Digital Therapeutics Market 2022 Share Growing Rapidly with Recent Trends, Development, Revenue, Demand and Forecast to 2028
The digital therapeutics market is expected to grow from US$ 4,226.94 million in 2021 to US$ 18,061.79 million by 2028; it is estimated to grow at a CAGR of 23.1% from 2021 to 2028.
Digital therapeutics provide evidence-based therapeutic intrusions to patients that focus on treating diseases and are managing them using the high-quality software. Furthermore, it enables the application of digital health technologies to treat a psychological ailment. They are used independently or with devices and medications to optimize patient care and health outcomes.
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Top Key Players of Digital Therapeutics Market Report are
Canary Health, Inc.
Pear Therapeutics, Inc.
Rising Prevalence of Chronic Diseases to Drive Digital Therapeutics Market Growth during Forecast Period
Chronic diseases, such as heart disease, stroke, diabetes, and obesity, account for the maximum healthcare costs in various country. According to a report by the World Health Organization (WHO), the number of diabetic adults is expected to rise from 463 million in 2020 to 629 million by 2045. As per the Centers for Disease Control and Prevention (CDC) data published in 2018, 1.4 million people are diagnosed with diabetes every year in the US. Similarly, Asia Pacific, Europe, and the Middle East & Africa report a high prevalence of diabetes. In addition, the obesity rates are increasing rapidly in developed and developing economies due to inactive and unhealthy lifestyles. The data published by the Organization for Economic Co-operation (OECD) in 2017 stated that ~19.5% of the adult population was obese in the OECD area. This rate is less than 6% in Korea and Japan, and more than 30% in Hungary, New Zealand, Mexico, and the US. Therefore, the rising prevalence of chronic diseases propels the growth of the digital therapeutics market.
Based on application, the global digital therapeutics market is segmented into diabetes, cardiovascular diseases, central nervous system (CNS) diseases, respiratory diseases, smoking cessation, musculoskeletal diseases, and other applications. In 2021, the diabetes segment held the largest share of the market. Moreover, the same segment is expected to register the highest CAGR in the market during the forecast period. The increasing incidence of diabetes across the globe drives the market growth for this segment. According to the CDC, in 2020, ~34.2 million people have diabetes; and 10.5% of this population was in the US.
Distribution Channel Insights
Based on distribution channel, the global digital therapeutics market is segmented into patients, providers, payers, and employers. In 2021, the patients segment held the largest market share. However, the providers segment is expected to register the highest CAGR in the market during the forecast period. The market growth for the patients segment is attributed to the increased adoption of digital therapeutic solutions by patients, as they are primary users of therapeutic healthcare applications and programs. The demand for digital therapeutics is rising due to the growing number of patients suffering from chronic conditions.
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Product launches and collaborations are highly adopted strategies by the global digital therapeutics market players. A few of the recent key market developments are listed below:
In May 2021, Teladoc Health, Inc. launched myStrength Complete, an integrated mental health service provides personalized and targeted care to consumers in a single and comprehensive experience.
In April 2020, Omada Health launched the Omada Insights Lab, its internal initiative that leverages Omada's deep multidisciplinary expertise to transform care delivery and apply learnings into innovative and cost-effective interventions.
In February 2021, Fitbit and Diabetes UK, the leading charity for people affected by diabetes, announced a new three-year partnership. They will work together to educate people on the importance of understanding their health and how leading a healthier and more active lifestyle can play a critical role in preventing type 2 diabetes and managing all types of diabetes.
The overall impact of the COVID-19 pandemic on the digital therapeutics market is rising, as demand for convenient and accessible digital health solutions surged during the crisis. The April 2020 guidelines released by the Food and Drug Administration (FDA) stated that it would allow the distribution and use of digital health therapeutic devices for mental health disorders for the duration of the pandemic. The Software Pre-Cert Pilot Program, part of the FDA's Digital Health Innovation Action Plan, is intended for efficient regulatory oversight of Software-based Medical Devices (SaMD) developed by manufacturers.
Regional Analysis of the Digital Therapeutics Market:
The global Digital Therapeutics Market research report details the ongoing market trends, development outlines, and several research methodologies. It illustrates the key factors that directly manipulate the Market, for instance, production strategies, development platforms, and product portfolio. According to our researchers, even minor changes within the product profiles could result in huge disruptions to the above-mentioned factors.
➛ North America (United States, Canada, and Mexico)
➛ Europe (Germany, France, UK, Russia, and Italy)
➛ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
➛ South America (Brazil, Argentina, Colombia, etc.)
➛ Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
The readers in the section will understand how the Digital Therapeutics Market scenario changed across the globe during the pandemic and post-pandemic. The study is done keeping in view the changes in aspects such as production, demand, consumption, and supply chain. The Market experts have also highlighted the key factors that will help create opportunities for players and stabilize the overall market in the years to come.
What insights does the Digital Therapeutics Market report provide to the readers?
➜ Digital Therapeutics fragmentation on the basis of product type, end-use, and region
➜ Comprehensive assessment of upstream starting materials, downstream demand, and present market landscape
➜ Collaborations, R&D projects, acquisitions, and product launches of each Digital Therapeutics player
➜ Various regulations imposed by the governments on the consumption of Digital Therapeutics in detail
➜ Impact of modern technologies, such as big data & analytics, artificial intelligence, and social media platforms on the global Digital Therapeutics Market.
1. Introduction 23
1.1 Scope of the Study. 23
1.2 The Insight Partners Research Report Guidance. 23
1.3 Market Segmentation. 24
1.3.1 Digital Therapeutics Market- By Application. 25
1.3.2 Digital Therapeutics Market- By Distribution Channel 25
1.3.3 Digital Therapeutics Market- By Geography. 26
2. Digital Therapeutics Market- Key Takeaways 28
3. Research Methodology 34
3.1 Coverage. 35
3.2 Secondary Research. 35
3.3 Primary Research. 35
4. Global Digital Therapeutics Market- Market Landscape 37
4.1 Overview. 37
4.2 PEST Analysis. 37
4.2.1 North America: PEST Analysis. 37
4.2.2 Europe: PEST Analysis. 38
4.2.3 Asia Pacific: PEST Analysis. 38
4.2.4 Middle East and Africa: PEST Analysis. 39
4.2.5 South and Central America: PEST Analysis. 39
4.3 Expert Opinion. 40
5. Digital Therapeutics Market- Key Market Dynamics 41
5.1 Market Drivers. 41
5.1.1 Rising Prevalence of Chronic Diseases. 41
5.1.2 Concerns Regarding Need to Reduce Healthcare Costs. 42
5.1.3 Partnerships and Collaborations by Companies. 42
5.2 Market Restraints. 43
5.2.1 Cyber Threat and Rise in Data Security. 43
5.3 Market Opportunities. 43
5.3.1 Large Population with Undiagnosed Conditions. 43
5.4 Future Trends. 44
5.4.1 Increasing Number of Start-Ups. 44
5.5 Impact analysis. 45
6. Digital Therapeutics Market- Global Analysis 46
6.1 Global Digital Therapeutics Market Revenue Forecast and Analysis. 46
6.2 Global Digital Therapeutics Market, By Geography - Forecast and Analysis. 47
6.3 Market Positioning of Key Players. 48
7. Digital Therapeutics Market Analysis - By Application 49
7.1 Overview. 49
7.2 Digital Therapeutics Market Revenue Share, by Application (2021 and 2028) 49
7.3 Diabetes. 50
7.3.1 Overview.. 50
7.3.2 Diabetes: Digital Therapeutics Market Revenue and Forecasts to 2028 (US$ Million) 50
7.3.3 Cardiovascular Disease. 51
18.104.22.168 Overview.. 51
22.214.171.124 Cardiovascular Disease: Digital Therapeutics Market Revenue and Forecasts to 2028 (US$ Million) 51
7.3.4 Central Nervous System Diseases. 52
126.96.36.199 Overview.. 52
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