Digital Therapeutics Market Size Worth USD 18,061.79 Million by 2028 at 23.1 % CAGR

The Digital Therapeutics Market research study 2022-2028 enhances the decision-making capabilities and helps to create potent counter strategies to obtain competitive advantage says a latest research report at the insight partners. The Digital Therapeutics Market analysis is provided for the international markets including development trends, competitive landscape analysis, and key regions development status.

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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.

The digital therapeutics market is segmented on the basis of application, distribution channel, and geography. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The report offers insights and in-depth analysis of the market, emphasizing parameters, such as market trends, technological advancements, market dynamics, and the competitive analysis of the globally leading market players.

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Application Insights

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.

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 prominent/emerging players in the Digital Therapeutics Market research include:

Propeller Health
Canary Health, Inc.
NOOM, INC.
2Morrow, Inc.
Teladoc Health
Welldoc, Inc.
FITBIT, Inc.
OMADA Health
Mango Health
Pear Therapeutics, Inc.
Happify Health

Company overview:

Company overview provides the information about location of the company where it is headquartered along with the established year, employee strength as of 2017, regions where the company is operating and the key business areas.

Financial performance:

Overall company/segment revenue for the year 2019, 2018, and 2017 is provided in the sub title "financial performance" (public listed companies) along with the analysis and explanation of the increase or decrease in the same due to factors such as mergers & acquisition, profit or loss in any strategic business unit (sbus) and others.

Product benchmarking:

Product benchmarking comprises the comprehensive list of products pertaining to the respective market along with the application and key features.

Strategic initiatives:

Insights pertaining to the new product launch, strategic collaboration, mergers and acquisition, regulatory approval, and other developments by the company in market are covered under strategic initiatives section.

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