Digital Therapeutics Market to Surge USD 20.0 Billion, with Excellent CAGR of 21.54% by 2029
Global Digital Therapeutics Market report highlights the most important market insights that take the business to the highest level of growth and success. The research, analysis and estimations about the market have been performed with the reliable knowledge in this industry analysis report. The report focuses on important aspects of the market that include but are not limited to historic data, present market trends, environment, technological innovation, upcoming technologies and the technical progress in the HEALTHCARE industry. Global Digital Therapeutics Market analysis document helps to obtain information about all the above factors by giving actionable market insights and comprehensive market analysis.
By addressing the healthcare challenges and problems, digital technology can play an essential role in improving illness management. The fact that over two-thirds of the world population now has internet access demonstrates the potential for digital treatments to have a significant impact. According to research, digital illness management tools can improve outcomes for patients living with chronic conditions. Digital medicines have the potential to significantly lower disease burdens, enhance clinical outcomes, assist doctors in making more informed treatment decisions, and improve patients’ lives by providing better ways to manage chronic health issues.
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Data Bridge Market Research analyses a growth rate in the global digital therapeutics market in the forecast period 2022-2029. The expected CAGR of global digital therapeutics market is tend to be around 21.54% in the mentioned forecast period. The market was valued at USD 4.20 billion in 2021, and it would grow upto USD 20.0 billion by 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Growing prevalence of chronic diseases is expected to drive the market’s growth rate
Digital medicines have the potential to play a key role in chronic illness management. The worldwide burden of chronic diseases is increasing and is predicted to continue. Chronic diseases (such as cardiovascular disease, cancer, diabetes, and respiratory disease) caused or contributed to 75% of global deaths in 2010 and 79% in 2020. Experts expect that chronic diseases would account for up to 84 percent of total global mortality by 2030. Chronic diseases, of course, require not only medication but also regular monitoring and lifestyle changes. As a result, providers require improved end-to-end systems that monitor patient health proactively and completely, as well as urge behavioural adjustments to enhance adherence to prescribed drugs, nutrition, and lifestyles.
Market Definition
Digital therapeutics is a part of digital healthcare that helps to prevent, manage and treat a medical condition. Moreover, it also aid in treating psychological conditions. Patient condition are improved a lot as it is evidence-based digital healthcare technology. Digital therapeutics technology is effective and efficient in diagnosing conditions that are not diagnosed otherwise by the healthcare system such as chronic diseases, neurological disorders, and much more.
Market Development
- In 2021, Teladoc expanded its partnership agreement with the National Labour Alliance in December to offer its full array of virtual care goods and services. Specialty care, general medical, expert medical services, mental health, virtual primary care programmes, and chronic disease management were among the products and services offered.
- In 2021, Pear Therapeutics Inc. joined forces with Spectrum Health Systems, a provider of tufts health plan and addiction treatment, in March. This collaboration will contribute to the development of solutions for increased treatment access and care innovation. The collaboration between Pear Therapeutics, Spectrum Health Systems, and Tufts Health Plan is a significant step forward in the fight against substance use disorders. The combination of Pear Therapeutics’ digital therapeutics, Spectrum Health Systems’ expertise in addiction treatment, and Tufts Health Plan’s reach and resources has the potential to make a real difference in the lives of people struggling with addiction.
- In 2019, Otsuka Pharmaceutical Co., Ltd. entered into a collaborative agreement with Click Therapeutics, Inc. in January to treat Major Depressive Disorder. Click Therapeutics, Inc. will demonstrate its ability to uncover and evaluate a software application in order to deploy it in conjunction with Otsuka’s expertise in creating approved prescription medications for patients, thereby improving unmet medical requirements.
Major Players
Data Bridge Market Research recognizes the following companies as the major market players: Omada Health, Inc. (U.S.), ResMed (U.S.), Pear Therapeutics, Inc. (U.S.), Solera Network (U.S.), Akili Interactive Labs, Inc. (U.S.), Better Therapeutics, LLC (U.S.), Biofourmis (U.S.), Click Therapeutics, Inc. (U.S.), Naturalcycles Nordic AB (Sweden), NuvoAir AB (Sweden), Welldoc’s Bluestar (U.S.), Happify, Inc. (U.S.), Limbix Health, Inc. (U.S.), Voluntis (U.S.), Xealth (U.S.).
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Segment Analysis:
Global digital therapeutics market is categorized into four segments which are based on product and service type, application, purchase mode and sales channel.
- On the basis of product and service type, global digital therapeutics market is segmented into hardware products, solutions/software and service.
Solution/software segment is expected to dominate the global digital therapeutics market
Solution/software segment is expected to dominate the market and is expected to reach USD 13,954.62 million by 2030 due to safety and easily available services.
- On the basis of application, global digital therapeutics market is segmented into treatment/ care-related applications and preventive applications. Treatment/care-related segment is expected to dominate the market since it is related to many chronic diseases which are highly prevailing.
- On the basis of purchase mode, the global digital therapeutics market is segmented into group purchase organization and individual.
Group purchase organization segment is expected to dominate the global digital therapeutics market
Group purchase organization segment is expected to dominate the market and is expected to reach USD 13,775.43 million by 2030 because several organizations are concerned about their employees and patients.
- On the basis of sales channel, global digital therapeutics market is segmented into B2B and B2C. B2C segment is expected to dominate the market and is expected to reach USD 14,044.98 million by 2030 because payers, providers, employers among others are more concern towards the treatment of disease.
Report Scope and Market Segmentation
| Report Metric | Details |
| Forecast Period | 2022 to 2029 |
| Base Year | 2021 |
| Historic Years | 2020 (Customizable to 2014- 2019) |
| Quantitative Units | Revenue in USD Billion, Volumes in Units, Pricing in USD |
| Segments Covered | Product Type (Software and Devices), Sales Channel (B2C and B2B), Application (Preventive Applications and Treatment/Care-related Applications) |
| Countries Covered | U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America |
Top Key Topics Covered:
- Strategic Imperatives
- Factors Creating Pressure on Growth
- The Strategic Imperative
- Growth Opportunities Fuel the Growth Pipeline Engine
- Research Methodology
- Scope and Segmentation
- Research Context and Scope of Analysis
- Segmentation
- Other Techniques for This Research Report Management
- Growth Opportunity Analysis
- Growth Drivers
- Growth Restraints
- Introduction
- The Impact of the COVID-19 Pandemic and Post
- Future Growth
- Innovation Ecosystem
Continued…
Fundamental Aim of this Market Report
- Notable Market rivals around the world.
- Future Scope and Product Outlook
- Future-promising emerging markets.
- The Market Presents Difficult Challenges and Threats.
Key highlights of this Market report:
- Major restraints
- Market drivers
- Regional bifurcation
- Competitive hierarchy
- Current market tendencies
- Market concentration analysis
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Critical Insights Related to the adalimumab biosimilar Included in the Report:
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- Exclusive graphics and Illustrative SWOT analysis of some of the leading companies in this market
- Value chain analysis of prominent players in the market
- Current trends influencing the dynamics of this market across various geographies
- Recent mergers, acquisitions, collaborations, and partnerships
- Revenue growth of this industry over the forecast period
- Marketing strategy study and growth trends
- Growth-driven factor analysis
- Emerging recess segments and region-wise market
- An empirical evaluation of the curve of this market
- Ancient, Present, and Probable scope of the market from both prospect value and volume
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