The Digital Therapeutics Market accounted for US$4,508 Mn in 2021 and is expected to reach US$ 19,028 Mn by 2028 at a considerable CAGR of 22.8% during the forecast period of 2021 to 2028.
Digital therapeutics offers evidence-based therapeutics solutions to assist patients via an enhanced software program to ensure appropriate treatment of medical disorders. It works by analyzing patient’s data received through linked devices and sends notifications about the change in patient’s behavior. It is specifically needed for patients those are at risk with diabetes, obesity, type II diabetes, and others. The linked devices have external sensors to monitor the result of medication taken by the patient. Diabetes and obesity are the major application areas fordigital therapeutics. Devices such as insulin pumps, wearable gadgets and blood glucose meters are linked to the system or application to be able to send and receive the patient critical data.
Market Growth Drivers:
|Market||Digital Therapeutics Market|
|Market Size 2021||US $4,508 Mn|
|Market Forecast 2028||US $19,028 Mn|
|CAGR||22.8 % During 2021 - 2028|
|Analysis Period||2017 - 2028|
|Forecast Data||2021 - 2028|
|Segments Covered||By Application, By End-user and By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Livongo Health, Twine Health Inc., Noom Health Inc, Omada Health Inc, 2morrow Inc., Propeller Health, Canary Health Inc., Mango Health Inc., and WellDoc Inc.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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Digital landscape has been growing rapidly and the rising health consciousness among people is directed to drive the market. The market is also driven by increasing incidences of chronic diseases and technical development. Customer’s changing preference towards digital health and their demand will also increase for the available, custom-made, and easy medical solutions. Digital therapeutics apps consist of Asthma app, Lifestyle management apps, Mental health app, Nutrition app for diabetes and others which are attracting the customers.
The usage of internet and growing demand for smartphones is other major driver for the market of digital therapeutics. The Food and Drug Administration (FDA) is making way for the fast development of digital therapeutics market, motivating DTx key players to launch their software platforms faster than earlier.This is happening because of the increase in venture capital and spending on DTx market and the acceptance of regulatory guidelines, the customers are also taking keen interest in the digital health and the digital platforms so, the key players are trying to invest more for this market.
Mental health is another factor which is expected to drive the growth for the market of digital therapeutics. The pandemic deepened mental health confronts and exposed the necessity for the latest treatment choices. This gives fantastic opportunities for digital therapeutics companies. For instance, U.S. Food and Drug Administration (U.S.FDA), in November 2020, gave marketing allowance to Nightware, a digital therapeutics company for the momentary lessening of sleep trouble in Post-Traumatic Stress Disorder patients.
The global digital therapeutics market is segmented based on application, end-user and region.
Market by Application
The diabetes segment conquered the market for digital therapeutics, globally and detained the leading revenue share of more than 26% in 2020. The segment is projected to witness the highest development throughout the forecast period. This development is determined by the increasing occurrence in diabetes throughout the worldwide. In 2019, according to the International Diabetes Federation (IDF), 463 million people suffered with diabetes and by 2045, this number is estimated to reach around 700 million. This is projected to thrust demand for digital therapeutics solutions. For example, patients suffering from diabetes need valuable administration, education, and supervision to handle symptoms like polyuria, ploydipsia, and polyphagia and medical reminders.
Market by End-user
The patient segment conquered the market for digital therapeutics and seized the leading revenue share of more than 30% in 2020 and is projected to record the utmost CAGR throughout the forecast period. Patients are the key end user of therapeutics healthcare applications and curriculums. With the mushrooming number of patients going through the distress of chronic circumstances, the need for digital therapeutics is rising.
Digital Therapeutics Market Regional Overview
Middle East & Africa
Regional Insights of Digital Therapeutics Market
North America is expected to be the largest market for digital therapeutics because of the fully developed health sector and increase in chronic diseases. Due to COVID-19, in April 2020, some rules and regulations were released by the U.S.FDA for the accessibility of digital therapeutic health devices for the patients who are suffering from medical conditions.
Asia Pacific region is expected to record the highest growth rate during the forecast period. This growth is mainly spurred by two major reasons–presence of large younger population base as compared to the other regions and fast digitization and urbanization.
Digital Therapeutics Market Competitive Landscape
This section of the report pinpoints various key vendors of the market. Some of the prominent vendors offered in the report include
Livongo Health, Twine Health Inc., Noom Health Inc, Omada Health Inc, 2morrow Inc., Propeller Health, Canary Health Inc., Mango Health Inc., and WellDoc Inc.
The estimated value of global Digital Therapeutics market in 2020 was accounted to be US$3795 Mn.
The projected CAGR of Digital Therapeutics during the analysis period of 2021 to 2028 is 22.8%.
The prominent players of the global Digital Therapeutics market involve Livongo Health, Twine Health Inc., Noom Health Inc, Omada Health Inc, 2morrow Inc., Propeller Health, Canary Health Inc., Mango Health Inc., and WellDoc Inc.
North America held the dominating share for Digital Therapeutics during the analysis period of 2021 to 2028
Asia-Pacific region exhibited fastest growing CAGR for Digital Therapeutics during the analysis period of 2021 to 2028.
Increase in alertness linked to individual wellbeing and health.
Based on Application, Diabetes segment held the maximum share more than 26% for Digital Therapeutics market in 2020.