareness of its uses, are the primary drivers of market expansion. Digital therapies are focused on specific therapeutic indications and achieve clinical effects. For example, treating ADHD with a video game can help children increase their attention span and inhibitory control. Many people have been interested in employing digital devices to prevent or cure ailments. This attribute is one of the market’s main driving forces.
To some extent, the expansion of this industry is being restrained by a lack of awareness and access to digital therapeutics programs in underdeveloped countries, patient data privacy issues, unstable payment mechanisms, and resistance from traditional healthcare providers.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Companies considered and profiled in this market study
Dthera Sciences, Omada Health, Propeller Health, Pear Therapeutics, Proteus Digital Health, and Canary Health Inc.
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Further key findings from the report suggest
- As digital therapeutics have transitioned from concept to reality, investors have poured nearly USD12.5 billion into digital health ventures. This has also led to new product launches. For instance, in January 2019, Pear Therapeutics, one of the leaders of the digital therapeutics market, launched the ReSet for treatment of substance abuse.
- In 2020, new entrants in biopharmaceutical and medical device sector are expected to bring to the market a variety of digital therapies and connected health services that can help patients make behavioral changes, give providers real-time therapeutic insights, and provide insurers and employers with new tools to more effectively manage their beneficiaries’ health.
- Among the various disease type segments of the digital therapeutics market, diabetes accounted for the largest market revenue share in 2020 and will continue to grow at a rapid rate over the forecast period. This is due to the changes in lifestyle and eating habits of the people which has increased the incidence of diabetes and hence the need for diabetes management.
- North America dominates the market with the highest market share owing to widespread technological advancements in the region especially in the healthcare sector and also due to government policies that encourage people to adopt digital therapeutics.
- Asia Pacific is expected to register the highest CAGR of 22.5% due to the high population of the region which also means a large share of target population for digital therapeutics market players. In addition to this, governments of various emerging economies are promoting the use of digital therapeutics and providing financial assistance.
- Europe too has registered a double digit CAGR and held the second largest market revenue share in 2020. This is due to the widespread awareness about the advantages of digital therapeutics and developed healthcare infrastructure in the region.
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Segments Covered in the Report:
For the purpose of this report, Reports and Data has segmented the digital therapeutic market on the basis of type, disease type, application, end use and region:
Type Outlook (Revenue, USD Million; 2020 – 2028)
- Software and mobile application
- Hardware
Disease Type Outlook (Revenue, USD Million; 2020 – 2028)
- Obesity
- Diabetes
- Cardiovascular Disease
- Central Nervous System
- Respiratory Diseases
- Others
Application Outlook (Revenue, USD Million; 2020 – 2028)
- Prevention
- Care
End Use Outlook (Revenue, USD Million; 2020 – 2028)
- Patients
- Payors
- Providers
- Employer
- Others
Regional Outlook (Revenue, USD Million; 2020 – 2028)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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