Digital Therapeutics Market Trends 2023 Key Players, Growth Rate and Forecasts to 2028

The global digital therapeutics market in terms of revenue was estimated to be worth $6.1 billion in 2023 and is poised to reach $21.9 billion by 2028, growing at a CAGR of 29.1% from 2023 to 2028. The new research study consists of an industry trend analysis of the market.
Digital Therapeutics (DTx) Market [https://www.marketsandmarkets.com/Market-Reports/digital-therapeutics-market-51646724.html?utm_source=ABnewswire+&utm_campaign=Paid&utm_content=Referral] in terms of revenue was estimated to be worth $6.1 billion in 2023 and is poised to reach $21.9 billion by 2028, growing at a CAGR of 29.1% from 2023 to 2028 according to a new report by MarketsandMarkets Trademark . The predominant factors fueling market growth include governmental initiatives supporting technological advancements and progress in the digital therapeutics field to mitigate escalating healthcare costs. Conversely, challenges to market growth stem from patient reluctance to adopt digital therapeutics and the instability of payment models.

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The largest segment in the digital therapeutics market was acquired by treatment/care-related applications.

The digital therapeutics market's application segment is divided into preventive and treatment/care-related applications. In 2022 the treatment/care-related applications segment secured the market's largest share. Key drivers for this segment include the rise in healthcare costs and the cost-effective solutions offered by digital therapeutics. The market growth is further fueled by rising prevalence of disorder cardiovascular diseases, diabetes, substance abuse among others. Rising awareness regarding preventable disease such as prediabetes and obesity is estimated to drive the growth of preventable application segment. Digital therapeutics designed for prediabetes often include comprehensive lifestyle modification programs. These programs address key factors such as diet, physical activity, stress management, and sleep patterns. They provide personalized interventions to help individuals adopt healthier habits and manage their prediabetic condition.

The B2B segment represents the largest and fastest-growing category in the market over the forecast period.

The sales channel segment in the digital therapeutics market is categorized into business-to-business (B2B) and business-to-customer (B2C). In 2022, the B2B segment held the largest market share. This is attributed to the growing partnerships between prominent digital therapeutics providers and payers, providers, and employers, aimed at expanding their customer base. This collaboration significantly contributes to the increased sales of digital therapeutics solutions.

North America led the digital therapeutics market.

In 2022, the North American countries held the dominant market share, with Europe following closely behind. The North American market is anticipated to exhibit the highest CAGR. This growth is fueled by factors such as gradual improvement of reimbursement structures and increasing investments in digital therapeutics in the region. The US has witnessed a significant rise in chronic disease incidence, and managing a greater volume of patients poses a major challenge to the healthcare system in the country. Moreover, there is a greater focus on reducing rising healthcare costs. These factors are projected to drive the market in the coming years.

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Digital Therapeutics (DTx) Market Dynamics:

Drivers:

* Rising focus on Preventative Healthcare

Restraint:

* Reluctance among patients to adopt digital therapeutics

Opportunities:

* Large undiagnosed and untreated population

Challenge:

* Lack of awareness and access to digital therapeutics programs in developing countries

Key Market Players of Digital Therapeutics (DTx) Industry:

Prominent players in the digital therapeutics market include Noom, Inc (US), Teladoc Health, Inc. (US), Omada Health, Inc. (US), WellDoc, Inc (US), Biofourmis (US), Better Therapeutics, Inc (US), Amalgm Rx (US), CogniFit Inc (US), Headspace Health (US), Propeller Health (US), Virta Health Corp (US), 2Morrow, Inc. (US), Realizedcare (US), Canary Health (US), Twill Inc. (US), Click Therapeutics, Inc. (US), Akili, Inc. (US), Cognoa, Inc (US), Wellthy Therapeutics Pvt. Ltd. (India), Kaia Health (Germany), Ayogo (Canada), Mindable Health GmbH (Germany), Hinge Health, Inc. (US), and Freespira (US).

The primary interviews conducted for this report can be categorized as follows:

* By Company Type: Tier 1 (50%), Tier 2 (30%), and Tier 3 (20%)
* By Designation: C-level (75%), D-level (15%), and Others (10%)
* By Region: North America (70%), Europe (20%), APAC (7%), and the RoW (3%)

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Digital Therapeutics (DTx) Market - Key Benefits of Buying the Report:

The report aims to assist market leaders and new entrants by offering close approximations of revenue figures for both the overall digital therapeutics market and its subsegments. Stakeholders can leverage this report to comprehend the competitive landscape, acquire insights for strategic business positioning, and formulate effective go-to-market strategies. Additionally, it provides stakeholders with the means to assess the market dynamics and furnishes information on crucial market opportunities, restraints, drivers, and challenges.

Reasons to Buy the Report:

This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.

This report provides insights on:

* Analysis of key drivers (increasing incidence of preventable chronic disease, rising focus on preventative healthcare, need to control healthcare costs, significant increase in venture capital investments), opportunities (growth prospects in emerging markets, large undiagnosed and untreated patient population, unexpected therapeutic applications) are influencing the growth of the digital therapeutics market.
* Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the digital therapeutics market.
* Market Development: Comprehensive information detailing lucrative market - the report analyses the digital therapeutics market across various regions as well as countries.
* Market Diversification: Exhaustive information about new software and programs, untapped geographies, recent developments, and investments in the digital therapeutics market.
* Competitive Assessment: The report provides detailed insights on key players as well as key SME/upcoming players in the market. In-depth assessment of growth strategies, market shares, product and service offerings of players and key trends in the market is provided in the report. The report will enable stakeholders to understand the pulse of the digital therapeutics market and provide them with information such as drivers, challenges, restraints and opportunities.

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