With 26.1% CAGR, Global Digital Therapeutics Market Size Value to Surpass 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.
The distinction between digital therapeutics is determined by patient clinical outcomes. Digital therapeutics do not use market-based health-related instruments like step and calorie counters. It is a modern form of healthcare product that utilizes digital technologies to avoid, handle, and health ailments. Furthermore, it makes use of emerging health technology to treat psychiatric ailments. As a result, the aforementioned factors contribute to the growth of the target market share.
During the year 2020, digital health went from innovation to need. As acceptance peaked, exacerbated by the COVID-19 pandemic, it swept into almost every healthcare domain. Telehealth, digital pathology, triage solutions, telemedicine, mhealth, and digital therapeutics were among the topics discussed.
Omada Health, Inc., took advantage of the shortages in treatment caused by COVID-19 to offer additional help and advice through its dedicated practitioners to those whose doctor’s appointments had been postponed indefinitely.
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Additionally, the organization assisted primary care practitioners, psychiatrists, endocrinologists, and cardiologists in converting their practices to telehealth through providing improved knowledge, psychosocial support, and an online platform.
The FDA issued recommendations extending and encouraging the scope of digital health therapeutics technologies for mental health issues in response to COVID-19 and its ramifications on mental health. Another factor expected to drive demand growth is increased public and private sector initiatives. For example, Akili Interactive Labs, Inc. obtained the CE mark for EndeavorRx, its digital therapeutics software for the treatment of ADHD, in June 2020.
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Digital therapeutics is anticipated to rise at a steady pace in the given timeframe, due to strong internet usage and reliance on smartphones. This is due to a rise in demand for creative and innovative treatment solutions that patients can access remotely.
In February 2021, SilverCloud and Cerner Corporation collaborated to combine SilverCloud’s virtual mental health network with Cerner’s electronic health records. SilverCloud hoped that by doing so, it would be able to scale the delivery of evidence-based mental health services while both enhancing patient outcomes and lowering healthcare costs.
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Top Global Players Are
Market participants such as 2Morrow, Inc., Akili Interactive Labs, Ayogo Health Inc., Better Therapeutics, Inc., Canary Health Inc., Click Therapeutics, Inc., Cognoa, Inc., Ginger, Kaia Health Software GmbH, Livongo Health Inc, Mango Health, Inc., Mindstrong Inc., Noom Health, Inc., Omada Health, Inc., Otsuka America Pharmaceutical, Inc., Pear Therapeutics, Inc., Propeller Health, WellDoc, Inc., and Wellthy Therapeutics are some of the companies operating in the market for digital therapeutics.