The Digital Therapeutics Market is poised for a remarkable transformation, according to a recent report by Future Market Insights (FMI). This dynamic market, valued at US$4.8 billion in 2022, is projected to experience a staggering upsurge. A whopping Compound Annual Growth Rate (CAGR) of 24.4% is expected over the next decade, with the market reaching a projected valuation of US$42.5 billion by 2032. This significant rise reflects a growing trend of adopting DTx for disease management and treatment.
Digital therapeutics is gaining immense traction, driven by strategic initiatives from IT companies that are crafting and acquiring innovative solutions to disrupt the traditional healthcare landscape. The growth trajectory of this industry reflects a collective dedication to enhancing the quality of life for patients and improving outcomes, all while exploring avenues to contain or reduce healthcare costs in targeted disease areas.
At the heart of this transformative journey is the exploration of patient data, obtained through digital therapeutic products, by key industry players. These pioneers are actively deciphering how this wealth of information can inform coverage decisions and contribute to more informed healthcare choices. The intersection of technology and healthcare is proving to be a fertile ground for innovation, with startups vying for investor attention with groundbreaking digital therapeutic concepts.
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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 Global Digital Therapeutics Industry 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 Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Digital Therapeutics Market 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 are a dominant segment in terms of the business model within the global market, carrying an estimated market share value of about 8% in 2022.
- The U.S. accounted for 3% of the North American digital therapeutics market in 2021.
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Digital Therapeutics Market 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.
Digital Therapeutics Market Competition
Digital therapies are a lucrative investment field due to a developing market environment, venture capital funding, and digital acceleration in response to the COVID-19 pandemic. The market is a fragmented space with heavy competition. Digital therapeutics can become an effective and economical solution for diseases and conditions that affect a large number of people. DTx software products have attracted a huge number of investors because of their lower development costs, simplicity of distribution, and ability to scale up their applications.
For instance:
- In January 2021, the FDA approved Theranica’s Nerivio® for an expanded indication for acute treatment of episodic or chronic migraine in adolescents.
- Limbix Therapeutics Inc. in October 2021 launched “SparkRx”, the first evidence-based digital therapeutic for adolescents with symptoms of depression.
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Want more insights?
Future Market Insights brings a comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2032. The digital therapeutics market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on the Global Digital Therapeutics Industry segment based on solution – (monotherapy and combination therapy), application (prevention, management, and treatment), indication (diabetes, obesity, gastrointestinal disorders, cardiovascular disease, central nervous systems, and others), business model (direct to consumer and fee-for-service), across seven key regions over the globe.
Key Segments Covered in Digital Therapeutics Market Research
By Solution:
- Monotherapy
- Combination Therapy
By Application:
- Prevention
- Management
- Treatment
By Indication:
- Diabetes
- Obesity
- Gastrointestinal Disorders
- Cardiovascular Disease
- Central Nervous Systems
- Others
By Business Model:
- Direct to consumer
- Fee-for-service
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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