As per Future Market Insights, theGlobalDigital Therapeutics Industryis forecast to reach US$ 4.8 Bn in 2022, with sales growing at an impressive 24.4% CAGR over the forecast period. The market size will reach US$ 42.5 Bn by 2032.
To infiltrate and disrupt the healthcare sector, IT companies are producing and acquiring digital therapies. Players are investigating whether digital medicines might improve quality of life and outcomes while maintaining or lowering total healthcare costs in certain disease areas, as well as how patient data obtained through such products can be used to determine coverage. To attract investors, startups are coming up with innovative digital therapeutic ideas.
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Manufacturers are combining off-patent compounds with medical devices farther up the innovation spectrum, such as altering the mode of administration with better inhalers and auto-injectors. This necessitates a bigger investment in research and development, as well as greater usage of collaboration between molecule producers and device manufacturers.
Mass-market platforms present a significant possibility for interaction at scale. Manufacturers of consumer gadgets, namely smartphones and smartwatches, have included healthcare services and encouraged third-party developers to create apps for better patient outcomes.
Simultaneously, attempts have been made to improve the quality of available apps, with major app shops enforcing certain quality criteria. This is a beneficial development because it is critical to place a premium on the secure storage of research-grade data.
Owing to the above-mentioned factors, the Global Digital Therapeutics Industry will expand at a considerable pace over the assessment period.
Increasing awareness regarding digital therapeutics across emerging economies, along with growing adoption of healthcare wearables will continue driving growth in the market over the forecast period,saysSabyasachi Ghosh(Associate Vice President at Future Market Insights, Inc.)
Key Takeaways:
- Combination therapy as a solution is expected to account for an approximate market share value of4%of the global market in 2022.
- By application, management is expected to hold a dominant market share value of1%in the 2022 global market.
- Central nervous system disorders by indication displayed a CAGR growth value expected to reach2%by 2032.
- Direct-to-patients/consumers is a dominant segment in terms of the business model within the global market, carrying an estimated market share value of about8%in 2022.
- The U.S. is accounted for3%of the North America digital therapeutics market in 2021.
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Global Digital Therapeutics Industry Key Players:
- Teladoc Health, Inc.
- Click Therapeutics, Inc.
- Welldoc
- HYGIEIA
- DarioHealth Corp
- BigHealth
- Orexo AB
- Akili Interactive Labs, Inc.
- Freespira
- Voluntis
- Kaia Health
- Kaiku Health
- Theranica Bio-Electronics Ltd.
- Propeller Health
- Orexo US, Inc.
- TALi Digital Limited
- Limbix Health, Inc.
Global Digital Therapeutics Industry Competition
Digital therapies are a lucrative investment field due to a developing market environment, venture capital funding, and digital acceleration in response to the COVID-19 pandemic. The market is a fragmented space with heavy competition. Digital therapeutics can become an effective and economical solution for diseases and conditions that affect a large number of people. DTx software products have attracted a huge number of investors because to their lower development costs, simplicity of distribution, and ability to scale up their application.
For instance:
- In January 2021, FDA approved Theranicas Nerivio for an expanded indication for acute treatment of episodic or chronic migraine in adolescents.
- Limbix Therapeutics Inc. in October 2021 launched SparkRx, the first evidence-based digital therapeutic for adolescents with symptoms of depression.
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Future Market Insights brings a comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2032. The digital therapeutics market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on Global Digital Therapeutics Industry segment based on solution (monotherapy and combination therapy), application (prevention, management, and treatment), indication (diabetes, obesity, gastrointestinal disorders, cardiovascular disease, central nervous systems, and others), business model (direct to consumer and fee-for-service), across seven key regions over the globe.
Key Market Segments Covered in Global Digital Therapeutics Industry Research
By Solution:
- Monotherapy
- Combination Therapy
By Application:
- Prevention
- Management
- Treatment
By Indication:
- Diabetes
- Obesity
- Gastrointestinal Disorders
- Cardiovascular Disease
- Central Nervous Systems
- Others
By Business Model:
- Direct to consumer
- Fee-for-service
