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Digital Therapeutics Market Set for Unprecedented Growth: Forecasts Show Surge to $23.49 Billion by 2028, Driven by Technological Innovations and Increased Chronic Health Conditions
Digital Therapeutics Market
The digital therapeutics market has witnessed remarkable growth, surging from $7.05 billion in 2023 to an anticipated $8.93 billion in 2024, boasting a significant Compound Annual Growth Rate (CAGR) of 26.7%. Projections indicate an exponential trajectory, reaching $23.49 billion by 2028, with a robust CAGR of 27.4%.
Driving Forces:
1. Smartphone and Tablet Adoption:
The ubiquity of smartphones and tablets, coupled with the proliferation of healthcare apps, is a prime catalyst fueling the digital therapeutics market's expansion. These devices, empowered by healthcare applications, contribute to a reduction in medication errors, enable preventive care, and ensure more accurate staffing. With over half of the global population (54%) owning smartphones, as reported by the State of Mobile Internet Connectivity Report 2023 by GSMA, the increased usage of smartphones is a key driver propelling the digital therapeutics market.
2. Surge in Chronic Diseases:
The escalating prevalence of chronic diseases is a significant factor driving the growth of digital therapeutics. These long-lasting conditions demand ongoing medical attention and have become pervasive, with 6 out of 10 adults in the US suffering from chronic diseases, as reported by the Centers for Disease Control and Prevention in July 2022. Digital therapeutics, offering software-based interventions, present a valuable solution for managing chronic diseases, contributing to the market's upward trajectory.
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Industry Leaders at the Helm:
Leading companies shaping the digital therapeutics market landscape include Omada Health Inc., WellDoc Inc., Livongo Health, and a host of other major players. Their collective efforts contribute to the market's growth and the advancement of digital therapeutic solutions.
Innovations Driving Growth:
1. Technological Innovation:
Technological innovation emerges as a prominent trend in the digital therapeutics market, with companies focusing on developing advanced solutions to fortify their positions. A notable collaboration between Boehringer Ingelheim and Click Pharmaceuticals showcases this trend, as they work on a digital medication for schizophrenia patients, valued at over $500 million.
2. Revolutionizing Disease Management:
Companies in the digital therapeutics market are revolutionizing disease management by developing platforms for ordering, dispensing, and fulfillment. AmerisourceBergen's DTx Connect, launched in July 2022, stands out as a fully integrated platform providing therapeutic interventions directly to patients via software. The platform seamlessly integrates with electronic medical records, offering physicians easy access to purchase prescription and non-prescription DTx through their e-prescribing workflow.
Regional Dynamics and Market Segmentation:
North America dominated the digital therapeutics market in 2023, while the Asia-Pacific region is poised to be the fastest-growing region in the forecast period.
The digital therapeutics market covered in this report is segmented -
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
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Digital Therapeutics Global Market Report 2024from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries:Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
TheDigital Therapeutics Global Market Report 2024byThe Business Research Company is the most comprehensive report that provides insights on digital therapeutics market size, digital therapeutics market drivers and trends, digital therapeutics market major players, competitors' revenues, market positioning, and market growth across geographies.The digital therapeutics market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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