Digital Therapeutics Market To Hit USD 14.4 bn by 2026
The worldwide digital therapeutics market size is projected to achieve USD 14.4 billion by 2026 from USD 3.26 billion in 2021, at a CAGR of 34.62% during the forecast period.
Growing concerns about the COVID-19 pandemic and therefore the increasing prevalence of stress and psychological state will drive the demand for digital therapies within the coming years. Since chronic diseases are often related to high levels of uncertainty, patients must change their behavior as part of a replacement self-care lifestyle. In additionally, many chronic diseases such as diabetes, Alzheimer's disease, Cancer, Obesity, Cardiovascular diseases, Arthritis and disorders, are progressive and their incidence increases with age.as an example According to a report titled Cardiovascular Diseases and Stroke Statistics at a Glance (2016, published by the American Heart Association), cardiovascular disease (CVD) is the leading cause of death worldwide). As a result, with significant growth within the global geriatric population, chronic disorders are expected to extent further within the coming years.
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However, in many countries, various healthcare applications are bereft of proper approvals, raising concerns about product and data quality, reliability of treatment decisions, patient privacy, and responsible use of information. Digital therapy providers have access to patient information and are prohibited from sharing this information with anyone who isn't involved in treating that patient. However, with data integration using digital tools, patient data may be viewed by any healthcare professional unrelated to the patient's treatment program.
Some countries, such as the United States (with its Medicare Portability and Accountability Act (HIPAA) and therefore the Health Information Technology for Economic and Clinical Health Act (HITECH)), have legislation focused on the difficulty of safety of the information. However, despite these federal initiatives, digital therapy users are subject to data breaches and breaches, which may slow the expansion of the digital therapy market.
COVID-19 Impact on the Digital Therapeutics Market:
Across the planet, uncertainty COVID-19 is quite three-time over than with any pandemic in the last 25 years. The growth of varied sectors has been strongly affected both in developed as well as underdeveloped countries because the pandemic continues to spread, healthcare professionals are struggling to combat the outbreak, but an increasing number of cases is causing serious complications. Thus, Increased end-user awareness driven by the adoption of digital devices and solutions is predicted to drive the market. The mindset of consumers must continue to shift towards digital health, as should their demand for accessible, personalized and attractive medical solutions. As a result, providers and consumers are increasingly turning to digital therapies and hence Digital therapy services and wellness apps became a lifesaver as people were unable to depart their homes and acquire help maintaining their physical and mental health.
Covid-19 has positively impacted the world digital therapeutic market and is predicted to accelerate the market growth rate as corona virus is spread by touch or when the infected person comes near and average person. Digital therapeutics allow us to treat manage and monitor the disease at anywhere without getting into contact with people, The hospitals in significant areas are prepared cope with current pandemic and others less priority is being given two people infected with other diseases, in these kinds of cases digital therapeutics become very useful, the increase in Smartphone usage during the pandemic is undoubtedly helped the market grow further.
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By Sales Channel:
o Pharmaceutical Companies
o Other Buyers
• Preventive Applications
o Lifestyle Management
o Other Preventive Applications
• Treatment/Care-related Applications
o CNS Disorders
o Chronic Respiratory Disorders
o Musculoskeletal Disorders
o Cardiovascular Diseases
o Smoking Cessation
o Medication Adherence
o Gastrointestinal Disorders
o Substance Use & Addiction Management
o Rehabilitation & Patient Care
o Other Treatment/Care-related Applications
• North America
• Latin America
• Middle East and Africa
Regionally, the North American market dominated the global digital therapeutics market in 2020 with the most significant share and is anticipated to keep up this trend throughout the forecast period. This can be attributed to the rise within the geriatric population, the rise in the incidence of chronic diseases, the rise in demand for wireless and portable systems, and also the availability of a complicated reimbursement structure aimed toward reducing spending.
In April 2020, the US FDA published guidance to expand the provision of digital health therapeutic devices for psychiatric disorders. With this, the FDA intended to support individuals who were following home quarantine orders or practicing social distancing, without the necessity for clinic visits during the COVID-19 public health emergency. It might also ease the burden on healthcare facilities and reduce the chances of exposure to the virus.
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KEY MARKET PLAYERS:
The report provides a comprehensive analysis of the foremost important players operating within the world digital therapeutics market, namely Akili Interactive Labs, Inc., Click Therapeutics, Inc., Fitbit, Inc. (Twine Health, Inc.), 2MORROW, Resmed, Inc. (Propeller Health), Happify, Inc., Kaia Health, Livongo Health, Inc., Medtronic Plc., Omada Health, Inc., Pear Therapeutics, Inc., Proteus Digital Health, Inc., Voluntis, Inc. and Welldoc, Inc.
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