Digital Therapeutics Market held the maximum revenue share owing to the high adoption of digital therapeutic solutions by patients

Digital Therapeutics Industry Overview

The global digital therapeutics market size is anticipated to reach USD 32.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a lucrative CAGR of 26.1% from 2022 to 2030. Key factors driving the market growth include high demand due to the COVID-19 pandemic, various supportive regulatory initiatives & early signs of reimbursements, increasing smartphone penetration in developed & developing countries, and the growing prevalence of chronic disorders. Moreover, the cost-effectiveness of digital health technology for providers & patients and increasing demand for integrated healthcare systems & patient-centric care are estimated to boost the market growth.

 

Digital Therapeutics Market Segmentation

Grand View Research has segmented the Digital therapeutics market on the basis of application, end user, and region:

 

Based on the Application Insights, the market is segmented into Diabetes, Obesity, CVD, Respiratory Diseases, Smoking Cessation, CNS Diseases, and Others.

  • The diabetes application segment accounted for the largest share of more than 28.5% of the global revenue in 2021. Factors driving the segment growth include the increasing prevalence of diabetes and other chronic diseases.
  • CVDs and smoking cessation, along with obesity, are expected to demonstrate significant growth rates during the forecast period. The rising adoption of digital therapeutic products for managing respiratory diseases is driving the market growth.

 

Based on the End-use Insights, the market is segmented into Patients, Providers, Payers, Employers and Others.

  • The patient end-user segment accounted for the largest share of more than 33.0% of the global revenue in 2021. This growth was mainly due to the increased adoption of digital therapeutic solutions by patients.
  • Payers are also becoming increasingly interested in covering digital therapeutics, and the segment is showing a significant scope for growth. Payers are encouraged to undertake initiatives by business models that facilitate adherence and enhance efficacy while reducing costs.

 

Digital Therapeutics Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

 

COVID 19 Impact Analysis

The COVID-19 pandemic significantly impacted the market. A major COVID-related driver is a rise in demand for convenient and accessible digital health solutions. The April 2020 guidelines released by the FDA stated that for the duration of the pandemic, it will allow the distribution and use of digital health therapeutic devices for mental health disorders.

 

Market Share Insights

  • December 2021: Teladoc expanded its partnership with the National Labor Alliance for offering its full suite of virtual care products and services. These products and services included specialty care, general medical, expert medical services, mental health, virtual primary care programs, and chronic condition management.

 

Key Companies Profile

The industry is marked by the presence of various large- and small-scale businesses operators. The market is highly competitive and dominated by key participants that focus on executing innovative strategies like mergers and acquisitions, market penetration, partnerships, and distribution agreements to increase their revenue.

Some prominent players in the global digital therapeutics market include,

  • Omada Health, Inc.
  • WellDoc, Inc.
  • 2Morrow, Inc.
  • Livongo Health, Inc. (Teladoc Health, Inc.)
  • Propeller Health
  • Fitbit Inc.
  • Canary Health
  • Mango Health
  • Noom, Inc.
  • Pear Therapeutics

 

Order a free sample PDF of the Digital Therapeutics Market Intelligence Study, published by Grand View Research.

 

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