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Global Digital Therapeutics Market 2024 Key Stakeholders, CAGR, Growth Factors and Forecast 2033 | Business-To-Business (B2B), Business-To-Consumers (B2C)
Digital Therapeutics Global Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Digital Therapeutics industry. This report on Digital Therapeutics market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The digital therapeutics market size has grown exponentially in recent years. It will grow from $7.05 billion in 2023 to $8.93 billion in 2024 at a compound annual growth rate (CAGR) of 26.7%. The growth in the historic period can be attributed to aging population and chronic diseases, digital health adoption, healthcare costs and efficiency, remote patient monitoring, and pandemic-induced demand.
The digital therapeutics market size is expected to see exponential growth in the next few years. It will grow to $23.49 billion in 2028 at a compound annual growth rate (CAGR) of 27.4%. The growth in the forecast period can be attributed to increasing adoption of personalized medicine, health data interoperability, value-based care models, increasing mental health and well-being focus, healthcare access and equity, growing cybersecurity and data protection, growing demand for population health management. Major trends in the forecast period include expansion of IoT devices and sensors, artificial intelligence in healthcare, wearable health technology, technological advancements, and product innovations.
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Key Market Players:
Omada Health Inc., WellDoc Inc., 2Morrow Inc., Livongo Health, Propeller Health, Pear Therapeutics, Canary Health Inc., Noom Health Inc., Mango Health Inc., Akili Interactive Labs, Better Therapeutics are prominent players in the Digital Therapeutics industry.
Market Drivers:
According to the Digital Therapeutics Market Report 2023 by The Business Research Company, the key factors driving the growth of the Digital Therapeutics market, includes Technological innovation is an emerging trend gaining popularity in the digital therapeutics market. Major companies operating in the market are focused on developing technologically advanced solutions for digital therapeutics to strengthen their position. For instance, Boehringer Ingelheim, a Germany-based pharmaceutical company, and Click Pharmaceuticals, a US-based prescription digital therapeutics business, have agreed to collaborate on the development and commercialization of a digital medication for schizophrenia patients worth more than $500 million. The treatment named CT-155 will be a mobile app developed on click's technology platform, according to the company.
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Market segments for Digital Therapeutics include:
1) By Product: Software, Devices
2) By Sales Channel: Business-To-Business (B2B), Business-To-Consumers (B2C)
3) By Application: Preventive Applications, Treatment Or Care-Related Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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