By GlobeNewswire – Press Releases
Newark, June 06, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the digital therapeutics market will grow from USD 6.11 Billion in 2022 to USD 48.78 Billion by 2032. The primary reason for the growth of the digital therapeutics market is the rising demand for providing access to care to patients suffering from chronic diseases. The utilization of digital therapeutics has also improved the quality of clinical solutions.
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Key Insight of the Digital Therapeutics Market
The North American region will account for the largest market size during the forecast period.
The North American region will hold a significant market share due to the rising number of stakeholders in the digital therapeutics services market. The growing investment in healthcare infrastructure in the region is one of the main factors propelling the digital therapeutics market. Further, the improved focus on diagnosing and tracking diseases is leading to the development of products in the U.S. and Canada.
The services segment is expected to augment the market during the forecast period.
The product type segment is divided into software and services. The services segment is expected to augment the market during the forecast period. Digital therapeutics services provide evidence-based interventions for the treatment of medical disorders. These services are used to manage the patients’ physical and mental health conditions.
The preventive applications segment is expected to augment the market during the forecast period.
The application segment is divided into treatment-related applications and preventive applications. The treatment-related applications segment further includes chronic respiratory diseases, cardiovascular diseases, gastrointestinal diseases, CNS disorders, musculoskeletal diseases, addiction management and others. The preventive applications segment further includes obesity, nutrition, prediabetes and others. The preventive applications segment is expected to augment the market during the forecast period. Patients who use digital therapies receive assistance with diet and lifestyle control. Patients who use these software programs to monitor their portions, weight and activity show greater dedication to their health. DTx solutions are also useful in identifying early preventive illness or damage indicators.
The providers segment is expected to augment the market during the forecast period.
The end-users segment is divided into payers, employers, patients, providers and others. The providers segment is expected to augment the market during the forecast period. One kind of commercial vehicle used to deliver products is the light commercial vehicle. These four-wheel drive trucks are essential for moving cargo between different places. With the help of several Digital therapeutics installed, the LCV design is improved to become a solidly built car.
The B2C segment is expected to augment the market during the forecast period.
The sales channel segment is divided into B2B and B2C. The B2C segment is expected to augment the market during the forecast period. Business to consumer refers to a company selling goods and services directly to customers who are the final users of the goods or services. Online retailers selling goods and services to customers online are called business-to-consumer retailers.
Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 6.11 Billion |
| Market Size in 2032 | USD 48.78 Billion |
| CAGR | 23.09% |
| No. of Pages in Report | 239 |
| Segments Covered | Product Type, Application and End-users |
| Drivers | Increasing requirement for reducing healthcare costs |
| Opportunities | Increasing cases of chronic diseases |
Market Dynamics
Driver: Enables regular monitoring of patients
Patients can receive alerts and prods for readings outside the range, from devices like continuous glucose monitors for diabetes to smart inhalers for respiratory ailments. Insurance companies, employers and carers can recognize patients who progress towards stabilizing or improving chronic health conditions when they offer access to their vital information. Digital education materials can inform patients and their family members about diet, treatment options, disease conditions, and healthy lifestyle choices. With better ways to manage chronic health issues, digital medicines can significantly lower the disease burden, improve clinical outcomes, assist clinicians in making more informed treatment decisions, and enhance the quality of life for patients. Additionally, incumbents can participate in the much broader end-to-end healthcare industry and access new segments of the healthcare value chain with the help of digital therapeutics.
Restraint: Fragmented payment modes
The payment methods that encourage the use of digital therapeutics are still dispersed as of right now. As more DTx companies mature, the market should converge towards one payment strategy to ensure widespread patient access to DTx. While the industry is still in its infancy, DTx companies should be flexible in their search for workable payment methods because the best one may vary depending on the client’s needs.
Opportunity: Investment in digitalization of the healthcare industry
Digital health is the fusion of technology and healthcare to lower costs, increase patient care quality, decrease inefficiencies in healthcare delivery, improve patient access, personalize and target treatments, and enable patients to take a more active role in their health and well-being. The last ten years have seen an investment in digital health as consumers and the healthcare sector have come to view technology as an essential tool that may improve everything from patient care to drug development. Focused on these primary goals, new digital health firms have surged in recent years. With digital health outpacing the traditional healthcare and technology industries, it has emerged as the venture capital industry’s bellwether.
Challenges: Data privacy issues
While openness is necessary for scientific advancement, data secrecy is also important for protecting patients’ privacy. When the data is used for research, clinical applications, or other purposes, an individual’s privacy should be protected. Over the past ten years, there has been a significant growth in cyber data hacking incidents. Numerous verified platforms have been proven to have misused their end users’ data. Therefore, these elements emphasize the danger of disclosing important digital treatments to software vendors.
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Some of the major players operating in the digital therapeutics market are:
• Welldoc, Inc.
• OMADA HEALTH, INC.
• Teladoc Health, Inc.
• Limbix Health, Inc.
• 2Morrow, Inc
• Propeller Health
• CANARY HEALTH
• Fitbit LLC
• Noom, Inc.
• Akili Interactive Labs, Inc.
• Pear Therapeutics, Inc.
• HYGIEIA
• BigHealth
• DarioHealth Corp.
• GAIA AG
• Mango Health
Key Segments Cover in the Market:
By Product Type:
• Software
• Services
By Application:
• Treatment-Related Applications
o Chronic Respiratory Diseases
o Cardiovascular Diseases
o Gastrointestinal Diseases
o CNS Disorders
o Musculoskeletal Diseases
o Addiction Management
o Others
• Preventive Applications
o Obesity
o Nutrition
o Prediabetes
o Others
By End-users:
• Payers
• Employers
• Patients
• Providers
• Others
By Sales Channel:
• B2B
• B2C
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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Source: GlobeNewswire – Press Releases