Digital Therapeutics Market Forecast to Grow at 7.2% CAGR from 2024 to 2031 | SkyQuest Technology
Westford, USA, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Digital Therapeutics Market size was USD 1035.6 million in 2023 to USD 1805.6 million by 2031, growing at a CAGR of 7.2% in the forecast period (2024-2031).
The demand for digital therapeutics market is increasing because of the cost-efficiency of digital health technology for providers & patients along with the increasing usage of smartphones among people. The rising demand for patient-centric and integrated healthcare systems are also boosting the demand for digital therapeutics. Furthermore, factors like supportive reimbursement, COVID-19 pandemic, and the rising prevalence of chronic diseases are also fueling the advancement of market. Constant enhancements in network infrastructure and coverage are also increasing the popularity of digital therapeutics among masses. Mobile network operators consider digital health and digital therapeutics as investment possibilities owing the growing usage of smartphones. Moreover, the increasing bandwidth and the low latency of 5G are also allowing to share images and videos of high resolution, raising the quality & value of virtual interaction, which is positively influencing the market.
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This will also minimize the requirement to visit hospital or clinic and immensely benefit remote patients who might not have easy access to medical facilities or hospitals. The regulatory settings of digital therapeutics are also becoming more favorable towards companies and patients, due to the growing understanding about its advantages. This is pushing more companies to invest and develop in digital therapeutics (DTx). The rising popularity of value-based care that focuses on the quality and efficiency of care, increasing the demand for digital therapeutics market.
Digital Therapeutics Market Segmental Analysis
Global digital therapeutics market is segmented on the basis of product, distribution channel, application, end-user, and region.
By product, market is segmented into hardware and software.
By distribution channel, market is segmented into B2C (business-to-consumer) and B2B (business-to-business).
By application, market is segmented into diabetes, obesity, CVD, respiratory diseases, smoking cessation, CNS diseases, and other health problems.
By end user, market is segmented into patients, providers, payers, employers, and others.
By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
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Digital Therapeutics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 1035.6 Million |
| Estimated Value by 2031 | $ 1805.6 Million |
| Growth Rate | Poised to grow at a CAGR of 7.2 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Distribution Channel, Application, End-User, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Increasing advancement in digital software and devices |
| Key Market Opportunities | Rising incidences of chronic diseases |
| Key Market Drivers | Easy integration of digital therapeutics with EHR |
Key Players Operating in the Digital Therapeutics Market
• Propeller Health
• Click Therapeutics, Inc.
• Pear Therapeutics
• Akili Interactive
• Omada Health
• Livongo Health
• WellDoc
• 2Morrow Inc.
• Canary Health
• Proteus Digital Health
• Happify Health
• Kaia Health
• Biofourmis
• Ginger.io
• My mHealth
• Hinge Health
Technological Innovations to Seamlessly Track and Record Clinical Data to Augments Market Growth
Technological developments in digital software and devices are assisting medical professionals to record and track clinical data daily and offer better treatment to the patients. The performance abilities of these products have become a massive help to the medical sector. Digital therapeutics helps in offering specialized medications, lifestyle and nutrition management, and monitoring regular activities. It also has the potential to treat physical, mental, and Behavorial health condition. Innovative and technologically advanced therapeutics offer data-based information to their customer, restricts human mistakes, and increases customer satisfaction, and offer better quality user experiences, resulting in an increasing demand for digital therapeutics market.
Growing Prevalence of Chronic Diseases to Boost Demand for Digital Therapeutics
The utilization of therapeutics software and devices is increasing mainly because of the rising demand for management and treatment of chronic diseases globally. Furthermore, the increasing incidences of chronic diseases like type 1 & type 2 diabetes, cancers, Alzheimer’s diseases, mental disorders, obesity, and gastrointestinal disorders particularly in developing countries. These diseases are propelling the demand for this therapeutic software. Moreover, the increasing initiatives taken by various medical agencies and market players, like creating awareness about the prevention and treatment of chronic illnesses, leading to an increase in the demand for the software. The rising number of doctors in developed and developing nations suggesting their patients to utilize their products for chronic condition are some of the other factors that are augmenting the demand in the market.
Increasing Usage of Digital Health Devices for Better Health Monitoring to Propel Market Growth in North America
North America is dominating the digital therapeutics market with the largest market share. The market in this region is substantially growing due to the increasing usage of digital health products. Favourable reimbursements that emphasize on enhancing the quality of life with high-quality monitoring & diagnostics is also propelling the market growth. Factors like increasing adoption of smartphones, innovation in coverage networks, severe lack of primary caregivers, and rising prevalence of chronic diseases are also positively influencing market growth. Rise in geriatric population high expense of healthcare, and the necessity for enhanced prevention & management of chronic conditions are boosting the development of digital therapeutics market.
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Digital Therapeutics Market Insights
Drivers
- Increasing prevalence of chronic diseases
- Easy incorporation with healthcare systems and HER
- Growing investments from medical facilities by governments
Restraints
- Growing privacy and security concerns
- Lack of awareness among consumers
- Restrictions related with the digital therapeutics to reduce adoption
Key Questions Answered in Digital Therapeutics Market Report
- What are the main drivers of the therapeutics market?
- Who are the top players operating in the market?
- Which is the dominating region in the therapeutics market?
This report provides the following insights:
- Analysis of key drivers (Increasing prevalence of chronic diseases and growing investments on medical facilities), restraints (Increasing privacy and security concerns and lack of awareness among people), opportunities (Easy integration with healthcare systems and increasing technological innovations), and challenges (Strict restrictions related to the adoption of digital therapeutics) influencing the growth of digital therapeutics market
- Market Penetration: Comprehensive information on the product offered by the top players in the digital therapeutics market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the digital therapeutics market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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