Global Digital Therapeutics Market is projected to reach US$ 24,143.3 Million by 2030, owing to increasing use of wearable devices and investment in digital health |CAGR: 23.1%: Astute Analytica

NEW DELHI, March 24, 2022 /PRNewswire/ -- According to the study undertaken by Astute Analytica the global digital therapeutics market was valued at US$ 3,744.3 Million in 2021 and is forecasted to reach US$ 24,143.3 Million by 2030. The market is expected to register a CAGR of 23.1% during the forecast period 2022-2030.

Digital Therapeutics (DTx) is a mobile software application that treats a disease or condition. Digital therapeutics provides evidence-based technologies that helps in improving patient outcomes. These products are reviewed and approved by the regulatory bodies before use and it is delivered through clinically evaluated software programs and devices in order to treat, prevent and manage a broad spectrum of diseases and medical conditions. Digital therapeutics software application can be used independently or in combination with medications or devices in order to impact complex healthcare challenges. 

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Moreover, factors such as increasing use of wearable devices and investment in digital health will drive the digital therapeutics market growth. Wearables and digital therapeutics are driving a more patient focused, preventative approach to healthcare by providing real-time monitoring and data collection. Wearables and digital health technologies provide opportunities for personalized treatment for patients by lowering costs and improving healthcare access and quality. In order to early diagnose disease and provide timely care the adoption of wearables integrated or linked with digital therapeutics will fuel the demand for the market and accelerate its growth over the forecasting period. Furthermore, the increasing importance of digital health and technologies has fueled capital investments and will amplify the growth of the market over the forecasting period. Also, the integration of digital therapeutics with other digital health measures such as telemedicine will contribute in the growth of the market. Moreover, the growing introduction of advancing technologies in medical devices and launch of blockchain-based digital therapeutic solutions will reduce the security concern up to some extent and create lucrative opportunities for the growth of the market over the forecast period.

However, the reluctance among people to use digital therapeutics and privacy concerns are major restraining factors faced by digital therapeutics providers which hampers the growth of the market.

Market Segmentation

Software segment holds the highest market share in 2021 in the Global Digital Therapeutics Market

Based on component, the digital therapeutics market is segmented into hardware, software and services. The software segment dominated the digital therapeutics market in 2021 owing to its high application from digital healthcare sector. The growing adoption of smart devices and surging proliferation of telehealth has significantly boosted the segmental growth. Moreover, the services segment is projected to exhibit the highest CAGR during the forecast period.

Preventive Applications segment is expected to register at a highest CAGR during the forecast period

Based on application, the digital therapeutics market is bifurcated into preventive applications and treatment/care-related applications. The preventive applications are further segmented into prediabetes, obesity, nutrition, lifestyle management and others. The treatment/care-related application is classified into diabetes, CNS disorders, chronic respiratory disorders, musculoskeletal disorders, cardiovascular diseases, smoking cessation, medication adherence, gastrointestinal disorders, substance use & addiction management and rehabilitation & patient care. The preventive application segment is estimated to have the highest CAGR during the forecast period. Whereas, treatment/care-related applications dominated the market in 2021.

B2B segment is estimated to have the highest market share in 2021

Based on sales channel, the digital therapeutics market is segmented into Business-to-Business (B2B) and Business-to-Consumer (B2C). The Business-to-Consumer (B2C) is further classified into patient and caregiver. The Business-to-Business (B2B) is further bifurcated into Employer, Healthcare Provider, Payers, Pharmaceutical Companies and Others. The B2B segment dominated the digital therapeutics market share in 2021. Moreover, B2C segment is expected to register a CAGR of 24.3% during the forecast period owing to the growing awareness among providers, payers and employers about the benefits of digital therapeutics.

North America held the major share in terms of revenue, in the Global Digital Therapeutics Market in 2021

Based on geography, North America dominated the global digital therapeutics market in 2021. Whereas, Asia Pacific is expected to project the highest CAGR in the global digital therapeutics market during the forecast period owing to increasing investments in digital therapeutics and government initiatives to support technological advancements further drives the market growth in this region.

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Company Profile

• Teladoc Health is the global leader in whole-person virtual care offering the technology to connect, expertise one can trust and the power to improve health for all. It provides a data science and technology enabled platform for detection of diabetes. It offers a wide range of portfolio including diabetes management solution, wellness, population health, health tech, digital health, hypertension, diabetes prevention, DPP, blood pressure and behavioral healthcare. Whereas, in terms of geographical revenue segmentation, United States holds the highest share in the marketplace.
• Medtronic plc is an American registered medical device company that develops, manufactures, distributes and sells device based medical therapies to hospitals, physicians, clinicians and patients globally. It is a global producer of medical devices and therapies such as insulin pumps, pacemakers and diabetes therapies. And it is best known for its revolutionary cardiac devices such as battery-powered and miniature pacemakers, it also has introduced cutting-edge products into the industry.
• Akili Interactive Labs, Inc. builds clinically validated cognitive therapeutics, assessments and diagnostics that look and feel like video games. Their digital medicine is not delivered through a pill but rather through a patented and captivating video game experience. They evaluate new technologies and are advancing a broad pipeline of programs to treat cognitive deficiency and improve symptoms associated with medical conditions across neurology and psychiatry. The company specialties lie in biotech, digital, ADHD, biostatistics, digital therapeutics and digital medicines.

Competitive Insight

Global Digital Therapeutics Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global digital therapeutics market include Livongo Health, Inc., Omada Health, Inc., Proteus Digital Health, Inc., Akili Interactive Labs, Inc., 2Morrow Inc., Click Therapeutics Inc., Happify Health, Kaia Health, Teladoc Health, Inc., Medtronic, Pear Therapeutics, Inc., ResMed and Voluntis among others. 

Segmentation Overview

Global Digital Therapeutics Market is segmented based on component, application, sales channel and region. The industry trends in global digital therapeutics market are sub-divided into different categories in order to get a holistic view of the global marketplace.

Following are the different segments of the Global Digital Therapeutics (DTx) Market:

• By Component segment of the Global Digital Therapeutics (DTx) Market is sub-segmented into:
• Hardware
• Software
• Services

• By Application segment of the Global Digital Therapeutics (DTx) Market is sub-segmented into:
• Preventive Applications
• Prediabetes
• Obesity
• Nutrition
• Lifestyle Management
• Others
• Treatment/Care-related Applications
• Diabetes
• CNS Disorders
• Mental Health Disorder
• Other CNS Disorders
• Chronic Respiratory Disorders
• Musculoskeletal Disorders
• Cardiovascular Diseases
• Smoking Cessation
• Medication Adherence
• Gastrointestinal Disorders
• Substance Use & Addiction Management
• Rehabilitation & Patient Care
• By Sales Channel segment of the Global Digital Therapeutics (DTx) Market is sub-segmented into:
• Business-to-business (B2B)
• Employer
• Healthcare Provider
• Payers
• Pharmaceutical Companies
• Others
• Business-to-consumer (B2C)
• Patient
• Caregiver
• By Region segment of the Global Digital Therapeutics (DTx) Market is sub-segmented into:
• North America
• The U.S.
• Canada
• Mexico
• Europe
• The UK
• Germany
• France
• Italy
• Spain
• Poland
• Russia
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Argentina
• Brazil
• Rest of South America

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About Astute Analytica 

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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