Digital Therapeutics Market

Market Synopsis:

Global Digital Therapeutics market is valued at USD 4.8 Billion in 2022 and is projected to attain a value of USD 18.72 Billion by 2030 at a CAGR of 30.08% during the forecast period, 2022–2030. The general public has become more conscious of the continuously shifting digital scene. Furthermore, the market is fueled by rising chronic disease prevalence and rapid technology improvements. End-user awareness is predicted to rise as a result of the use of digital devices and solutions, propelling the industry forward. Consumer attitudes toward digital health are predicted to continue to alter, as will their demand for accessible, personalized, and engaging medical solutions.

The impact of the Coronavirus epidemic and subsequent state-wide lockdowns may be seen in a variety of businesses. The overall expansion of numerous sectors has been severely hampered, particularly in nations where COVID-19 is prevalent, such as India, China, Brazil, the United States, and a number of European countries (including Russia, Italy, and Spain). While businesses like oil and petroleum, aeronautics, and mining are seeing a drop in revenue, the healthcare, biotechnology, and pharmaceutical industries are taking advantage of the situation to serve as many patients and healthcare professionals as possible. Although the COVID-19 pandemic will have no direct impact on the e-prescribing industry, its impact on the healthcare IT and EMR markets will boost demand for e-prescribing solutions during and after the worldwide pandemic.

Increased Adoption of EHR Solutions

The need to reduce spiraling healthcare costs and growing government backing for the use of EHR solutions are two important factors driving demand for such solutions. Furthermore, the global COVID-19 outbreak has resulted in a higher patient flow in hospitals, necessitating better patient data management. The demand for these solutions is projected to increase as a result of this.

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High Cost of Deployment

Despite their advantages, end users are reticent to accept Digital Therapeutics solutions, owing to the hefty prices. The costs include not just the one-time purchase of a system, but also recurring fees such as implementation services, maintenance and support services, e-prescribing interface with EHR/EMR integration, and, in some cases, training and education. Smaller hospitals and office-based physicians are unable to invest in e-prescribing technologies as a result, particularly in expanding APAC and Latin American countries.

Market Segmentation:

The Global Digital Therapeutics Market can be segmented by Application into Diabetes, Obesity, CVD, CNS Disease, Respiratory Diseases, Smoking Cessation and Others. Based on End User into Patients, Providers, Payers, Employers and Others. Based on Region, the Digital Therapeutics Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

North America to Continue Dominating the Digital Therapeutics Market

Through 2028, the North American Digital Therapeutics market is expected to grow at a rate of around 16.2%, owing to well-developed healthcare IT infrastructure and government initiatives to deploy digital health technology in healthcare institutions. Furthermore, the increased use of mHealth apps, combined with the rapid adoption of wireless and mobile health services, is propelling the industry forward. In addition, increased EHR adoption in hospital-owned ambulatory care and expanding awareness of new and advanced medical device applications are some of the reasons driving Digital Therapeutics market growth in North America.

Key Players:

Key industry contributors include Omada Health Inc. (US), WellDoc Inc. (US), 2Morrow Inc (US)., Livongo Health (US), Propeller Health (US), Pear Therapeutics (US), Canary Health Inc. (US), Noom Health Inc. (US), Mango Health Inc. (US), Akili Interactive Labs (South Africa), Better Therapeutics (US), Happify Health (US), Kaia Health (US), Medtronic Plc. (Ireland), Teladoc Health Inc (US), and Fitbit Health Solutions (US).

The Digital Therapeutics market is segmented as follows: