Global Digital Therapeutics Market

Digital Therapeutics Market Size, Share, Growth Analysis, By Application(Diabetes, obesity, CVD, respiratory diseases), By End-User(Patients, providers, payers, employers), By Product(Hardware and software), By Distribution Chanel(B2C (business-to-consumer) and B2B (business-to-business)), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35G2136 | Region: Global | Published Date: February, 2024
Pages: 274 |Tables: 119 |Figures: 77

Digital Therapeutics Market Insights

Digital Therapeutics Market size was valued at USD 968.6 million in 2019 and is poised to grow from USD 1035.6 million in 2023 to USD 1805.6 million by 2031, growing at a CAGR of 7.2% in the forecast period (2024-2031).

Digital therapeutics is a branch of digital health that integrates innovative technologies, services, and products for healthcare and wellness. Digital therapies are used alone or in conjunction with medical devices to optimize treatments and medications based on patient care and health outcomes. To adopt personalized solutions, digital therapeutics use internet infrastructure, apps on mobile devices, machine learning, big data, and artificial intelligence. Various apps that provide healthcare benefits to patients are developing rapidly. Digital medicines are changing the design of medical care and drug delivery systems with evidence-based advances and tolerable outcomes. It helps provide direct clinical treatment or therapy to patients using logical reporting, medical test programming used to treat patients, their administration, and medical testing used to anticipate chronic diseases or problems. Its products follow the same concepts and rules as traditional restorative products and medications. Digital therapy should adhere to several fundamental principles, for example, product safety, patient-centeredness, safety, quality, and developing the impact of clinical trials on that product. With the increasing acceptance of smartphones and tablets for the delivery of medical services globally, the demand for computerized utility products is increasing. Unexpectedly, emerging nations lack access to computerized treatment frameworks and mindfulness practices. This provides an opportunity to tap into underdeveloped business sectors in developing countries and acquire significant benefits in the digital therapeutics market.

Chronic diseases are a leading cause of death and morbidity worldwide. The prevalence of these diseases is increasing globally, spreading across regions and affecting all socio-economic classes. According to the World Health Report 2002, deaths, morbidity, and disability from major chronic diseases account for about 60% of all deaths and 43% of the global disease burden, and this figure is projected to rise to 73% of all deaths and 60% of the global disease burden by 2031. Approximately 79% of deaths occur in underdeveloped countries. The most common chronic diseases are cardiovascular disease (CVD), cancer, chronic obstructive pulmonary disease (COPD), and type 2 diabetes. They are linked by restricted biological risk factors, including high blood pressure, high cholesterol, and obesity, as well as significant behavioral risk factors such as unhealthy diet, inactivity, and cigarette use. Actions to prevent these major chronic diseases should focus on effectively regulating these and other critical risk factors. Depending on the diagnosis, digital treatments offer the potential to prevent or cure such diseases. Because of these chronic diseases, the United States faces an unprecedented economic and healthcare crisis. As a result of the increasing burden of such extreme conditions, digital therapeutics is in demand.

Developing countries across the globe, such as China, India, Russia, Brazil, Mexico, and South Africa, are providing potential growth prospects to telemedicine market players. Telemedicine applications are commonly used in low-income nations to connect patients to specialists, referral hospitals, and tertiary care institutions. As a result, it has proven to be a great option for consumers looking for high-quality healthcare with less investment in infrastructure. More than half of the world's population lives in India and China, creating a large patient base. According to the UN Economic and Social Affairs Report (2019), the population over 60 years of age in Asia is expected to increase from 395.3 million in 2023 to 587.4 million by 2031. The growing population creates more demand for digital health services.

The use of telemedicine has been authorized by many national governments. For example, the US The Department of Health and Human Services Health Resources and Services Administration (HRSA) technologies include video conferencing, web, store-and-forward imaging, streaming media, and terrestrial and wireless communications for medical emergencies and assistance. The Department of Health and Human Services (HHS) and Agriculture (USDA) have announced plans to promote broadband services and technology in rural America. With the same spirit and ambition, the Government of India set up the NITI Aayog with the aim of providing equal access to quality treatment. Social media platforms, smartphones and mobile applications, wearable devices, cloud-based data platforms, and real-world evidence studies have led to the widespread use of digital health services over the past decade. The global smartphone user base now exceeds three billion and is expected to grow by several hundred million over the forecast period. China, India, and the United States have the largest number of smartphone users, each country surpassing the 100 million user mark and contributing to the growth of the market.

US Digital Therapeutics Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 968.6 million

Largest Segment

Patients

Fastest Growth

Patients

Growth Rate

7.2% CAGR

Global Digital Therapeutics Market ($ Mn)
Country Share for APAC Region (%)

To get more reports on the above market click here to Buy The Report

Digital Therapeutics Market Segmental Analysis

Global digital therapeutics market is segmented on the basis of product, distribution channel, application, end-user, and region. By product, market is segmented into hardware and software. By distribution channel, market is segmented into B2C (business-to-consumer) and B2B (business-to-business). By application, market is segmented into diabetes, obesity, CVD, respiratory diseases, smoking cessation, CNS diseases, and other health problems. By end user, market is segmented into patients, providers, payers, employers, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Digital Therapeutics Market Analysis by Application

In 2021, the diabetic application segment accounted for more than 28.5% of the global revenue. The increasing prevalence of diabetes and other chronic conditions is one factor contributing to the category growth. Digital therapeutics can help healthcare doctors monitor patients' lives and tailor treatment plans based on their unique therapeutic needs. According to the CDC, nearly 34.2 million individuals will have diabetes in 2020, with the United States accounting for 10.5% of this number. Owing to the increasing obese population of the world, the obesity application segment accounted for the second-largest share in 2021. Digital therapies offer cost-effective options for the treatment of numerous chronic diseases, which will drive the market in the near future.

CVDs, smoking cessation, and obesity are projected to increase at a significant rate during the forecast period. The increasing use of digital therapeutic products to treat respiratory disorders is driving market expansion. These products include Adherium's Hailie, Amiko's Respiro, Propeller Health's Propeller, Cohero Health's BreatheSmart, and Teva's CareTRx. Digital therapeutics has the potential to change the course of COPD and asthma treatment. This is due to the fact that poor medication adherence is a significant problem in the treatment of respiratory disorders. Digital remedial solutions can help solve this problem efficiently.

Digital Therapeutics Market Analysis by End User

In 2021, the patient end-user category accounted for more than 33.0% of global revenue. This growth was mainly due to the adoption of digital therapeutic solutions by patients. Patients are the primary users of therapeutic healthcare applications and programs. As the number of individuals suffering from chronic diseases increases, the need for digital therapies is increasing.

On the other hand, more providers using digital therapeutics for clinically proven, out-of-treatment contexts, as well as trusted patient engagement, can be attributed to the growth of the end-user segment of providers. Payers are getting more interested in covering digital therapy and this segment has a lot of room to grow. Business models incentivize payers to implement approaches that improve compliance and effectiveness while reducing costs.

Global Digital Therapeutics Market By End-user, 2023 (%)

To get detailed analysis on other segments, Request For Free Sample Report

Digital Therapeutics Market Regional Insights

In 2021, North America contributed the most with nearly 41% of worldwide revenue. This is due to a variety of reasons, including increased use of digital health devices and beneficial reimbursement scenarios that emphasize improving quality of life through improved tracking and diagnostics. The market is likely to be driven by the frequency of chronic diseases and the increase in the aging population in the region. Proteus Digital Health, Inc., Omada Health, Inc., WellDoc, Inc., and Livongo Health, Inc. are some of the leading companies in this field. Most of these corporations are located in the United States, which contributes to their local dominance.

The Asia Pacific region is expected to grow at the fastest rate during the forecast period. This rapid expansion can be attributed to the increasing demand for effective healthcare, increasing smartphone adoption, and enhanced internet connectivity. As a result of increased government spending on healthcare, demand for personal care devices and related services is likely to drive market growth.

Global Digital Therapeutics Market By Region, 2024-2031
  • Largest
  • Fastest

To know more about the market opportunities by region and country, click here to
Buy The Complete Report

Digital Therapeutics Market Dynamics

Digital Therapeutics Market Drivers

Control the expense of healthcare

  • Globally, healthcare costs are increasing due to the prevalence of chronic diseases, rapid expansion in the elderly population, rising costs of medical services, increasing demand for health services, inactive lifestyles, and the use of expensive drugs and medical technologies. Furthermore, operational inefficiencies and hospitalizations contribute to rising healthcare costs. One of the primary factors driving the growth of digital therapies is the growing need to reduce rising healthcare costs.

Digital Therapeutics Market Restraints

Concerns about patient data security

  • Many governments deny necessary permissions to various health apps, raising concerns about product and data quality, reliability in treatment decisions, patient privacy, security, and responsible data use. Digital therapeutics providers have access to patient information and are not permitted to share it with anyone not involved in the patient's treatment. Some countries, such as the United States, have laws addressing the issue of data security, such as the Health Insurance Portability and Accountability Act (HIPAA) and the Health Information Technology for Economic and Clinical Health (HITECH) Act.

Request Free Customization of this report to help us to meet your business objectives.

Digital Therapeutics Market Competitive Landscape

The global digital therapeutics market is fragmented and highly competitive. The market is in its early stages, yet there is a significant investment in solution gradation and enhancement. The presence of numerous large- and small-scale business operators distinguishes the market. The market is extremely competitive and dominated by significant competitors who focus on executing creative tactics such as mergers and acquisitions, market penetration, partnerships, and distribution agreements to boost revenue and maintain market competitiveness.

Digital Therapeutics Market Top Player’s Company Profiles

  • Pear Therapeutics

  • Akili Interactive

  • Omada Health

  • Livongo Health

  • WellDoc

  • 2Morrow Inc.

  • Canary Health

  • Proteus Digital Health

  • Happify Health

  • Kaia Health

  • Biofourmis

  • Ginger.io

  • My mHealth

  • Hinge Health

  • Bold Health

  • Woebot Health

  • Healthera

  • CogniFit

Digital Therapeutics Market Recent Developments

  • In August 2022, Pear Therapeutics (US) and SelectHealth (US) announced a partnership that will give members covered access to reSET-O, Pear's ground-breaking prescription digital therapeutic (PDT), as an addition to outpatient care for opioid use disorder (OUD).
  • In March 2022, Omada Health (US) introduced mental health support into their programs (Diabetes Prevention, Diabetes Management, Hypertension, and Musculoskeletal). The new behavioral health integration includes assessments for anxiety and depression, and resources for managing social health determinants such as food access, stress management, and sleep techniques.
  • In April 2021 (US), Welldoc (US) and Dexacom collaborated. This collaboration enabled BlueStar to provide Dexcom G6 CGM as a single platform for patients with Type 2 diabetes to enhance their health.
  • In March 2021, Pear Therapeutics (US) collaborated with Spectrum Health Systems (US). Tufts Health Plan and Spectrum Health Systems announced collaboration with Pear Therapies to explore FDA-approved digital therapeutics to help people with drug use disorders and improve their recovery journeys by giving solutions for increased treatment access and care innovation.

Digital Therapeutics Key Market Trends

  • Technological innovation is an emerging trend that is gaining traction in the digital therapeutics market. To improve their position, major players in the market are focusing on developing technologically advanced solutions for digital healing. For example, in 2020, Boehringer Ingelheim, a pharmaceutical company based in Germany, and Click Pharmaceuticals, a prescription digital therapeutics company based in the United States, agreed to collaborate on the development and commercialization of a digital drug for schizophrenia patients worth more than $500. According to Million Business, the CT-155 treatment will be a mobile app built on Click's technological platform.

Digital Therapeutics Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global digital therapeutics market analysis, it is a branch of digital health that integrates innovative technologies, services, and products for health and wellness. In 2021, the diabetic application segment accounted for more than 28.5% of the global revenue. In 2021, the patient end-user category accounted for more than 33.0% of global revenue. This growth was mainly due to the adoption of digital therapeutic solutions by patients. In 2021, North America contributed the most with nearly 41% of worldwide revenue. This is due to a variety of reasons, including increased use of digital health devices and beneficial reimbursement scenarios that emphasize improving quality of life through improved tracking and diagnostics. Technological innovation is an emerging trend that is gaining traction in the digital therapeutics market.

Report Metric Details
Market size value in 2023 USD 968.6 million
Market size value in 2031 USD 1805.6 million
Growth Rate 7.2%
Forecast period 2024-2031
Forecast Unit (Value) USD Million
Segments covered
  • Application
    • Diabetes, obesity, CVD, respiratory diseases, smoking cessation, CNS diseases, and other health problems
  • End-User
    • Patients, providers, payers, employers, and others
  • Product
    • Hardware and software
  • Distribution Chanel
    • B2C (business-to-consumer) and B2B (business-to-business)
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Pear Therapeutics

  • Akili Interactive

  • Omada Health

  • Livongo Health

  • WellDoc

  • 2Morrow Inc.

  • Canary Health

  • Proteus Digital Health

  • Happify Health

  • Kaia Health

  • Biofourmis

  • Ginger.io

  • My mHealth

  • Hinge Health

  • Bold Health

  • Woebot Health

  • Healthera

  • CogniFit

Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.

Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share

Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Digital Therapeutics Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Digital Therapeutics Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Digital Therapeutics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Digital Therapeutics Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Digital Therapeutics Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Digital Therapeutics Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Digital Therapeutics Market size was valued at USD 968.6 million in 2019 and is poised to grow from USD 1035.6 million in 2023 to USD 1805.6 million by 2031, growing at a CAGR of 7.2% in the forecast period (2024-2031).

The digital therapeutics market is fragmented and highly competitive. The market is in its early stages, yet there is a significant investment in solution gradation and enhancement. The presence of numerous large- and small-scale business operators distinguishes the market. The market is extremely competitive and dominated by significant competitors who focus on executing creative tactics such as mergers and acquisitions, market penetration, partnerships, and distribution agreements to boost revenue and maintain market competitiveness. 'Propeller Health', 'Click Therapeutics, Inc.', ' Pear Therapeutics ', ' Akili Interactive ', ' Omada Health ', ' Livongo Health ', ' WellDoc ', ' 2Morrow Inc. ', ' Canary Health ', ' Proteus Digital Health ', ' Happify Health ', ' Kaia Health ', ' Biofourmis ', ' Ginger.io ', ' My mHealth ', ' Hinge Health ', ' Bold Health ', ' Woebot Health ', ' Healthera ', ' CogniFit '

Globally, healthcare costs are increasing due to the prevalence of chronic diseases, rapid expansion in the elderly population, rising costs of medical services, increasing demand for health services, inactive lifestyles, and the use of expensive drugs and medical technologies. Furthermore, operational inefficiencies and hospitalizations contribute to rising healthcare costs. One of the primary factors driving the growth of digital therapies is the growing need to reduce rising healthcare costs.

Technological innovation is an emerging trend that is gaining traction in the digital therapeutics market. To improve their position, major players in the market are focusing on developing technologically advanced solutions for digital healing. For example, in 2020, Boehringer Ingelheim, a pharmaceutical company based in Germany, and Click Pharmaceuticals, a prescription digital therapeutics company based in the United States, agreed to collaborate on the development and commercialization of a digital drug for schizophrenia patients worth more than $500. According to Million Business, the CT-155 treatment will be a mobile app built on Click's technological platform.

In 2021, North America contributed the most with nearly 41% of worldwide revenue. This is due to a variety of reasons, including increased use of digital health devices and beneficial reimbursement scenarios that emphasize improving quality of life through improved tracking and diagnostics. The market is likely to be driven by the frequency of chronic diseases and the increase in the aging population in the region. Proteus Digital Health, Inc., Omada Health, Inc., WellDoc, Inc., and Livongo Health, Inc. are some of the leading companies in this field. Most of these corporations are located in the United States, which contributes to their local dominance.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Global Digital Therapeutics Market

Product ID: SQMIG35G2136

$5,300
BUY NOW GET FREE SAMPLE