Global Digital Therapeutics Market

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

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

Global 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.

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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 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. '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.

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