Global Digital Therapeutics Market

Digital Therapeutics Market Size, Share, Growth Analysis, By Offering (software/platforms, programs, virtual reality/games), By revenue model (subscription-based model, one-time purchase/annual licensing model, and outcome /value-based model), By application (treatment/care-related applications, and preventive applications), By distribution channel (B2B sales channel, and B2C sales channel), By Region - Industry Forecast 2024-2031


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

Digital Therapeutics Market Dynamics

Digital Therapeutics Market Drivers

Prevalence of Chronic Diseases  

  • The demand for therapeutics software and devices is increasing because of the management and treatment of chronic diseases globally. Furthermore, the incidences of chronic conditions, like type 1 diabetes & type 2 diabetes, cancers, Alzheimer’s diseases, obesity, and gastrointestinal disorders are also increasing. This is especially true in emerging economies, which is propelling the demand for this software during the forecast period.  

Increasing Use of Smartphones  

  • With the increasing digitalization, healthcare has experienced many changes in the last few years. The advent of smart medical devices and a cloud-based data platform along with smartphones allows better treatment and health monitoring. With this market players are emphasizing more on developing and launching innovative technologies embedded with applications for treating various chronic diseases with the help of these products.  

Restraints 

Restrictions Related to Digital Therapeutics  

  • This market is an emerging field of software and device-driven based products that can be used to prevent, manage or treat medical conditions. But growing problems related to cybersecurity are becoming a huge concern, that is restricting the adoption of therapeutics. Furthermore, the absence of regulatory clarity, reimbursement difficulties, and disparities with access to technology, are also restricting its adoption in the market. Patients are becoming more aware and concerned about the risks and vulnerabilities of their medical data.  

High Expense of Manufacturing  

  • The huge expenditure necessary for manufacturing these therapeutics is hampering the market growth. Many market players are making massive investment for integrating new and advanced therapeutics to accelerate the process, which is increasing the cost. Producing digital therapeutics also consists of various expenses connected to research, software development, clinical trials, and regulatory approvals. These expenses are restraining the growth of the market. 
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FAQs

Global Digital Therapeutics Market size was valued at USD 3.44 billion in 2022 and is poised to grow from USD 4.01 billion in 2023 to USD 13.72 billion by 2031, at a CAGR of 16.61 % during the forecast period (2024-2031).

The digital therapeutics market is a dynamic and fragmented market. It consists of many players in digital therapeutics who offer a wide range of products, like mobile software and devices. Market leader Pear Therapeutics, Inc, is dominating the market with a strong line of software. The growing sales of reSET & reSET-O in the U.S. are supporting its strong market share. Furthermore, the increasing investments in research and development of digital therapeutics products is also contributing towards the expansion of the market globally. 'ANSYS (US) ', 'Dassault Systèmes (SIMULIA) (France) ', 'Siemens Digital Industries Software (Simcenter) (Germany) ', 'PTC (Creo) (US) ', 'Autodesk (Simulation) (US) ', 'OpenFOAM (Open-source) (N/A) ', 'STAR-CCM+ (US/Germany) ', 'COMSOL Multiphysics (Sweden) ', 'CD-adapco (STAR-CD, STAR-CCM+) (US/Germany) ', 'Altair (HyperWorks) (US) ', 'ESI Group (France) ', 'MSC Software (MSC Adams, MSC Marc) (US) ', 'MathWorks (MATLAB/Simulink) (US) ', 'Flow3D (US) ', 'Fluent (acquired by ANSYS) (US) ', 'CONVECTION (US) ', 'Cadence Design Systems (US) ', 'Synopsys (US) ', 'Numerica (US) ', 'Pointwise (US)'

The demand for therapeutics software and devices is increasing because of the management and treatment of chronic diseases globally. Furthermore, the incidences of chronic conditions, like type 1 diabetes & type 2 diabetes, cancers, Alzheimer’s diseases, obesity, and gastrointestinal disorders are also increasing. This is especially true in emerging economies, which is propelling the demand for this software during the forecast period.  

Incorporation of Digital Therapeutics with Healthcare Systems: Digital therapeutics can be smoothly incorporated into electronic health records (EHRs) and other healthcare systems. This helps medical professionals to easily access and monitor patient data in real-time. This restructuring of medical delivery enhances the efficiency of care and helps doctors to make better and more informed decisions. Furthermore, incorporation with medical systems also improves security and standardizes data sharing between digital therapeutics platforms and medical professionals.  

North America is dominating the digital therapeutics market with the largest revenue share. This is mainly due to the increasing number of initiatives for reducing the rising healthcare spending across the region. Furthermore, the region is a hub for many solutions providers for digital therapeutics that again drive the region's market growth. The digital therapeutics market expansion in this region is fueled by factors such as the entry of new startups, changes in the reimbursement structure of digital therapeutics, increased investments in digital therapeutics, and growing government initiatives to assist technological developments.  

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Global Digital Therapeutics Market

Report ID: SQMIG35G2136

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