Digital Therapeutics Market Analysis, Growth Opportunities and Recent Trends by Application 2023 to 2030

Posted on 2023-04-26 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, Apr 26, 2023 — /EPR Network/ —

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.

The COVID-19 pandemic catalyzed the adoption of digital therapeutics solutions. Teladoc reported that telehealth usage grew by about 38 times since pre-pandemic. The adoption of these solutions was further supported by supportive initiatives by key regulatory bodies, such as the FDA. For instance, the U.S. FDA released guidelines in April 2020 to expand the availability of digital health therapeutic devices for psychiatric patients. As per Kepios, globally, the number of internet users is growing at an annual rate of 7.6%, i.e., an average addition of 900,000 new users every day. While developed and certain developing economies have high smartphone and internet penetration, countries in regions, such as Africa and South Asia, are lagging due to their less advanced economies.

With a modest user base, Africa’s smartphone market is expected to grow due to the advent of affordable handsets in the country. These handsets are priced under USD 100 per unit and are gaining popularity. The need for cost-effective healthcare is increasing due to the growing healthcare expenditure. The rising incidence of chronic diseases has led to an increase in healthcare costs. This has affected economic growth in developing and developed economies. To promote cheaper and alternative means of healthcare delivery, digital health technologies are being encouraged to help avoid added costs. The ease of usage of mHealth apps and their consistent performance can help improve health outcomes of individuals and communities, which is anticipated to have a positive impact on 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-User 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. Patients are primary users of therapeutic healthcare applications and programs.
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
Middle East & Africa (MEA)

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
Teladoc Health, Inc.
Propeller Health (ResMed)
Fitbit LLC
CANARY HEALTH
Noom, Inc.
Pear Therapeutics, Inc.
Akili Interactive Labs, Inc.
HYGIEIA
DarioHealth Corp.
BigHealth
GAIA AG
Limbix Health, Inc.

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

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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