As per Future Market Insights, the global Digital Therapeutics Market is forecast to reach US$ 4.8 Bn in 2022, with sales growing at an impressive 24.4% CAGR over the forecast period. The market size will reach US$ 42.5 Bn by 2032.
To infiltrate and disrupt the healthcare sector, IT companies are producing and acquiring digital therapies. Players are investigating whether digital medicines might improve quality of life and outcomes while maintaining or lowering total healthcare costs in certain disease areas, as well as how patient data obtained through such products can be used to determine coverage. To attract investors, startups are coming up with innovative digital therapeutic ideas.
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Manufacturers are combining off-patent compounds with medical devices farther up the innovation spectrum, such as altering the mode of administration with better inhalers and auto-injectors. This necessitates a bigger investment in research and development, as well as greater usage of collaboration between molecule producers and device manufacturers.
Mass-market platforms present a significant possibility for interaction at scale. Manufacturers of consumer gadgets, namely smartphones and smartwatches, have included healthcare services and encouraged third-party developers to create apps for better patient outcomes.
Simultaneously, attempts have been made to improve the quality of available apps, with major app shops enforcing certain quality criteria. This is a beneficial development because it is critical to place a premium on the secure storage of research-grade data.
Owing to the above-mentioned factors, the digital therapeutics market will expand at a considerable pace over the assessment period.
“Increasing awareness regarding digital therapeutics across emerging economies, along with growing adoption of healthcare wearables will continue driving growth in the market over the forecast period,” says an FMI analyst.
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Key Takeaways:
- Combination therapy as a solution is expected to account for an approximate market share value of 4% of the global market in 2022.
- By application, management is expected to hold a dominant market share value of 1% in the 2022 global market.
- Central nervous system disorders by indication displayed a CAGR growth value expected to reach 2% by 2032.
- Direct-to-patients/consumers is a dominant segment in terms of the business model within the global market, carrying an estimated market share value of about8%in 2022.
- The U.S. is accounted for 3% of the North America digital therapeutics market in 2021.
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Key Players:
- Teladoc Health, Inc.
- Click Therapeutics, Inc.
- Welldoc
- HYGIEIA
- DarioHealth Corp
- BigHealth
- Orexo AB
- Akili Interactive Labs, Inc.
- Freespira
- Voluntis
- Kaia Health
- Kaiku Health
- Theranica Bio-Electronics Ltd.
- Propeller Health
- Orexo US, Inc.
- TALi Digital Limited
- Limbix Health, Inc.
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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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