Digital Therapeutics Market Size Worth $18.06Bn, Globally, by 2028 at 23.1% CAGR - Exclusive Report by The Insight Partners

NEW YORK, March 11, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Digital Therapeutics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application [Diabetes, Cardiovascular Diseases, Central Nervous System (CNS) Diseases, Respiratory Diseases, Smoking Cessation, Musculoskeletal Diseases, and Other Applications] and Distribution Channel (Patients, Providers, Payers, and Employers)", the global digital therapeutics market is expected to grow from $4.22 Bn in 2021 to $18.06 Bn by 2028; it is estimated to grow at a CAGR of 23.1% from 2021 to 2028.

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Digital Therapeutics Market: Competitive Landscape and Key Developments

Propeller Health; Canary Health, Inc.; NOOM, INC.; 2Morrow, Inc.; Teladoc Health; Welldoc, Inc.; FITBIT, Inc.; OMADA Health; Mango Health; Pear Therapeutics, Inc.; and Happify Health are among the key companies operating in the digital therapeutics market. Leading players are adopting strategies such as launching new products, expanding and diversifying their market presence, and acquiring a new customer base to tap prevailing business opportunities.

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In February 2022, Welldoc and EHE Health, a healthcare provider network and top innovator in preventive healthcare, announced a partnership to launch Thrive Now by EHE Health, a digital health platform designed to help manage members' overall health. Thrive Now will officially launch in April 2022 and is the third product innovation under EHE Health's Pulse offering.

In January 2022, Pear Therapeutics, Inc. announced a value-based agreement with Oklahoma Health Care Authority (OHCA) to provide Pear's PDTs reSET and reSET-O to help fight against the growing substance opioid addiction crisis. reSET and reSET-O will be made available to Oklahomans enrolled in Oklahoma Medicaid, commonly known as SoonerCare.

In February 2022, Happify Health announced that New York City Health Business Leaders (NYCHBL), the organization that serves as the gateway to New York's healthcare ecosystem, recognized Happify Health on its NYC Digital Health 100, a showcase of the most exciting and innovative health startups in New York.

In December 2021, Pear Therapeutics, Inc. announced the completion of its business combination with Thimble Point Acquisition Corp. (Thimble Point), a special purpose acquisition company (SPAC).  

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Asia Pacific held the largest share in the global digital therapeutics market in 2021. The market growth in the region is attributed to the rising geriatric population; growing R&D investments; an increasing number of people suffering from chronic diseases; and surging demand for medical tourism in economies, such as China and India. However, North America is estimated to register the highest CAGR during the forecast period. The increasing need to reduce healthcare costs, stringent healthcare regulations, growing competition in the healthcare industry, the rising prevalence of chronic diseases, and rapid technological innovations are the factors driving the digital therapeutics market.

Healthcare professionals are trying to combat the COVID-19 crisis, but an escalating number of cases is causing severe complications. As a result, patients increasingly shifting to digital therapeutics for disease evaluation and treatment. Due to the COVID-19 outbreak, healthcare providers seek alternatives to standard systems and processes. Therefore, providers and consumers are increasingly adopting digital therapeutics.

Large Population with Undiagnosed Conditions Fuels Market Growth:

A large percentage of the global population is unaware of their diabetic status due to the occurrence of fewer symptoms. As per data published in the 10^th edition of the IDF Diabetes Atlas, ~239.7 million diabetic people in the age group 20–79 are estimated to be unaware of their disease. Additionally, people with undiagnosed diabetes tend to use healthcare services more frequently as compared to the people who are not having diabetes; thus, healthcare spending of people with undiagnosed diabetes is higher than healthy people. The rise in undiagnosed diabetes cases is attributed to inadequate screening facilities in low- and high-income countries. These are among the key factors anticipated to propel the digital therapeutics market growth during the forecast period.

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Digital Therapeutics Market: Application Overview

Based on application, the digital therapeutics market is segmented into diabetes, cardiovascular diseases, central nervous system (CNS) diseases, respiratory diseases, smoking cessation, musculoskeletal diseases, and other applications. In 2021, the diabetes segment held the largest share of the market; it is expected to register the highest CAGR during the forecast period. According to the International Diabetes Federation (IDF) Atlas 2021, ~537 million people globally have diabetes; it is expected to reach 643 million by 2030. Digital therapeutics help manage and treat diabetics. In September 2021, Welldoc partnered with LifeScan to incorporate Welldoc's chronic condition platform, supporting hypertension, heart failure, diabetes, prediabetes, and behavioral health through the new OneTouch Solutions portal, designed to offer a choice of support, guidance, and digital tools to help people manage diabetes.

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Digital Diabetes Management Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Product & Service (Devices, and Software & Services), Type (Wearable Devices and Handheld Devices), End User (Home Care, Hospitals & Specialty Diabetes Clinics, and Academic & Research Institutes), and Geography

Diabetes Care Devices Market to 2027- Global Analysis and Forecasts by Product (Glucose Monitoring Devices and Insulin Delivery Devices); End User (Homecare and Hospitals & Clinics) and Geography

Diabetes Injection Pen Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Disposable Injection Pens, Reusable Injection Pens); By Therapy (Diabetes, Growth Hormone Therapy, Fertility, Osteoporosis, Other Therapies); By End User (Home care, Hospital and Clinics) and Geography

Insulin Lispro Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Analogue Insulin, Traditional Insulin); Diabetes Type (Type I, Type II); Distribution Channel (Hospital and Retail Pharmacies, Online Distribution), and Geography

Central Nervous System Biomarkers Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Type (Safety Biomarker, Efficacy Biomarker, Validation Biomarker, Other) ; Application (Drug Discovery And Development, Personalized Medicine Others) ; End User (Diagnostic Labs, Clinics/Hospitals, Research Centers) and Geography

Central Nervous System (CNS) Therapeutic Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Disease Type (Neurovascular Diseases, Degenerative Disorders, Mental Health, Trauma, Others); Drug Type (Analgesics, Nervous System Drugs, Anesthetics, Anti-Parkinson Drugs, Anti-Epileptics, Others); Distribution Channel (Hospital Pharmacies, Retail Pharmacies) and Geography

Smoking Cessation Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Chewing Gums, Inhalers, Lozenge, Patch, Spray, Sublingual Tablets); Therapy (Nicotine Replacement Therapy (NRT), Non-NRT Therapy, E-Cigarette); Distribution Channel (Hospitals Pharmacies, Drug Stores, Retail Stores, Online Stores)

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