Digital Therapeutics Market Overview
The global digital therapeutics market is showing promising signs as a lot of players are participating in the market and are introducing innovative products. These companies have realized the potential of the market and how digitalization can percolate in various sub-divisions of the healthcare sector. Market Research Future (MRFR) made a proper assessment of the market to find out how the market is going to perform and how various factors are about to interplay to make sure that the market makes the most out of it. Its growth would be influential for the digital healthcare segment. Market Research Future (MRFR) anticipates the digital therapeutics market is expected to grow at 25.1% CAGR to reach USD 31.15 billion during the forecast period 2022-2030.
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. The Digital Therapeutics Market Size is still at a nascent stage and has ample growth prospects if it gets proper backing from various countries and their healthcare expenditure. The process has the advantage of providing efficiency and consumes less time than many other procedures. In recent times, the booming geriatric population has emerged as a major source of revenue. Digital therapeutics can capitalize on this and plan its growth accordingly. In addition, the growth is getting backed by the increasing use of smartphones and their cost-effective availability. Its inclusion has eased the process of getting reports and is emerging as one of the major market influencers.
Digital therapeutics is finding its use growing in sectors like pain management, cancer management, smoking cessation, and others like Parkinson’s. With a doctor and patient ratio hitting the bottom, these therapeutics would gain momentum. However, digital therapeutics may find the growth a bit restrained due to the lack of awareness. With an expansion in the web use and reliance over cell phones, digital therapeutics offers simple following and observing of patients and their fundamental details without mediation. This serves in a discrete and non-interventional way to convince people to receive more beneficial ways of life and improve physical prosperity.
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Digital Therapeutics Market Segmentation
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 Regional 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 Players
- Proteus Digital Health (US)
- Wellthy Therapeutics (India)
- Propeller Health (US)
- SE (Sweden)
- BehaVR (US)
- Akili Interactive Labs (US)
- Hinge Health (US)
- Better Therapeutics (US)
- Virta Health (US)
- Happify (US)
- Mindable Health (Germany)
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