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

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.