For Estimated 26.1% CAGR, Global Digital Therapeutics Market Size May Reach USD 13.51 Billion By 2028
According to the research report, the global digital therapeutics market size & share was valued at USD 2.18 billion in 2020 and is expected to reach USD 13.51 Billion By 2028, growing at a CAGR of 26.1% during the forecast period.
Digital therapeutics are proof-based therapeutic mediations propelled by software to prohibit, handle or medicate a disease or a medical disorder. DTx is patient encountering software applications that assist patients cure, denying, or managing a condition and have proven clinically beneficial. For instance, digital therapeutics can reinforce patients controlling symptoms and thus enhancing their standard of living and other clinical terminations.
DTx utilizes medical equipment like apps, mobile devices, VR, sensors, the Internet of Things, and other instruments to encourage behavioral changes in patients. DTx advancement can have an affirmative influence on offering well tailor-made health services as their design is made to fit the requirements of the patient. Thought about as one of the most creative areas within digital health, DTx ecosystems encountered a speedy period of progress.
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- Incurable diseases on the rise to push the digital therapeutics market
The escalating sales of smart devices like tablets and mobile phones, growing penetration of the internet, and increasing instances of healthcare applications are among the prominent factors reinforcing the development of the market. DTx applies to various neuroscience manifestations like autism spectrum disorder, attention deficit hyperactivity disorder, schizophrenia, depression, and bipolar disease. Additionally, the growing prevalence of incurable diseases like obesity and diabetes and an escalating requirement for controlling costs of healthcare treatments are reinforcing the development of the market.
Moreover, Pharmaceutical companies globally are engaging and investing in strategic alliances to increase product portfolio and market reach. They are also concentrating on offering patients information regarding contrasting conditions and futuristic treatment and tracking, organizing, and self-managing their diseases.
- The North American region accounts for the largest share of the digital therapeutics market
North America has a most significant share in the global revenue due to several factors like increasing usage of digital health products and appreciative remuneration scenarios that enhance the quality of life through improved tracking and diagnostics. Growth in the prevalence of incurable diseases and the senior population in the region is anticipated to drive the market.
By application analysis
- The diabetes application segment rules the market of digital therapeutics
As incurable diseases are on the rise, the factors driving the piece include the growing prevalence of diabetes and other chronic diseases. Digital therapeutics can help healthcare providers to examine patients’ lives and enhance the course of treatment depending on the independent therapeutic requirements.
By end-use analysis
- The patient end-user segment to flourish in the digital therapeutics market
The growth in the patient end-user segment can be attributed to the growing adoption of digital therapeutic solutions by patients. Patients are critical users of therapeutic healthcare applications and programs.
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The covid-19 pandemic outstandingly influenced the market. A prominent covid-19 related driver is the demand for accessible and convenient digital health solutions. During the pandemic, there was permission to use digital health therapeutic devices for disorders relating to mental health. Therefore, providers can commercialize their solutions without observing the average regulatory needs, provided the devices do not create any immoderate public health crisis.
Market participants such as Proteus Digital Health, Inc., Fitbit, Inc., Pear Therapeutics, Inc., Kaia Health, Happify, Inc., Medtronic Plc., Omada Health, Inc., Livongo Health, Inc., Voluntis, Inc., Resmed, Inc., and Welldoc, Inc. are some of the companies operating in the digital therapeutics market.
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In April 2021, Welldoc aligned with Dexcom. The alliance helped offer Bluestar with Dexcom G6 CGM as a solitary platform for enhanced health to people with Type 2 diabetes.
In January 2020, Crossroads Treatment Centres got together with Pear Therapeutics to execute the company’s digital platform to assist patients with opioid addiction and abuse.
Digital Therapeutics Market: By application
- CNS Disease
- Respiratory Diseases
- Smoking Cessation
Digital Therapeutics Market: By end-use