The new report by Expert Market Research titled, ‘Global Digital Therapeutics Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the digital therapeutics market, assessing the market supported its segments like end uses, application, and major regions.
The report tracks the newest trends within the industry and studies their impact on the general market. It also assesses the market dynamics, covering the key demand and price indicators, along side analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size: USD 3.6 billion
- Forecast CAGR (2023-2028): 23.1%
- Forecast Market Size: USD 12.6 billion
The market is being driven by the rising prevalence of chronic diseases, the need to reduce healthcare costs, a growing focus on preventive healthcare, and increased investments in digital therapeutics. The high prevalence and incidence rate of chronic diseases is a serious problem for healthcare systems all over the world. Patients with chronic diseases present a significant therapeutic challenge, as psychosomatic or biopsychic factors frequently affect these patients. Many chronic diseases and conditions worsen over time and become more common as people age.
As a result, as the global geriatric population grows, chronic diseases are expected to rise even more during the forecast period. The digital therapeutics industry is expected to see significant growth as a result of this.
Digital Therapeutics Industry Definition and Major Segments
Through digital therapeutics (DTx), patients receive evidence-based therapeutic interventions. They use high-quality software programmes to help improve existing medical treatments, provide therapy solutions, and reduce reliance on pharmaceuticals. They can also be used to diagnose conditions like Alzheimer’s disease, type 2 diabetes, and respiratory disorders like asthma, gastrointestinal issues, and chronic obstructive pulmonary disease, as well as to prevent, manage, and treat physical, mental, and behavioural health.
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The digital therapeutics market can be divided on the basis of application and end-use.
Based on application:
- Cardiovascular Diseases (CVD)
- Central Nervous System (CNS) Disease
- Respiratory Diseases
- Smoking Cessation
Based on end-use:
The EMR report investigates the regional markets of digital thereapeutics like:
- North America
- the Asia Pacific
- Latin America
- the Middle East and Africa
Digital Therapeutics Market Trends
Increased sales of smart devices such as smartphones and tablets, increased internet penetration, and an increase in the number of healthcare applications are all contributing to the market’s growth. Autism spectrum disorder (ASD), attention deficit hyperactivity disorder (ADHD), depression, schizophrenia, and bipolar disease are just a few of the neurological indications for DTx.
Furthermore, the rising prevalence of chronic diseases such as diabetes and obesity, as well as the growing need to control healthcare treatment costs, are driving the market forward. Chronic disease’s high prevalence and incidence rate is a major concern for healthcare systems all over the world. Patients with chronic diseases present a significant challenge in terms of treatment, as psychosomatic or biopsychic factors frequently influence these patients. Patients must change their behaviour as part of a new self-care lifestyle because chronic diseases are often associated with high levels of uncertainty.
Furthermore, many chronic diseases and conditions progress over time, and their prevalence rises as people get older. As a result, chronic disorders are expected to rise even more in the coming years as the global geriatric population grows. In addition, pharmaceutical companies all over the world are investing in and forming strategic partnerships in order to expand their product portfolios and market reach.They’re also focusing on educating patients about various conditions and treatment options, as well as organising, tracking, and self-managing their illnesses. Pharmaceutical companies’ initiatives are expected to propel the market forward.
Key Market Players
The major players within the market are Omada Health, Inc., WellDoc, Inc., Livongo Health, Inc., Mango Health, Inc., Canary Health, Inc. and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of those market players.
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