Digital Therapeutics (DTx) Market, by Product (Software and Devices), Sales Channel (Business-to-Business and Business-to-Consumers), Application (Diabetes, Obesity, Cardiovascular Disease (CVD), Central Nervous System (CNS), Disease Respiratory Disease, Smoking Cessation, Gastrointestinal Disorder (GID) and Others) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Digital Therapeutics (DTx) Market Overview
The global Digital Therapeutics (DTx) market size was estimated at USD 5.47 billion in 2023 and is projected to reach USD 28.68 billion in 2030 at a CAGR of 26.70% during the forecast period 2023-2030.
Digital therapy provides patients with evidence-based therapeutic interventions. It is provided with software and devices designed to manage or treat medical conditions. Digital therapy software can be used alone or in conjunction with another device, medication or treatment to achieve patient treatment and health outcomes. The design, clinical validation, usability and data security of digital therapies are based on state-of-the-art technology according to best practices. These products have been tested and approved by regulatory authorities before use. In addition, digital therapies provide patients, healthcare providers and payers with smart, easy-to-use tools to treat a variety of diseases through interventions such as high-quality, safe and effective evidence-based cards.
The increase in the use of smartphones and tablets and health applications, the need to control healthcare costs, significant benefits to the entire process of treatment and the increase in the incidence of chronic diseases are driving the growth of the global digital therapy market. The major factors driving the market growth are the increase in the incidence of preventable chronic diseases and the increase in public health funding. Emerging markets also offer companies significant growth opportunities in the coming years. Moreover, strong potential products coming to the market during the forecast period are also beneficial for market participants. Factors such as cost-effectiveness of digital health technologies for providers and patients and increasing need for integrated health systems and patient-centric care are expected to drive market growth during the forecast period.
However, lack of understanding of digital therapies in developing countries and patient privacy concerns are hindering market growth. Developers or manufacturers of digital therapies do not guarantee the security of patient data. Consumers fear that these programs will not be able to protect the confidentiality of their health information. Fear of patient privacy complicates the implementation of digital therapies. In addition, the fear of data compromise or technology being subjected to unwanted personal surveillance is hindering the growth of the digital therapy products market.
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The digital therapeutics market has been positively impacted by the COVID-19 pandemic due to awareness of the importance of digital health, prevalence of mental illness and substance abuse worldwide. In addition, people had to stay at home during the pandemic, which led to reduced physical activity, unhealthy lifestyles and mental stress, which in turn increased the prevalence of chronic diseases. Therefore, the demand for DTx equipment and software is increasing worldwide. Recent relaxation of regulatory approvals for DTx-based therapies is further contributing to market growth. For example, the US FDA issued interim guidance on Pear Therapeutics' mental health products during the COVID-19 pandemic.
Delvens Industry Expert's Standpoint
Digital Therapeutics (DTx) uses evidence-based, clinically-evaluated software and devices to deliver medical interventions directly to patients to treat, manage and prevent a wide range of diseases and disorders. These digital modalities help minimize gaps in healthcare delivery by delivering treatment through smartphones, mobile devices, and similar modalities. Digital software solutions support medication adherence through personalized care that drives long-term patient behavior change. Additionally, for patients with chronic conditions such as diabetes and chronic obstructive pulmonary disease, these software solutions play an important role in ensuring patient adherence to recommended doses. Therefore, the digital therapeutics market is projected to be driven by the great potential of digital therapeutics in the coming years.
Key Findings
- The Product segment is further fragmented into Software and Devices. The software segment is the largest and fastest growing segment that dominated the market and is expected to continue this trend during the forecast period due to continuous improvement of firmware and device software’s.
- The Sales Channel segment is further bifurcated into Business-to-Business and Business-to-Consumers. The business-to-consumers segment is the largest and the fastest growing segment which exhibited the highest growth and is expected to continue this trend during the forecast period. This is happening due to the direct contact between the consumers removing the middlemen and having clear understanding of the needs of the consumers.
- The Application segment is further bifurcated into Diabetes, Obesity, Cardiovascular Disease (CVD), Central Nervous System (CNS), Disease Respiratory Disease, Smoking Cessation, Gastrointestinal Disorder (GID) and Others. The diabetes segment dominated the market with the largest market share. Factors that drive the segment growth include the growing prevalence of diabetes and other chronic diseases. The increasing prevalence of diabetes is boosting the need to develop individualized solutions for treating diabetics.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period owing to Favorable reimbursement scenarios focused on improved tracking and diagnosis, and improved quality of life through increased use of digital health products.
Digital Therapeutics (DTx) Market Regional Analysis
North America to Dominate the Market
- North America is estimated to account for the largest market share during the forecast period owing to favorable reimbursement scenarios focused on improved tracking and diagnosis, and improved quality of life through increased use of digital health products.
- Moreover, strategic initiatives undertaken by key players in this region, such as new product launches and mergers & acquisitions, are expected to result in lucrative growth.
Digital Therapeutics (DTx) Market Competitive Landscape
· Omada Health, Inc.
· Welldoc, Inc
· Kaia Health
· 2MORROW, Inc.
· Proteus Digital Health, Inc.
· Akili Interactive Labs, Inc.
· Pear Therapeutics, Inc.
· Resmed, Inc. (Propeller Health)
· Fitbit, Inc. (Twine Health, Inc.)
· Click Therapeutics, Inc.
· Livongo Health, Inc.
· Voluntis, Inc.
· Medtronic Plc.
· Happify, Inc.
· Canary health
· Noom, Inc.
· HYGIEIA
· DarioHealth Corp.
· BigHealth
· GAIA AG
· Limbix Health, Inc.
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Digital Therapeutics (DTx) Market Recent Developments
- In February 2022, DynamiCare Health Inc., a digital therapeutics and telehealth company received Breakthrough Device Designation for DCH-001 from the United States Food and Drug Administration (FDA).
- In May 2021, Eli Lilly and Company signed strategic international agreements with four companies to advance connected solutions and streamline diabetes care management for individuals living with the disease outside of the United States.
Reasons to Acquire in the Digital Therapeutics (DTx) Market
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Digital Therapeutics (DTx) Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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According to the new market research report “Digital Therapeutics (DTx) Market by Application (Prediabetes, Nutrition, Care, Diabetes, CVD, CNS, CRD, MSD, GI, Substance Abuse, Rehabilitation), Sales Channel (B2C, Patient, Caregiver, B2B, Providers, Payer, Employer, Pharma) – Global Forecasts to 2026″, published by MarketsandMarkets™, the Global DTx Market is projected to reach USD 13.1 billion by 2026 from USD 3.4 billion in 2021, at a CAGR of 31.4% during the forecast period.Browse in-depth TOC on “Digital Therapeutics (DTx) Market”157 – Tables27 – Figures204 – PagesDownload PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=51646724Covid-19 Impact on the Digital Therapeutics MarketThe impact of the coronavirus pandemic and the subsequent establishment of nationwide lockdowns is visible in various industries.
The overall growth of various sectors has been heavily impacted, especially in countries with a high incidence rate of COVID-19, such as India, China, Brazil, the US, and several European countries (including Russia, Italy, and Spain).
While industries such as oil and petroleum, aeronautics, and mining are experiencing a steep fall in revenues, the healthcare, biotechnology, and pharmaceutical industries are optimizing this situation to serve a maximum number of patients and healthcare professionals.The Growth in this DTx market is primarily driven by the increasing incidence of preventable chronic diseases, the need to control healthcare costs, rising focus on preventive healthcare, and rising investments in digital therapeutics.
On the other hand, a lack of awareness and access to digital therapeutics programs in developing countries, resistance from traditional healthcare providers, and unstable payment models are challenging the growth of this market.Treatment/care-related applications form the largest segment of the market, by application.Based on application, the digital therapeutics market is segmented into preventive and treatment/care-related applications.
The treatment/care-related applications segment held the largest share of 82.3% of this market in 2020.
The large share of this segment is attributed to the growing incidences of chronic diseases, the rising economic burden of their treatment, and investments in digital therapeutics to encourage the development of cost-effective and scalable treatment platforms for these conditions.The B2B segment is the largest and fastest-growing segment of the market during the forecast period.Based on the sales channel, the digital therapeutics market is segmented into business-to-customer (B2C) and business-to-business (B2B).
The study involved four major activities in estimating the current size of the global digital therapeutics market.
The next step was to validate these findings, assumptions, and sizing values with industry experts across the value chain through primary research.
Both top-down and bottom-up approaches were employed to estimate the total market size.Major Growth Drivers:The growth of the digital therapeutics market is primarily driven by factors such as government initiatives for preventive healthcare, technological advancements in mobile healthcare, a significant increase in venture capital investments, and the benefits of digital therapeutics, such as the ability to induce behavioral change (an important challenge in healthcare), user-friendliness, patient convenience, and improved drug compliance.Expected Revenue Growth:The global digital therapeutics market is projected to reach USD 6.9 billion by 2025 from USD 2.1 billion in 2020, at a CAGR of 26.7% during the forecast period (2020–2025).Accessories to Fuel the Growth of Digital Therapeutic (DTx) Market :DTx solutions can be bought or sold in two ways i.e.
The B2B channel accounted for the largest share of the market in 2019.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=51646724Caregivers segment is expected to dominate the marketBased on the type of buyer, the B2C sales channel market is further segmented into patients and caregivers.
The caregivers segment is expected to dominate the market and register the highest CAGR during the forecast period.
The high growth of this segment is attributed to company initiatives for the development of products specifically for caregivers and the fact that digital therapeutics help caregivers in better managing their patients.The treatment/care-related applications segment accounted for the largest share of the digital therapeutics market in 2019.Based on the application, the digital therapeutics market is segmented into preventive and treatment/care-related applications.
