Digital Therapeutics Market is Anticipated to Reach USD 43.2 billion by 2031, Garnering 28.6 % CAGR - Exclusive Study by Transparency Market Research

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Nov 02, 2023, 10:15 ET

WILMINGTON, Del., Nov. 2, 2023 /PRNewswire/ -- Digital therapeutics often focus on behavior modification and lifestyle changes, making them valuable tools in areas such as addiction treatment, weight management, and mental health.

The global digital therapeutics market was estimated to have acquired US$ 4.5 billion in 2022. It is anticipated to register a 28.6% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 43.2 billion.

The increasing awareness of mental health issues and the demand for mental health support has driven the development of digital therapeutics for conditions like anxiety, depression, and stress management.

Healthcare providers and payers are increasingly incorporating digital therapeutics into their chronic disease management programs, improving patient outcomes and reducing costs.

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Digital Therapeutics Market Report Scope:

Report Coverage	Details
Forecast Period	2023-2031
Base Year	2017-2022
Size in 2022	US$ 4.5 Bn
Forecast (Value) in 2031	US$ 43.2 Bn
Growth Rate (CAGR)	28.6 %
No. of Pages	213 Pages
Segments covered	Application, End-user

Key Findings of the Market Report

Digital therapeutics offer an efficient means of conducting remote clinical trials, which has become more important in the context of drug development and testing.
The proliferation of health and wellness apps, often integrated with digital therapeutics, is making it easier for consumers to proactively manage their health and well being.
Integrating digital therapeutics with electronic health records can improve care coordination, data sharing, and patient outcomes, enhancing the overall healthcare ecosystem.
The concept of precision medicine, tailoring treatment to unique genetic and physiological characteristics of an individual, can be complemented by digital therapeutics, which can collect and analyze personal data to inform treatment decisions.

Market Trends for Digital Therapeutics

The rise in chronic diseases such as diabetes, cardiovascular conditions, and obesity is a significant driver for the digital therapeutics market. Digital therapeutics can provide effective, cost efficient solutions for managing and treating these conditions.
Escalating healthcare costs are driving the need for more cost effective healthcare solutions. Digital therapeutics offer a cost effective alternative to traditional treatments, reducing the burden on healthcare systems.
Patient engagement and empowerment are becoming increasingly important in healthcare. Digital therapeutics offer patients tools and platforms to actively participate in their treatment and health management.
Rapid advancements in technology, including mobile apps, wearables, and IoT devices, have made it easier to develop and deliver digital therapeutic solutions. The technologies improve accessibility and usability.

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Global Market for Digital Therapeutics: Regional Outlook

Various reasons are propelling the growth of the digital therapeutics market in different regions. The regions include,

North America

North America has a high prevalence of chronic diseases such as diabetes, cardiovascular conditions, and obesity. Digital therapeutics offer effective solutions for managing these conditions, making them crucial in the region.
North America has a well developed healthcare infrastructure, including robust telehealth and digital health ecosystems. The infrastructure provides a conducive environment for the adoption of digital therapeutics.

Asia Pacific

Asia Pacific has a vast and diverse population, which presents a substantial market for digital therapeutics. The prevalence of chronic diseases in the region further accentuates the need for these solutions.
Governments in the region are recognizing the potential of digital health solutions to improve healthcare access and reduce costs. Many countries are launching initiatives to promote the adoption of digital therapeutics.

Global Digital Therapeutics Market: Key Players

The following companies are well known participants in the global digital therapeutics market:

Noom, Inc.
Teladoc Health, Inc.
Omada Health Inc.
WellDoc Inc.
Pear Therapeutics Inc.
CogniFit
Ginger
Propeller Health
2Morrow Inc.
Canary Health
Click Therapeutics Inc.
Akili
Cognoa
Wellthy Therapeutics Pvt. Ltd.
Other Prominent Players

Some key developments by the players in this market are:

Company name	Key Development
Mahana Therapeutics	In 2023, Mahana Therapeutics entered into a distribution and marketing agreement with Consumer Health division of Bayer to commercialize digital therapeutics.
AmerisourceBergen Corporation	In 2023, AmerisourceBergen Corporation announced to launch DTx Connect, a fully integrated ordering, dispensing, and fulfillment platform that aims to facilitate patient access to physician ordered digital therapeutics and diagnostics.
Big Health	In 2023, Big Health announced the acquisition of Limbix with an aim to strengthen its portfolio by including SparkRx for the treatment of adolescent suffering from depression and anxiety.

Global Digital Therapeutics Market Segmentation

Application

Treatment/Care

Diabetes
Cardiovascular Diseases
Central Nervous System Diseases
Respiratory Diseases
Musculoskeletal Diseases
Medication Adherence
Others

Preventive

Prediabetes
Obesity
Smoking Cessation
Others

End User

Providers
Payers
Employers
Pharmaceutical Companies
Others

Patients
Caregivers

Region

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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