The digital therapeutics market size is expected to grow from USD 6.11 billion in 2022 to USD 48.78 billion in 10 years’ time. The market should show a moderate growth rate due to the increasing demand for digital therapeutics to reduce overall healthcare costs. Increasing investments in digitalization of the healthcare industry provide an opportunity for the market to make significant gains.
NEWARK, June 06, 2024 (GLOBE NEWSWIRE) — Brainy Insights predicts 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 increasing demand to provide access to care for patients suffering from chronic diseases. The use of digital therapeutics is also driving improvements in the quality of clinical solutions.
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Key Insights into the Digital Therapeutics Market
North America is expected to account for the largest market size during the forecast period.
The North American region will account for a significant market share due to the increasing number of participants in the digital therapeutics services market. Increasing investments in healthcare infrastructure in the region is one of the major factors driving the digital therapeutics market. Moreover, enhanced focus on disease diagnosis and tracking is driving product development in the US and Canada.
The services segment is expected to expand the market during the forecast period.
The product type segment is divided into software and services. The services segment is expected to expand 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 physical and mental health conditions of patients.
The preventive application segment is expected to expand the market during the forecast period.
The application segment is divided into treatment-related applications and preventive applications. The treatment-related application segment also includes chronic respiratory diseases, cardiovascular diseases, gastrointestinal diseases, central nervous system disorders, musculoskeletal diseases, addiction management, etc. The preventive application segment also includes obesity, nutrition, prediabetes, etc. The preventive application segment is expected to expand the market during the forecast period. Patients who use digital therapies receive assistance with managing their diet and lifestyle. Patients who use these software programs to monitor their food intake, weight, and activity show greater dedication towards their health. DTx solutions also help identify early preventive indicators of disease and injury.
The provider segment is expected to expand the market during the forecast period.
The end-user segment is divided into payers, employers, patients, providers, and others. The provider segment is expected to expand the market during the forecast period. One of the commercial vehicles used for product delivery is the light commercial vehicle. These four-wheel drive trucks are essential for moving cargo between different locations. The introduction of several digital therapeutic devices has improved the design of LCVs, making them rugged vehicles.
The B2C segment is expected to expand the market during the forecast period.
The sales channel segment is divided into B2B and B2C. The B2C segment is expected to expand the market during the forecast period. B2C refers to businesses that sell goods and services directly to customers who are the final users of the goods and services. Online retailers that sell goods and services to customers online are called B2C retailers.
Report Scope Details
|
Report Scope |
detail |
|
Forecast Period |
2023-2032 |
|
Base year |
2022 |
|
Market size in 2022 |
$6.11 billion |
|
Market size in 2032 |
US$48.78 billion |
|
Average annual growth rate |
23.09% |
|
Number of pages in the report |
239 |
|
Target Segments |
Product Type, Application, End User |
|
driver |
The growing need to reduce medical costs |
|
opportunity |
Increase in chronic diseases |
Market Trends
Drivers: Enabling regular patient monitoring
From continuous glucose monitors for diabetes to smart inhalers for respiratory diseases, patients can receive alerts and warnings for out-of-range readings. By providing access to critical patient information, insurers, employers and caregivers can recognize patients who are on the path to stabilizing or improving chronic health conditions. Digital educational materials can inform patients and their families about diet, treatment options, medical conditions and healthy lifestyle choices. With better ways to manage chronic health issues, digital medicines can significantly reduce the disease burden, improve clinical outcomes, help clinicians make more informed treatment decisions and improve quality of life for patients. Additionally, incumbents can participate in a much broader end-to-end healthcare industry with the help of digital therapeutics and access new segments of the healthcare value chain.
Constraints: Fragmented payment methods
Payment methods to drive digital therapeutics uptake are currently fragmented. As DTx companies mature, the market should converge on one payment strategy to ensure broad patient access to DTx. While the industry is still in its infancy, DTx companies should be open-minded in their exploration of viable payment methods, as the optimal method may vary depending on client needs.
Opportunity: Investing in the digital transformation of the healthcare industry
Digital health is the convergence of technology and healthcare with the aim of reducing costs, improving the quality of patient care, reducing inefficiencies in healthcare delivery, improving patient access, personalizing and targeting treatment, and empowering patients to take a more active role in their health and well-being. Over the past decade, digital health investments have flourished as the consumer and healthcare sectors have come to see technology as a critical tool that can improve everything from patient care to drug development. Focused on these key goals, new digital health companies have proliferated in recent years. Digital health has outperformed traditional healthcare and technology industries and emerged as a vanguard in the venture capital industry.
Challenge: Data privacy issues
While openness is necessary for scientific advancement, data confidentiality is also important to protect patient privacy. Individual privacy must be protected when data is used for research, clinical applications, or any other purpose. Over the past decade, there has been a significant increase in cyber data hacking incidents. Numerous verified platforms have been proven to have misused end-user data. These factors therefore highlight the dangers of disclosing critical digital therapeutics to software vendors.
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Leading companies operating in the digital therapeutics market are:
• Welldoc Co., Ltd.
• Omada Health, Inc.
• Teladoc Health, Inc.
• Linvix Health Co., Ltd.
• 2Morrow, Inc
• Propeller Health
• Canary Health
• Fitbit LLC
• Noom, Inc.
• Akili Interactive Labs, Inc.
• Pair Therapeutics, Inc.
• Hygieia
• Big Health
• Dario Health, Inc.
• Gaia AG
• Mango Health
Major market segments covered:
By product type:
• Software
• service
By application:
• Therapeutic Applications
Chronic respiratory disease
Cardiovascular disease
Gastrointestinal disorders
Central nervous system disorders
Musculoskeletal disorders
Addiction Management
others
• Preventive Applications
obesity
Nutrition
Prediabetes
others
By end user:
• Payers
• employer
• Patients
• Provider
• others
By sales channel:
• B2B
• B2C
By region
• North America (USA, Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain and other European countries)
Asia Pacific (China, Japan, India and rest of Asia Pacific)
• South America (Brazil and the rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of Middle East and Africa)
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About the report:
The market has been analyzed based on value (USD Billion). All segments have been analyzed globally, regionally and country-wise. The study includes an analysis of over 30 countries for each part. The report analyzes the drivers, opportunities, restraints and challenges to gain key market insights. The study includes Porter’s five forces model, attractiveness analysis, product analysis, demand and supply analysis, competitor position grid analysis, distribution and marketing channel analysis.
About The Brainy Insights:
Brainy Insights is a market research company that aims to provide actionable insights to businesses through data analytics to improve their business acumen. We have robust forecasting and estimation models that meet the client’s objectives of delivering quality outcomes in a short span of time. We offer both customized (client-specific) and syndicated reports. Our repository of syndicated reports is diverse across all categories and subcategories across all domains. Our customized solutions are tailored to meet the requirements of our clients, whether they are looking to expand in the global market or planning a new product launch.
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