As per our research report, the size of the global digital therapeutics market is predicted to be growing at a CAGR of 34.62% from 2022 to 2027 and worth USD 14.4 billion in 2027 from 3.26 billion in 2022.
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The pandemic of COVID-19 had a significant impact on several markets. A surge in demand for convenient and accessible digital health solutions is a primary COVID-related factor. The FDA announced in April 2020 that it would allow the distribution and use of digital health therapy devices for mental health illnesses throughout the pandemic. As a result, providers can commercialize their solutions without complying with standard regulatory regulations if the device does not cause a public health emergency. Over the projected period, rising regulatory activities are expected to drive market standardization and R&D. Healthcare workers are attempting to combat the COVID-19 outbreak. Still, an increasing number of cases are producing severe difficulties. As a result, patients increasingly rely on digital therapies to diagnose and cure their illnesses. In addition, healthcare providers are looking for alternatives to normal systems and methods because of the COVID-19 outbreak. As a result, both clinicians and patients are increasingly turning to digital therapies.
The increased use of smartphones, tablets, and other such devices, combined with the growing use of healthcare apps and software, has fuelled the need for digital treatments. In addition, the increased incidence of chronic diseases and the demand for lower-cost healthcare facilities and treatment have fuelled the demand for digital therapies even more. Patients with chronic conditions are difficult to treat because of psychological factors that influence their behavior. Because chronic diseases are often associated with a high level of unpredictability, patients must change their behavior as part of a new self-care lifestyle. Therefore, the value of the digital therapeutics market will continue to rise as technology improvements continue.
One of the key causes pushing the rising demand for digital therapies is the world’s growing senior population. According to the United Nations, the worldwide population of persons aged 60 and older is predicted to reach 2.1 billion by 2050. Obesity, cancer, and diabetes are more common among those over the age of 60, boosting the demand for digital treatments. As a result, the expanding elderly population will drive the growth of the digital therapeutics market during the forecast period.
The market growth rate will be slowed by a lack of understanding of digital therapeutics technology in developing and low/middle-income countries. In addition, a lack of research and development funds and expertise in these areas will further restrict market expansion. Furthermore, worries over data privacy are also impeding the growth of the digital therapeutics market over the forecast period.
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KEY MARKET INSIGHTS:
- Based on the product, due to the rising adoption of smartphones and other smart devices, especially in developing nations, the software segment was the largest revenue generator and is expected to rise dramatically. For example, according to a Pew Research Center survey, the United States had a smartphone usage rate of 72.9 percent in 2021. This raises the number of people who utilize this healthcare app.
- Based on Sales Channel, in 2021, the patient segment accounted for the most significant share of global revenue. This rise can primarily be attributed to patients’ increased digital therapy options. Patients are the ones that use therapeutic healthcare apps and programs the most. In addition, as the number of people suffering from chronic illnesses climbs, so makes the demand for digital therapies.
- Based on Application, in 2021, the diabetic application segment generated the most revenue. The rising prevalence of diabetes and other chronic diseases is one of the factors driving the segment’s rise. In addition, digital therapeutics can help healthcare providers examine patients’ lives and modify treatment plans depending on their unique therapeutic requirements.
- The United States is the most significant contributor to the digital therapeutics market in North America. This is due to a growing emphasis on improving and advancing healthcare technologies and expanded research and development capabilities in this area. Favorable reimbursement rules and the presence of significant and essential competitors in this region are all contributing to the market’s growth.
- Proteus Digital Health Inc., Omada Health Inc., Welldoc Inc., Livongo Health, Noom Inc., Propeller Health, CANARY HEALTH, Mango Health Inc., 2Morrow, Inc., and other key firms are among the leading companies profiled in the global digital therapeutics market.
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Recent Market Developments:
- EHE Health, a national healthcare provider network and top preventive healthcare innovator, and Welldoc, a digital health leader revolutionizing chronic care, announced a partnership in 2022 to launch Thrive Now by EHE Health a digital health platform designed to help members manage their overall total health.
- Pear Therapeutics has been granted FDA Breakthrough Device Designation for a Prescription Digital Therapeutic Candidate to Treat Alcohol Use Disorder, available from 2021.
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