Digital Therapeutics Global Market Report 2023: Sector to Reach $17.7 Billion by 2027 at a 31.6 CAGR | Teladoc Health, Inc. (US), Omada Health, Inc. (US), WellDoc, Inc (US), Pear Therapeutics, Inc. (US), Noom, Inc (US)

According to the new market research report "Digital Therapeutics Market by Application (Prediabetes, Nutrition, Care, Diabetes, CVD, CNS, CRD, MSD, GI, Substance Abuse, Rehabilitation), Sales Channel B2C (Patient, Caregiver), B2B ( Providers, Payer, Employer, Pharma) - Global Forecasts to 2027", The global digital therapeutics market is projected to reach USD 17.7 billion by 2027 from USD 4.5 billion in 2022, at a CAGR of 31.6% during the forecast period.

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Key Players:

Prominent players in the digital therapeutics market include Noom, Inc (US), Teladoc Health, Inc. (US), Omada Health, Inc. (US), WellDoc, Inc (US), Pear Therapeutics, Inc. (US), CogniFit Inc (US), Ginger (US), Propeller Health (US), 2Morrow, Inc. (US), Canary Health (US), Click Therapeutics, Inc. (US), Akili, Inc. (US), Cognoa, Inc (US), Wellthy Therapeutics Pvt. Ltd. (India), Twill Inc. (US), Better Therapeutics, Inc (US), Mindstrong (US), Kaia Health (Germany), BehaVR Inc (US), Ayogo (Canada), Mindable Health GmbH (Germany), Virta Health Corp (US), Hinge Health, Inc. (US), Orexo AB (Sweden) and Freespira (US).

Digital Therapeutics Market Dynamics

Drivers: Need to control healthcare costs
The need to control healthcare costs is one of the primary drivers of the digital therapeutics market. Digital therapeutics are non-invasive and cost-effective alternatives to traditional medicine. They provide patients with access to personalized and affordable care. Digital therapeutics are also being used to reduce the cost of care and increase the efficiency of care delivery. With the rising cost of healthcare, digital therapeutics offer a cost-effective solution to providing care. Digital therapeutics can also be used to improve patient outcomes and reduce hospital readmissions. This can result in a significant reduction in healthcare costs.

Opportunities: Unexplored therapeutic applications

Digital therapeutics are becoming increasingly popular as an alternative to traditional treatments. The digital therapeutics market is expected to grow significantly in the next few years, driven by the increasing acceptance of digital therapeutics among healthcare providers and patients. Digital therapeutics offer a wide range of unexplored therapeutic applications. For example, digital therapeutics can be used to treat conditions such as autism, Alzheimer's disease, depression, anxiety, and chronic pain. Digital therapeutics also offer opportunities for personalized healthcare, as they are able to tailor treatments to an individual's specific needs. In addition, digital therapeutics have the potential to reduce healthcare costs, as they can be used to replace or supplement more expensive treatments such as medications or surgery. Additionally, they can be used to address public health issues, such as obesity and smoking cessation.

Restraints: Patient data security concerns

Digital therapeutics is a rapidly growing market, however, patient data security concerns remain a major restraint. As digital therapeutics involve storing and processing sensitive patient information, there is a need to ensure that the data is securely stored and managed. Any security breach can lead to misuse of patient data, leading to potential legal and financial liabilities for the companies involved.

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Challenges: Unstable payment Models

The digital therapeutics market is facing several challenges due to its unstable payment models. Currently, most digital therapeutics are paid for on a fee-for-service basis, meaning that providers are paid a flat fee for each patient, regardless of the outcome. This model does not incentivize providers to invest in the development of new treatments or technologies, and it also makes it difficult for providers to accurately assess the cost-effectiveness of digital therapeutics. Additionally, the lack of long-term data in the digital therapeutics field makes it difficult to establish a sustainable pricing model. Many payers are also reluctant to invest in digital therapeutics, as they are uncertain of the long-term efficacy of these treatments. As a result, digital therapeutics companies must find innovative ways to attract payers, such as offering discounts or outcomes-based payment models.

North America is expected to hold the largest share of the digital therapeutics market

The digital therapeutics market has been segmented into four main regional segments: North America, Europe, the Asia Pacific, and Rest of the World. North America is expected to hold the largest share of this market, followed by Europe. The market in North America is also expected to grow at the highest CAGR. The large share can be attributed to the rising number of new start-ups in digital therapeutics market and slowly developing reimbursement structures for digital therapeutics solutions.

Recent Developments:

• Philips and Wellbeing Digital Solutions: Philips announced the acquisition of Wellbeing Digital Solutions (WDS). WDS is a digital therapeutics company that develops digital solutions to improve patient engagement and outcomes in chronic conditions. The acquisition will allow Philips to expand its portfolio of digital health solutions and capabilities in chronic disease management and remote care.

• Novartis and Akili Interactive Labs: Novartis announced that it has entered into a definitive agreement to acquire Akili Interactive Labs, a digital therapeutics company focused on developing treatments for neurological and psychological conditions. Through the acquisition, Novartis will gain access to Akili's digital therapeutics platform, which includes a library of clinical evidence and a portfolio of digital therapeutics programs in development.

• Merck and HealthPrize Technologies: Merck announced that it has entered into a definitive agreement to acquire HealthPrize Technologies, a digital therapeutics company focused on helping patients stay on top of their medications. The acquisition will enable Merck to enhance its digital health offerings and expand its presence in the digital therapeutics market.

• Illumina and GRAIL: Illumina announced that it has entered into a definitive agreement to acquire GRAIL, a digital therapeutics company focused on developing and commercializing multi-cancer early detection products. Through the acquisition, Illumina will gain access to GRAIL's patented technologies and products, which will enable the company to expand its portfolio of healthcare solutions.

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