Market Analysis
The global digital therapeutics market size is anticipated to grow at a favorable CAGR between 2023-2030, as per the latest MRFR’s digital therapeutics statistics. Digital therapeutics offer patients with therapeutic interventions that are evidence-based and are driven by superior quality software programs for preventing, managing, or treating a disease or medical disorder. They are used together with other therapies, devices or medications, or independently for optimizing health outcomes and patient care.
Various factors are propelling the digital therapeutics market growth. Such factors, according to the latest Market Research Future report, include an increased requirement for reduced healthcare spending coupled with improved therapeutic outcomes, favorable initiatives undertaken by the government to reinforce the development as well as the implementation of various digital therapeutic solutions, technological advancements, growing geriatric population, and increasing prevalence of chronic diseases. Additional factors propelling the growth of the digital therapeutics market include rising penetration of tablets and smartphones and rising awareness about its different benefits such as improved doctor and patient communication, managing patient’s health supplements effectively, and low healthcare expenditure.
On the contrary, concerns about patient data privacy, lack of awareness about digital therapeutics, resistance from traditional practitioners, reluctance among patients for adopting digital therapeutics, lack of digital therapeutics reimbursement, and strict regulatory needs are factors that may restrict the digital therapeutics growth during the forecast period.
Market Segmentation
The Market Research Future report offers a complete segmental analysis of the digital therapeutics market based on sales channel, type, and application.
By product, the digital therapeutics market is segmented into devices and software. Of these, the software segment will lead the market during the forecast period. The software includes various health-related platforms and apps, thus comprises the base of digital therapeutics. It helps to transmit a patient’s data to physicians from wearable devices through various electronic devices, namely tablets and mobiles.
By application, the digital therapeutics market is segmented into smoking cessation, respiratory diseases, diabetes, obesity, cardiovascular diseases, and others. Of these, the obesity segment will dominate the market during the forecast period. An increase in the obese population and a sedentary lifestyle that increases the risk of type-2 diabetes, hypertension, and stroke are adding to the market growth.
By the sales channel, the digital therapeutics market is segmented into B2C and B2B. Of these, the B2B segment will have the maximum share in the market during the forecast period.
Regional Analysis
By region, the digital therapeutics market trends report covers the latest trends and growth opportunities across the Asia Pacific, North America, Europe, and the Rest of the World. Of these, North America will have the lion’s share in the market during the forecast period. Various factors propelling the growth of the digital therapeutics market in the region include expansion of healthcare sectors, the inclusion of the next-generation healthcare technology, rising investments in research and developments, rising prevention of chronic diseases, and early adoption of technology. The US is the major contributor in the market. Increasing incidence of chronic diseases, rising investments in the field of digital therapeutics, and improving reimbursement structure are the key factors boosting the growth of the US digital therapeutics market.
The digital therapeutics market in Europe will have the second-largest share during the forecast period. Various factors propelling the growth of the digital therapeutics market in the region include the growing demand in the region for digitalization of healthcare coupled with widespread awareness about the advantages of digital therapeutics.
The digital therapeutics market in the APAC region will grow at the fastest pace during the forecast period. Various factors propelling the growth of the digital therapeutics market in the region include increasing government initiatives, rising use of smartphones, and improved healthcare infrastructure. India is a major contributor in the region. Rising geriatric population is generating huge demand for digital therapeutics in India, especially digital health applications, namely AI, mHealth, chatbots, and telemedicine.
The digital therapeutics market in the Rest of the World will have steady growth during the forecast period.
Key Players
Notable players profiled in the digital therapeutics market report include Livongo Health, Omada Health, Inc., WellDoc Inc., Noom Inc, Medtronic Plc., Canary Health Inc., Propeller Health, Mango Health, Inc., Proteus Digital Health, Inc., and Twine Health Inc.
Industry News
November 2019: Astellas Pharma Inc. and Welldoc, Inc. have entered into a license agreement and collaboration for the development as well as commercialization of digital therapeutics.
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