The Global Digital Therapeutics Market is expected to reach USD 14.52 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 30.08% from 2022 to 2028. The increased incidence of preventable chronic diseases coupled with rising emphasis on preventive healthcare is anticipated to augment the growth of the market during the forecast period.
- The diabetes segment held a significant share in 2021. This is attributable to the rising incidence of diabetes across the globe due to the rise in hypertension, prevalence of obesity, alcohol consumption, immigration, and urbanization in most of the economies.
- The patients’ segment is expected to grow at a considerable Compound Annual Growth Rate (CAGR) during the forecast period. Patients are considered to be the major users of therapeutic healthcare programs and applications. As the percentage of patients that are suffering from chronic conditions is increasing, the demand for digital therapeutics is also increasing.
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. This is attributable to the presence of a large and comparatively younger population base in economies like India, and China along with rapid urbanization and digitization in the region. Furthermore, the increased affordability of mobile data is also anticipated to support the regional growth of the market.
Some of key players in Digital Therapeutics market include Omada Health Inc. (US), WellDoc Inc. (US), 2Morrow Inc (US)., Livongo Health (US), Propeller Health (US), Pear Therapeutics (US), Canary Health Inc. (US), Noom Health Inc. (US), Mango Health Inc. (US), Akili Interactive Labs (South Africa), Better Therapeutics (US), Happify Health (US), Kaia Health (US), Medtronic Plc. (Ireland), Teladoc Health Inc (US), and Fitbit Health Solutions (US)..
The increasing incidence of preventable chronic diseases across the globe is expected to fuel the growth of the Digital Therapeutics market in the years to come. The geriatric population is more prone to chronic diseases and is more likely to suffer from obesity and diabetes. Furthermore, as the working-class people are growing rapidly and the rate of urbanization has grown globally, the chances of chronic diseases are also increasing. Additionally, irregular eating and sleeping habits and the adoption of a sedentary lifestyle are also expected to augment the prevalence of chronic diseases. However, the patient data privacy concerns and lack of awareness and access to digital therapeutics programs are expected to hamper the growth of the market in the years to come. Moreover, the rising need to control healthcare costs along with a significant increase in venture capital investments is further expected to augment the growth of the market within the forecast period. Additionally, increasing benefits of digital therapeutics is also expected to fuel the growth of the market.
North America held the largest shares in 2021. This is attributable to the increase in government initiatives in the region. Furthermore, the presence of key players and the opening of new start-ups for digital therapeutics in countries like the U.S. is also augmenting the regional growth of the market. Additionally, the increased prevalence of chronic diseases is also supporting the growth of the Digital Therapeutics market in the region.