Digital Therapeutics Market to Grow from USD 3.16 Billion to USD 14.52 Billion by 2028

Digital Therapeutics
  • Digital Therapeutics Market

Digital Therapeutics(DTx) market was valued USD 3.16 Billion in 2021 and is projected to reach {[Revenue_2028}} by 2028, growing at a Compound Annual Growth Rate (CAGR) of 28.1% during the forecast period of 2022-2028. Digital Therapeutics bring evidence-based therapeutic interventions to patients. They help to improve existing treatments, provide treatment solutions, and reduce drug dependence through state-of-the-art software programs. They also prevent, control, and treat physical, mental, and behavioral health and have been used to diagnose conditions such as Alzheimer’s, type II diabetes, and respiratory disorders.

As the epidemic continues to spread, healthcare professionals are being expanded to combat the outbreak, but a growing number of cases are causing serious problems. As a result, patients are increasingly turning to digital therapy for diagnostic and therapeutic purposes. The outbreak of COVID-19 also prompted healthcare providers to explore alternatives to standard procedures. As a result, both providers and consumers are increasingly using Digital Therapeutics. Additionally, chronic diseases have increased the burden on health care systems worldwide. Treatment of patients with chronic diseases is a major challenge, as psychosomatic or bio psychic factors often influence these patients. As a result, with significant global population growth, chronic disruption is expected to increase significantly in the coming years. Currently, there is a significant increase in the demand for Digital Therapeutics as they reduce the cost of healthcare and support the overall health of patients. Although in many countries, various health applications are denied proper authorization, leading to concerns about product and data quality, reliability of treatment decisions, patient privacy, security, and appropriate data usage. Some countries, such as the US have a law that focuses on data security. However, apart from these government programs, digital medical users are subject to infringement and data breaches, which could hinder the growth of the digital medical market.

Emerging economies such as India, China, and the Middle East present opportunities for growth in digital medicine. In many areas, the market is still in its initial stage due to a lack of knowledge, limited access to these solutions, a lack of IT infrastructure, and financial and social problems. On the other hand, many emerging economies show high rates of chronic disease. Developing countries such as India and China do not have the appropriate standards and regulations for digital health solutions, which give greater power to providers who can meet the strict standards set by the federal government in the US. The ratio of patient to the physician in these regions is very high, requiring alternative healthcare solutions.

The market for Digital Therapeutics is segmented on the basis of the sales channels. It consists of business-to-consumer ends like patients and caregivers, and business-to-business ends like providers, payers, employers, and pharmaceutical companies. Based on applications, the market is divided into preventive applications like prediabetes, obesity, nutrition, etc, and treatment/care-related applications like diabetes, CNS disorders, musculoskeletal disorders, cardiovascular diseases, smoking cessation, among other treatment/care-related applications. The regions covered in the Digital Therapeutics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. North America makes the largest contribution to the Digital Therapeutics market. Asia Pacific is expected to be the fastest-growing region in the forecast period. Globally, China and India are the top two countries in terms of smartphone ownership. In addition, increased access to smart devices and the internet has encouraged the development of health applications. In addition, government agencies in these regions are taking steps to improve HCIT infrastructure.

Major companies in the Global Digital Therapeutics Market include Omada Health Inc. (US), WellDoc Inc. (US), 2Morrow Inc (US)., Livongo Health (US), Propeller Health (US), Pear Therapeutics (US), Canary Health Inc. (US), Noom Health Inc. (US), Mango Health Inc. (US), Akili Interactive Labs (South Africa), Better Therapeutics (US), Happify Health (US), Kaia Health (US), Medtronic Plc. (Ireland), Teladoc Health Inc (US), and Fitbit Health Solutions (US)..