Digital Therapeutics Market Forecasts to 2028 – Global Analysis By Product Type (Device, Software), Application (Preventive Applications, Treatment/Care-related Applications) and By Geography
According to Stratistics MRC, the Global Digital Therapeutics Market is accounted for $3.50 billion in 2020 and is expected to reach $16.62 billion by 2028 growing at a CAGR of 21.5% during the forecast period. Significant increase in venture capital investments, growing focus on preventive healthcare, rising incidence of preventable chronic diseases are the major factors propelling the market growth. However, patient data privacy concerns, resistance from traditional healthcare providers, and reluctance among patients to adopt digital therapeutics are hampering the market growth.
Digital therapeutics provides evidence-based treatment with software that replaces or complements existing treatment for a disease. It is a subdivision of digital health, and not all digital health solutions are digital therapeutics. The difference between digital health and digital therapeutics is based on the clinical outcomes of the patient. For instance, digital therapeutics does not include consumer health-oriented technologies such as pedometers and calorie counters. It is new types of healthcare products that uses digital technology to prevent, control, or treat medical conditions.
Based on product type, the software segment is estimated to have a lucrative growth due to the rise in demand for reducing healthcare costs across the world. This gives immense opportunities to developers to use existing software and develop new and advanced features to make them more effective and affordable. Thus, this factor is anticipated to help in increasing the digital therapeutics market size in the near future.
By geography, North America is going to have a lucrative growth during the forecast period due to the increase in geriatric population, rise in incidences of chronic diseases, surge in demand for wireless & portable systems, and availability of sophisticated reimbursement structure that aims in reducing expenditure. Furthermore, the U.S. FDA released guidelines to expand the availability of digital health therapeutic devices for psychiatric conditions. Owing to this, the FDA intended to support individuals that were following home quarantine orders or practicing social distancing, without the need for in-clinic visits during the COVID-19 public health emergency. This would also ease burdens on healthcare facilities and reduce the risk of exposure to the virus.
Some of the key players profiled in the Digital Therapeutics Market include 2Morrow, Inc., Akili Interactive Labs, Inc, Canary Health, Inc., Click Therapeutics, Inc, Happify, Inc, Kaia Health, Livongo Health, Inc, Mango Health, Inc., Medtronic Plc, Noom Health, Inc., Omada Health, Inc, Pear Therapeutics, Inc, Propeller Health, Proteus Digital Health, Inc, Twine Health, Inc., Voluntis, Inc, and Welldoc, Inc.
Product Types Covered:
Sales Channels Covered:
• Business-to-Consumer (B2C)
• Business-to-Business (B2B)
• Preventive Applications
• Treatment/Care-related Applications
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
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- Covers Market data for the years 2019, 2020, 2021, 2025, and 2028
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- Strategic recommendations in key business segments based on the market estimations
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- Supply chain trends mapping the latest technological advancements
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