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Digital Therapeutics Market - By Component (Software, Device), By Application (Diabetes, Obesity, Cardiovascular, Mental & Behavioural Health, Hypertension, Insomnia), By Sales Channel (B2B, B2C), By Region - Global Forecast to 2032


Published on: 2024-08-01 | No of Pages : 240 | Industry : Healthcare

Publisher : MIR | Format : PDF&Excel

Digital Therapeutics Market - By Component (Software, Device), By Application (Diabetes, Obesity, Cardiovascular, Mental & Behavioural Health, Hypertension, Insomnia), By Sales Channel (B2B, B2C), By Region - Global Forecast to 2032

Digital Therapeutics Market Size

Digital Therapeutics Market size was valued at around USD 6.5 billion in 2022 and is projected to register 31.5% CAGR between 2023 and 2032. Surging applications of digital therapeutic software & devices in assisting medical professionals to handle numerous functions of healthcare practice will fuel overall market growth.
 

Digital Therapeutics Market

Digital therapeutics (DTx) deliver medical interventions directly to patients using evidence-based, clinically evaluated software & devices to treat, manage, and prevent a broad spectrum of diseases and disorders. For example, digital therapeutics can support patients in self-managing symptoms and thereby improve their quality of life & other clinical endpoints. These digital modalities aid in minimizing the gaps in healthcare by providing therapeutics through smartphones, mobile devices, and similar modalities.
 

Digital software solutions are assisting in medication adherence with personalized care that promotes long-term behavioral change in patients. Additionally, for patients suffering from chronic disorders including diabetes & chronic obstructive pulmonary disease, these software solutions are playing a crucial role to ensure that patients are adhering to the dose recommendations. Thus, it is projected that the digital therapeutics market would be driven in the coming years by the huge potential of digital therapeutics.
 

Digital therapeutic applications are exposed to a wide range of security threats due to their portability and weaknesses in management & design. Hence, digital therapeutics adoption must be coupled with the deployment of comprehensive measures to prevent, detect, address, and mitigate cyber threats & continuously monitor IT networks, systems as well as maintain backup, and protective systems. The deployment of these preventive measures requires high-end cyber security protection and remediation costs, which in turn adversely affects the competitiveness and results of operations.
 

Moreover, the increasing cases of data thefts, breaches and leaks are leading to concerns regarding information security & privacy. Currently, the number of data privacy cases and fraudulent attacks on important patient data is on the rise. Healthcare data is most crucial and can be used for severe malpractices. Thus, concerns regarding data security and privacy, especially in developing and underdeveloped countries may negatively impact the adoption of digital therapeutics solutions in the market.
 

Digital Therapeutics Market Trends

The surging prevalence of chronic conditions is projected to propel the demand globally. The substantial increase in the disease rates of chronic ailments such as obesity, diabetes, and cardiac conditions among others that lead to prolonged hospitalization, higher disease burden, and increased mortality rates are anticipated to prove beneficial for the industry growth. The incidence of diabetes is forecast to increase substantially in the elderly population aged 65 years or above. The management of such chronic diseases is generally multidimensional that comprises several aspects including the use of digital therapeutic software & devices thereby propelling the market expansion.
 

Digital therapeutics plays an anchoring role in chronic disease management as these solutions are proving to be one of the crucial factors in treatment. The rise in noncommunicable diseases (NCDs) and related mortality offers immense potential for market growth and opportunity for the market players to establish and penetrate the untapped market. Thus, the growing prevalence of chronic diseases is expected to expedite the digital therapeutics industry demand.
 

Digital Therapeutics Market Analysis

Global Digital Therapeutics Market Share By Component

Digital therapeutics market from software segment is projected to expand at 31.7% CAGR through 2032. Digital software modalities are helping the patients for medication adherence along with personalized care that offers long-term behavioural change. Furthermore, for patients suffering from chronic diseases such as diabetes and chronic obstructive pulmonary disease, these software solutions play an important role in ensuring that patients follow the dose guidelines. Thus, numerous advantages offered by the adoption of these software components are expected to drive the segment growth during the analysis timeframe.
 

Based on application, the market is segmented as diabetes, obesity, cardiovascular, mental & behavioral health, hypertension, and insomnia. The diabetes segment held a dominant market share in 2022 and is set to witness over 31%CAGR between 2023 and 2032. This high segmental share is owing to surging need and rising awareness associated with unique benefits offered by these therapeutics for the precise management of diabetes. The rising prevalence & incidence rates associated with diabetes are one of the major contributing variables for the segmental revenue. For instance, as per the International Diabetes Federation, in 2021, around 537 million adults (20-79 years) were living with diabetes worldwide. Similarly, the total number of people living with diabetes is projected to rise to 643 million by 2030. This high disease prevalence is set to propel the adoption of digital solutions, thereby stimulating the digital therapeutics industry expansion.
 

 

Table of Content

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To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )