Digital Therapeutics Market 2023 Comprehensive Analysis, Business Growing Strategies, Industry Segmentation and Forecast 2032

As per the report published by The Brainy Insights, the global digital therapeutics market is expected to grow from USD 3.9 billion in 2021 to USD 41.64 billion by 2030, at a CAGR of 30.1% during the forecast period 2022-2030. North American region emerged as the largest market for the global digital therapeutics market with a 35.3% share of the market revenue in 2021. Due to the presence of several significant players in this region, North America is the greatest contributor in terms of market revenue. The infusion of new startups, significant investments in digital therapeutics, changes in the financing framework for digital therapeutics, and regulatory measures to promote technical breakthroughs are driving market expansion in this area.

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Digital Therapeutics Market Size by Application (Obesity, Diabetes, Cardio Vascular Diseases (CVD), Respiratory Diseases, Central Nervous System (CNS) Disease, Gastrointestinal Disorders, Smoking Cessation, and Others), By Sales Channel (B2B, Patient, B2C, Caregiver, Pharma, Payer, Providers, Employer), By Product Type (Devices and Software), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Leading companies in the industry include Omada Health, Inc., Livongo Health, Inc., 2Morrow, Inc., WellDoc, Inc., Fitbit Inc., Propeller Health, Noom, Inc., Canary Health, Pear Therapeutics, Mango Health, among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The application segment is divided into Obesity, Diabetes, Cardio Vascular Diseases (CVD), Respiratory Diseases, Central Nervous System (CNS) Disease, Gastrointestinal Disorders, Smoking Cessation, and Others. In 2021, Diabetes application dominated the market with the largest market share of 15.44% and market revenue of 0.60 billion. The rising incidence of diseases and chronic illnesses is one of the factors driving category growth. Digital therapies can help healthcare doctors examine patients' lifestyles and enhance treatment plans depending on their unique therapeutic needs. Digital therapies provide expensive alternatives for treating a wide range of chronic illnesses, which is projected to drive the market in the near future. The sales channel segment is divided into B2B, Patient, B2C, Caregiver, Pharma, Payer, Providers, Employer. In 2021, Patient Digital Therapeutics dominated the market with the largest market share of 20.11% and market revenue of 0.78 billion. Digital medicines offer the ability to meet unmet patient demands that conventional therapies and treatments have failed to provide. Enterprises that can use life sciences expertise to fill these gaps, together with quicker product development timetables, might gain a considerable competitive advantage over conventional life sciences organizations.

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Factors such as patient information confidentiality concerns related to digital therapeutic devices impede the market's development. When data is sent to linked sensors and devices, it enters the realm of the Internet of Things. With rising degrees of communication across hospitals chain, physicians, and insurers, information security is a serious concern in healthcare since it includes massive amounts of data about patients and businesses. As clinicians regularly monitor the information, such as through the use of Bluetooth-enabled hypertension monitors and weighing scales, privacy issues grow. Other obstacles impeding the growth of this industry include expensive production and operating costs, as well as public opposition to conventional healthcare professionals. All of these reasons are hampering the development of the market for digital therapeutic devices.

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