The digital therapeutics and wellness market is forecasted to expand at 14.6% CAGR over the estimated time period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 7,797.6 million in 2023. The market is anticipated to reach US$ 30,553.8 million by 2033.
Demand for digital therapeutics and digital wellness solutions is gaining impetus globally as the need to reduce exorbitant healthcare prices is increasing.
Digital therapeutics are not only non-invasive, but also cost-effective alternatives to conventional medicine. With the use of digital therapeutics, patients gain access to personalized as well as affordable health care.
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Using digital therapeutics enhances inpatient and outpatient outcomes, and lowers the rate of hospital readmissions. This can help shrink healthcare costs. Additionally, digital therapeutics helps deliver access to medical care to underserved masses and empowers providers to manage chronic conditions efficiently.
Digital therapeutics also provide an enlarged range of unexplored therapeutic applications. For instance, digital therapeutics can be applied for the treatment of conditions like Alzheimer’s disease, autism, anxiety, depression, and chronic pain.
These solutions also present opportunities to offer personalized healthcare, as they are tailor-made to suit individual needs. These solutions can also be deployed to treat public health issues like smoking cessation and obesity.
Digital therapeutics can also be excellently applied to deal with mental health and reduce the likelihood of developing mental health-disorders.
Top Highlights from the FMI’s Analysis of Digital Therapeutics and Wellness Market:
- North America is projected to constitute more than 29.5% of the global market in 2023.
- Another noteworthy market in the digital therapeutics and wellness industry is Europe, which accounted for 21.9% market share in 2022.
- The United States gained an important position globally, since it contributes almost 18.6% market share.
- Germany’s digital therapeutics and wellness industry gained 9.5% value share in 2022.
- Japan’s digital therapeutics and wellness industry contributed 3.9% market share in 2022.
- Australia market acquired 2.9% market share in 2022.
- India’s digital therapeutics and wellness industry is ascending high at a CAGR of 16.5% over the forecast period.
- China’s market is projected to expand at a CAGR of 13.2% over the estimated time-period.
- The United Kingdom market is expected to propel at a CAGR of 15.1% in the years to follow.
- Based on type, digital therapeutics and wellness software procured market share of 56.8% in 2022.
- Based on application, digital therapeutics and wellness for diabetes and prediabetes gained 18.5% market share in 2022.
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Market Watch: New Developments in the Market
- In March 2020, Ginger procured Live Better’s technology asset. The company emphasizes on mental health tools designed for smartphones.
- Philips revealed that it has acquired Wellbeing Digital Solutions (WDS) in April 2021. The latter is a digital therapeutics firm that creates digital solutions to enhance patient engagement and outcome for chronic disorders. With this acquisition, Philips is expected to diversify its digital health portfolio and increase its capabilities in chronic disease management.
- Novartis revealed in June 2021 that it came into definitive agreement to procure a digital therapeutics firm called Akili Interactive Labs. The latter company focuses on developing treatments for psychological and neurological conditions. Post this acquisition, Novartis gained access to the digital therapeutics’ platform of Akili, which consists of an array of digital therapeutics programs and a library of clinical evidence.
- Merck unveiled in January 2021 that it has come into a definitive agreement to obtain HealthPrize Technologies, which is a digital therapeutics company. The latter company aims to empower patients regarding their medications. With this acquisition, Merck widened its digital health offerings and expanded its visibility in global market.
- Illumina revealed in January 2021 that it has come into a definitive agreement to procure GRAIL, which is a digital therapeutics company that focuses on creating and offering multi-cancer early detection products.
Key Players Operating in the Digital Therapeutics and Wellness Market
- Noom
- Livongo Health
- Omada Health
- WellDoc
- Pear Therapeutics
- Proteus Digital Health
- Propeller Health
- Akili Interactive Labs
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Key Segments Covered in the Digital Therapeutics and Wellness Industry Study
Digital Therapeutics and Wellness by Type:
- Software
- Devices
Digital Therapeutics and Wellness by Application:
- Cardiovascular Disease and Hypertension
- Diabetes and Prediabetes
- Obesity and Weight Loss
- Smoking Cessation
- Others
Digital Therapeutics and Wellness by Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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