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Digital Therapeutics Market is Projected to Reach $22,601.97 Million by 2031| CAGR of 19.4%.

 
2022
Digital Therapeutics Market

Report Code : A01787

quote The growth of the digital therapeutics market is attributed to the increase in adoption of smartphones and tablets coupled with healthcare applications, growth in need to control healthcare cost, and rise in incidence of chronic diseases. The digital therapeutics is supposed to provide treatment options to patients for medical conditions, which remained untreated by conventional therapies in the past. The increase in strategic initiatives such as mergers, collaborations, and acquisitions, by leading players is expected to provide favorable environment for the growth of the market. quote

Onkar Sumant
Manager, Healthcare at Allied Market Research

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According to a new report published by Allied Market Research, titled, " Digital Therapeutics Market by, Product, Sales channel, Application and Region: Global Opportunity Analysis and Industry Forecast, 2021–2031," the global digital therapeutics market size was valued at $3,845.74 Million in 2021, and is projected to reach $22,601.97 Million by 2031, registering a CAGR of 19.4%.

Digital therapeutics 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. Digital Therapeutics (DTx) is therapeutic interventions indicated for a specific disease and designed to modify the behavior of a patient in order to improve the outcomes of diseases. Digital therapeutics includes a wide range of product types such as mobile applications, wearable devices, and sensors.

The rise in utilization of smart phones and tablets, coupled with the increase in incidences of chronic diseases and significant benefits to the entire healthcare continuum boost the market growth. However, lack of awareness regarding healthcare associated with smart phone applications and concerns regarding security or privacy of patient data restrict the market growth. On the contrary, emerging markets offer lucrative opportunities for the key market players.

Furthermore, a strong product pipeline also serves as a factor that is expected to offer lucrative opportunities in the future.

In the application segment, central nervous system disease is expected to grow at a highest CAGR during the forecast period. Obesity is also among prime reasons fueling market growth. For instance, according to the WHO, about 38.2 million children under the age of 5 years were overweight or obese in 2020 globally. According to the World Obesity, there were around 2 billion adults overweight in 2020. Furthermore, it is estimated that 2.7 billion adults will be overweight, over 1 billion affected by obesity, and 177 million adults severely affected by obesity by 2025.

This increase in obese population leads to various obesity-related conditions such as heart disease, stroke, type 2 diabetes, and certain types of cancers, which are some of the leading causes of preventable, premature death. In addition, presence of large number of key market players offering digital therapeutics solutions for obesity further contributes to growth of the global digital therapeutics market. By product, the software segment holds a dominant portion in the market, accounting for about two-third share of the global digital therapeutics market in 2021. This is mainly due to the increased penetration of smart phones and other smart devices mostly in the developing economies. For instance, according to a survey report by Pew Research Center, the U.S. had a smartphone adoption rate of 72.7% % in 2021. These further increases use of this healthcare application. 

Region wise, North America acquired a major share, owing to the presence of key players, rising government initiatives, well-developed healthcare infrastructure, and rising prevalence of chronic health issues. However, Europe is expected to witness the highest growth rate for the digital therapeutics market throughout the forecast period. Increase in adoption of smartphones, growth in awareness of newer technologies, and rise in consumer preferences toward healthy lifestyles are prime factors that supplement the adoption of digital therapeutics. Moreover, continued growth in coverage of mobile cellular networks and increase in count of lifestyle diseases such as diabetes, obesity, and others further drive the growth of the Europe digital therapeutics market. However, lower accuracy, weak reimbursement coverage, and low adoption of devices among aging population are the factors that hinder the market growth.

The major companies profiled in this report include 2MORROW, Inc., Akili Interactive Labs, Inc., Click Therapeutics, Inc., Fitbit, Inc. (Twine Health, Inc.), Happify, Inc., Kaia Health, Livongo Health, Inc., Medtronic Plc.,Omada Health, Inc., PearTherapeutics, Inc., Proteus Digital Health, Inc., Resmed, Inc. (Propeller Health), Voluntis, Inc., Welldoc, Inc. Other players operating in the digital therapeutics market include GlaxoSmithKline, Mango Health Inc., Veeva Systems, Healthmine Inc., Blue Mesa, Virta Health Corp, and Glooko Inc. among others..

Key Findings Of The Study 

  • On the basis of product, the software segment held the largest market share in 2021, and is expected to remain dominant throughout the forecast period. 
  • On the basis of application, the diabetes segment held the largest market share in 2021, and is expected to remain dominant throughout the forecast period.
  • On the basis of sales channel, the business to costumer's segment held largest market share in 2021, and is expected to remain dominant throughout the forecast period.
  • Region wise, Europe is expected to experience growth at the highest rate, registering a CAGR of 21.5% during the forecast period.

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quote Digital Therapeutics Market by Product (Software and Devices), Sales Channel (Business-to-Business and Business-to-Consumers), Application (Diabetes, Obesity, Cardiovascular Disease (CVD), Central Nervous System (CNS), Disease Respiratory Disease, Smoking Cessation, Gastrointestinal Disorder (GID) and Others: Global Opportunity Analysis and Industry Forecast, 2022–2031 quote

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