The thriving digital therapeutics market encompasses diverse applications and notable features, providing substantial benefits. These interventions employ technology to treat various conditions, from chronic diseases to mental health issues. Offering personalized treatment plans, real-time monitoring, and patient engagement ensures better adherence and outcomes. Digital therapeutics reduce healthcare costs, enhance access to care, and empower individuals, revolutionizing healthcare delivery.
Data Bridge Market Research analyses that the Global Digital Therapeutics Market, which was USD 4,300.00 million in 2022, is expected to reach USD 20,421.08 million by 2030 and is expected to undergo a CAGR of 21.5% during the forecast period of 2023 to 2030.
"Rising chronic diseases drive the market growth"
The rising prevalence of chronic diseases propels the adoption of digital therapeutics. With cardiovascular disease (CVD) claiming 17.3 million lives annually, projections suggest a potential increase to 23.6 million by 2022. These alarming statistics highlight the urgency of embracing digital therapeutics to tackle the escalating healthcare burden. By enhancing disease management and curbing treatment expenses, digital therapeutics emerge as a crucial component in modern healthcare systems, offering a strategic approach to address evolving health challenges.
What restraints the growth of the global digital therapeutics market?
" Lack of qualified personnel hamper the market growth"
The growing global digital therapeutics market faces potential hindrances in its growth trajectory due to a shortage of proficient personnel adept at effectively leveraging these devices. The deficiency in qualified individuals capable of maximizing the technology's potential may emerge as a significant barrier, impeding the market's expansion. This scarcity limits the sector's ability to meet the growing demand for digital therapeutic solutions in healthcare.
Segmentation: Global Digital Therapeutics Market
The global digital therapeutics market is segmented on the basis of product type, sales channel, and application.
- On the basis of product type, the global digital therapeutics market is segmented into software and devices
- On the basis of a sales channel, the global digital therapeutics market is segmented into B2C and B2B
- On the basis of application, the global digital therapeutics market is segmented into preventive applications and treatment/care-related applications
Regional Insights: North America dominates the Global Digital Therapeutics Market
North America dominates the global digital therapeutics market because of its steadfast commitment to advancing healthcare technologies. With a strong emphasis on improving and innovating healthcare solutions, the region leads in adopting and developing digital therapeutics. This proactive approach positions North America as a frontrunner in leveraging technology to enhance patient care and address the evolving healthcare landscape.
Asia-Pacific is expected to dominate the global digital therapeutics market due to substantial investments in healthcare infrastructure. Combined with a rising incidence of chronic diseases, this investment has fueled the demand for innovative healthcare technologies. As a result, the region is rapidly adopting digital therapeutics to improve disease management and healthcare, making it a key player in the global market's expansion.
Recent Developments: Global Digital Therapeutics Market
- In February 2022, Biofourmis launched Biofourmis Care, a tech-enabled care management service providing remote care for chronic condition patients. Featuring automated medication management, it empowers care teams to optimize personalized therapy remotely. This strategic launch boosted the company's market position, enhancing health outcomes and reducing overall patient care costs, resulting in substantial industry revenue
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The Prominent Key Players Operating in the Global Digital Therapeutics Market Include:
- Omada Health, Inc. (U.S.)
- ResMed (U.S.)
- Pear Therapeutics, Inc. (U.S.)
- Solera Network (U.S.)
- Akili Interactive Labs, Inc. (U.S.)
- Better Therapeutics, LLC (U.S.)
- Biofourmis (U.S.)
- Click Therapeutics, Inc. (U.S.)
- Naturalcycles Nordic AB (Sweden)
- NuvoAir AB (Sweden)
- Welldoc’s Bluestar (U.S.)
- Happify, Inc. (U.S.)
- Limbix Health, Inc. (U.S.)
- Voluntis (U.S.)
- Xealth (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global digital therapeutics market companies, contact: https://www.databridgemarketresearch.com/contact
Research Methodology: Global Digital Therapeutics Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
