Digital Therapeutics Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - Healthcare
Report Code - OMR-H-254
Format: PDF, PPT, and Excel
Digital Therapeutics Market to Grow with a CAGR of 24.8% During 2023-2030; Market to Expand Due to Contributing Factors Such as Increase in Chronic Disease Prevalence and the Elderly Population
Digital therapeutics are clinically evaluated, evidence-based software and devices used to treat a variety of maladies and disorders. They can be used autonomously or with devices, medications, and other therapies to treat physical and mental health conditions like pain, diabetes, anxiety, PTSD, and asthma. The Digital Therapeutics Alliance identifies three primary product categories for digital therapeutics: products to manage a condition, treat a disease, and enhance a health function. Chronic pain is a crucial use case for digital therapeutics. Kaia Health provides a pain-relieving musculoskeletal digital therapeutic.
The COVID-19 pandemic has had a substantial effect on the market for digital therapeutics (DTx). As a result of being forced to remain at home and avoid in-person medical care, the pandemic has increased the demand for DTx treatments. DTx solutions provide a secure and convenient method for managing chronic conditions and enhancing overall health.
Key Takeaways of the Digital Therapeutics Market
By Product
Software will acquire the largest market share in 2022 due to the escalating smartphone penetration and expanding the availability of the forecast timeline. The development of AI, ML, and other supplementary accessories will contribute to the tenfold global market expansion. The market share for medical devices is anticipated to grow at the highest CAGR attributable to an alternative route of administration for diseases.
By Application
In 2022, diabetes commanded the greatest market share due to its increasing prevalence among the elderly population. In addition to detected cases, prolonged undiagnosed diabetes cases will contribute to the increase in segmental value. According to the International Diabetes Federation, around 537 million adults (20-79 years old) were diagnosed with diabetes in 2021.
By Region
Due to recurring start-ups, increased investments in digital therapeutics, and improving infrastructure requirements, North America became the global leader in 2022. In addition, the United States has greatly emphasized reimbursement policies that foster consumer confidence, thereby expanding its market share. The increasing geriatric population and a growing preference for digital health products will also ensure the region's dominance during the forecast period.
The Increasing Prevalence of Chronic Disorders Drives Market Expansion
The increasing prevalence of chronic disorders such as diabetes, cardiovascular diseases (CVD), irritable bowel syndrome (IBS), and gastroesophageal reflux disease (GERD) are anticipated to aid the growth of the global market for digital therapeutics over the forecast period. From 2016 to 2030, diabetes-related fatalities will increase from 17.3 million to 23.6 million, according to the American Heart Association. In recent years, regulatory approval for digital therapeutics products has loosened, resulting in a speedier approval process. Recently, the U.S. Food and Drug Administration (FDA) authorized a temporary set of guidelines for enhancing mental health, which has seen an increase during the COVID-19 pandemic.
Growing Initiatives for Getting Approval of Products is Driving Market Potential
Increasing regulatory initiatives will drive market standardization and R&D over the coming years. DynamiCare Health Inc., a digital therapeutics and telehealth company, received Breakthrough Device Designation for DCH-001 from the Food and Drug Administration (FDA) of the United States in February 2022. Recently, the U.S. FDA approved EndeavorRx, a proprietary video game treatment for children with attention-deficit/hyperactivity disorders. As a result of EndeavorRx's targeting of associative neurons in subjects' brains, specific cognitive functioning is anticipated to improve. In addition, PDT (prescription digital therapeutics) was authorized to treat a wide spectrum of medical conditions under the supervision of a healthcare professional. reSET and reSET-0 provide 12-week audio, video, and text-based exercise prescriptions. In their Series A funding round, Kranus Health secured €6 million to treat erectile dysfunction disorders.
Global Digital Therapeutics Market Prominent Players
• Omada Healthcare Inc. (U.S.)
• Noom, Inc. (U.S.)
• CANARY HEALTH (U.S.)
• Welldoc (U.S.)
• Pear Therapeutics, Inc. (U.S.)
• Mango Health (U.S.)
• Cognoa, Inc. (U.S.)
• Click Therapeutics, Inc. (U.S.)
• Mindstrong Health (U.S.)
• Akili Interactive Labs, Inc. (U.S.)
• Happify, Inc. (U.S.)
• ResMed (U.S.)
• Ginger Software (U.S.)
Report Scope for Digital Therapeutics Market
Product
• Software
• Device
Application
• Diabetes
• Central Nervous System (CNS) Disorders
• Obesity
• Cardiovascular Disease (CVD)
• Chronic Respiratory Disorders
• Others
Distribution Channel
• B2B
o Providers
o Payers
o Employers
o Others
• B2C
o Patients
o Caregivers
Digital Therapeutics Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
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