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 Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationDigital 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 (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.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Digital Therapeutics Market Size in 2022 | 6.5 Billion (USD) |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 31.5% |
| 2032 Value Projection | 104 Billion (USD) |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 169 |
| Tables, Charts & Figures | 192 |
| Segments covered | Component, Application, Sales Channel, and Region. |
| Growth Drivers |
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| Pitfalls & Challenges |
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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
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.
Different health problems can be treated with digital tools. Here's a breakdown of the marketDiabetes is the most common condition treated with digital tools. In 2022, it made up the biggest part of the market. Obesity, heart problems, mental health issues, high blood pressure, and trouble sleeping are all being treated more and more with digital tools. Diabetes digital tools are popular because they help people manage their condition better, making them more aware of it and its benefits. More and more people are getting sick with diabetes, which is driving up the need for these digital tools. For example, in 2021, about 537 million adults worldwide had diabetes, and by 2030, that number is expected to reach 643 million. People are starting to use more digital tools to manage their health, which is helping the digital health industry grow.
When it comes to how digital health tools are sold, there are two main groupsthose that reach customers directly (B2C) and those that partner with other businesses (B2B). In 2022, the B2B side of the market was worth over $4.5 billion. This huge share of the market is mostly due to the many advantages of selling digital health products through other businesses. Health insurance companies, both public and private, are offering these digital health tools to their customers as part of their health plans. This allows customers to view their medical records, ask questions to customer service, and more. For example, the health insurance company Blue Shield offers health apps that help people lose weight and prevent type 2 diabetes through their Wellvolution program. This program makes getting healthier easier and more social.
North America digital therapeutics market is anticipated to expand at 30.7% CAGR between 2023 and 2032. This high revenue share is mainly attributed to the incremental chronic care expenditure, coupled with significant venture funding to the novel startups, and the presence of favorable initiatives. Additionally, favorable government initiatives that aim towards improved personalized care related to chronic health conditions are set to propel regional market expansion.
Digital Therapeutics Market Share
Some of the major market players operating in the digital therapeutics industry are
- Otsuka Holdings Co., Ltd
- LifeScan Inc.
- Teladoc Health
- Omada Health Inc.
- Pear Therapeutics, Inc.
- Propeller Health (ResMed)
- Teladoc Health
- LifeScan, Inc.
- DarioHealth
- Voluntis, My Sugr (Roche)
- Virta Health Corp.
The major players focus on strategic collaborations, mergers, and partnerships to expand their market and launch of new products to strengthen the product portfolio. Furthermore, these players are investing in research and development activities that allow these players to garner maximum revenue share in digital therapeutics market.
Recent industry developments
- In February 2022, Biofourmis announced the launch of Biofourmis Care, a technology-enabled care management service that delivers high-quality remote care for patients with chronic conditions. The service includes automated medication management to augment and assist care teams in remotely adjusting medications for optimal personalized therapy. This strategic launch helped the company to improve health outcomes in the market and reduce total cost of care among patients, thereby gaining significant industry revenue.
Impact of COVID-19 Pandemic
The COVID-19 pandemic has brought about a whole new set of health challenges, but it's also given a big boost to the digital health industry. With millions of people around the world getting sick and dying, we've seen a huge surge in the use of digital tools for healthcare. When people couldn't leave their homes to get help for their physical and mental health, digital apps and devices became a lifeline. These apps made it possible to collect data and monitor the health of people with mild COVID-19 symptoms who were staying at home. Many new digital health solutions have popped up to help people stay healthy in general, screen for and diagnose diseases, provide therapy, and even predict what might happen in the future.
Digital therapeutics market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments
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By Component
- Software
- Device
By Application
- Diabetes
- Obesity
- Cardiovascular
- Mental & Behavioral Health
- Hypertension
- Insomnia
- Others
By End-use
- B2B
- B2C
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
- Australia
- Singapore
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
- Israel
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