Digital therapeutics Market: Scope Analysis
Digital therapeutics is an emerging healthcare discipline that through the use of digital and internet-based solutions treat a medical condition. These therapeutics present the opportunity to increase or replace prescription drug as a sole therapy, using tech-based solutions. Digital therapeutics are either in a standalone fashion or in combination with more conventional medical therapy built on the concept of using software to improve a patient’s health conditions simultaneously using a drug therapy, at a much-reduced cost and no physical side effects.
Market Research Future (MRFR) anticipates the digital therapeutics market trends report expects the industry to grow at 25.1% CAGR to reach USD 31.15 billion during the forecast period 2022-2030.
Effective functionality of digital therapeutics has been linked to medical conditions such as diabetes, obesity, and hypertension among others. With the several options available for treatment, ranging from behavioral intervention to prescription medication the digital therapeutics market appears to be a well-established space. Additionally, digital therapeutics provide good outcomes, easing the conditions to an extent. Resultantly, the global digital therapeutics market is growing pervasively.
Considering the traction, the market is vibrating with; Market Research Future (MRFR) in its recently published study report asserts that the global digital therapeutics market gaining further prominence will register a spectacular growth by 2030, with a striking CAGR throughout the forecast period (2022 – 2030). The burgeoning healthcare sector along with the proliferation of advanced HC facilities substantiates the market growth.
Additional factors that are contributing to the rapid development of digital therapeutics, include the advantages that these therapeutics offer such as the effective management and preventive therapy for chronic care at a lower cost than traditional treatment/healthcare methods. The shift of the Affordable Care Act reimbursement from volume to value is driving the market growth, subsequently placing the responsibility to deliver quality outcomes with lower costs.
On the other hand, factors such as the lack of awareness towards the advantages of digital therapeutics are estimated to obstruct the growth of the market over the assessment period. Nevertheless, rapid technological advancement expected in the years to come will support market growth during the said period.
Digital Therapeutics Market Segments
The MRFR analysis is segmented into three key dynamics for the convenience of understanding.
By Application: Obesity, Cardiovascular Diseases, Diabetes, Smoking Cessation, and respiratory diseases among others.
By Product Type: Software, Devices, and others.
By Sales Channel: B2B and B2C.
By Regions : Europe, North America, APAC, and the Rest-of-the-World.
Digital Therapeutics Market Geographical Analysis
The North America market dominates the global digital therapeutics market holding the largest share, followed by the markets in the European and Asia Pacific region, respectively. The US backed by the high healthcare expenditures accounts for the largest contributor to the regional market. The North American region is projected to retain its dominance over the global digital therapeutics market throughout the forecast period, following the same growth trends.
The Asia Pacific market is emerging as a lucrative market for digital therapeutics owing to the ever-increasing population, large unmet needs, and the availability of the treatment. The improving economy accounts for one of the key driving forces behind the market growth. The growing markets in India and China provide colossal impetus to the market growth.
Simultaneously, market penetration of healthcare insurance mainly in the countries such as Thailand, Malaysia, and Vietnam among the other South East Asian countries are expected to drive the digital therapeutics market in the in the APAC region.
Increasing funding support from the public and private bodies are supporting the market growth in the region, increasing R&D activities. Furthermore, heading with the availability of new treatment methods that are increasingly meeting the growing demand for the treatments, the APAC region is expected to register a substantial CAGR over the assessment period.
Digital Therapeutics Market Competitive Landscape
The market for digital therapeutics appears fragmented and fiercely competitive due to many large and small players churning the competition in the market. Through the strategic partnership, acquisition, expansion, product & technology launch, and collaboration, these players try to gain a competitive edge.
Some of the key players holding the digital therapeutics market share include Proteus Digital Health, Inc., Twine Health Inc., Mango Health, Inc., Canary Health Inc., Propeller Health, Medtronic Plc., WellDoc Inc., Noom Inc, Inc., Livongo Health, and Omada Health.
About Market Research Future:
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