USD 968.6 million
Report ID: SQMIG35G2136 | Region: Global | Published Date: February, 2023 | Pages: 274 | Tables: 119 | Figures: 77
Global Digital Therapeutics Market size was valued at USD 968.6 million in 2021 and is poised to grow from USD 1035.6 million in 2022 to USD 1805.6 million by 2030, growing at a CAGR of 7.2% in the forecast period (2023-2030).
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 2021. 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 2019 to 587.4 million by 2030. 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.
Global Market Size
USD 968.6 million
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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.
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.
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.
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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.
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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.
Top Player’s Company Profiles
Proteus Digital Health
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.
|Market size value in 2021||USD 968.6 million|
|Market size value in 2030||USD 1035.6 million|
|Forecast Unit (Value)||USD Million|
|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)|
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For the Global 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 Global 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.
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