|Digital Therapeutics Market Competitive Landscape, Economic Growth, Revenue Analysis And Research Methodology By Forecast To 2030|
Digital Therapeutics Industry Overview
The global digital therapeutics market size was valued at USD 4.20 billion in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 26.1% from 2022 to 2030.
Increasing smartphone penetration in developed & developing countries, the cost-effectiveness of digital health technology for providers & patients, and increasing demand for integrated healthcare systems & patient-centric care are expected to drive the market. According to Kepios, in April 2021, there were 4.27 billion internet users globally, which is over 60% of the global population. As this number increases, the awareness about smart health tracking is expected to improve. Furthermore, the COVID-19 pandemic, supportive regulatory initiatives & early signs of reimbursement, and increasing prevalence of chronic diseases are also anticipated to fuel the market growth.
Gather more insights about the market drivers, restrains and growth of the Global Digital Therapeutics Market
The COVID-19 pandemic significantly impacted the market. A major COVID-related driver is a rise in demand for convenient and accessible digital health solutions. The April 2020 guidelines released by the FDA stated that for the duration of the pandemic, it will allow the distribution and use of digital health therapeutic devices for mental health disorders. Providers can, thus, commercialize their solutions without complying with usual regulatory requirements, provided the devices do not create any undue public health emergency. Growing regulatory initiatives are anticipated to propel the standardization and R&D in the market over the forecast period.
For instance, the Software Pre-Cert Pilot Program is part of the Digital Health Innovation Action Plan of the FDA, intended for a more efficient regulatory oversight of Software-based Medical Devices (SaMD) developed by manufacturers. The program is aimed at developing an efficient regulatory oversight for assessing organizations to establish trust that they can develop high-quality SaMD products. As per the CDC’s National Center for Chronic Disease Prevention and Health Promotion, 6 in 10 American adults suffer from a chronic disease, while 4 out of 10 adults have 2 or more chronic diseases. Cardiovascular diseases, cancer, diabetes, chronic kidney disease, chronic lung disease, and Alzheimer’s have been identified as the leading causes of death and disability in the country.
Poor nutrition, use of tobacco, alcoholism, and lack of physical exercise further increase the risk of developing a chronic disease. Healthcare costs are impacted exponentially as most chronic diseases do not exist in isolation and a patient often suffers from co-morbidities. Smartphone ownership is even becoming essential with improving global interconnectivity, economically and socially. Smartphone penetration is an important factor related to the growth of the market.
Browse through Grand View Research’s Healthcare IT Industry Research Reports.
- U.S. Digital Therapeutics Market – The U.S. digital therapeutics market size was valued at USD 1.48 billion in 2021 and is estimated to expand at a compound annual growth rate (CAGR) of 24.8% from 2022 to 2030. The continuously changing digital landscape, rising consumerism in healthcare, the COVID-19 pandemic, and initiatives by key companies are some of the key factors fueling the market growth.
- U.S. Telehealth Market – The U.S. telehealth market size was valued at USD 23.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 44.4% from 2022 to 2028. The shortage of healthcare specialists and primary care physicians in the U.S. is one of the major factors expected to accelerate the market growth in the U.S.
Digital Therapeutics Market Segmentation
Grand View Research has segmented the global digital therapeutics market report on the basis of application, end user, and region:
- Digital Therapeutics Application Outlook (Revenue, USD Million, 2017 – 2030)
- Respiratory Diseases
- Smoking Cessation
- CNS Diseases
- Digital therapeutics End-user Outlook (Revenue, USD Million, 2017 – 2030)
- Digital Therapeutics Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- December 2021: Teladoc expanded its partnership with the National Labor Alliance for offering its full suite of virtual care products and services. These products and services included specialty care, general medical, expert medical services, mental health, virtual primary care programs, and chronic condition management.
Key Companies profiled:
Some prominent players in the global digital therapeutics market include
- Omada Health, Inc.
- WellDoc, Inc.
- 2Morrow, Inc.
- Livongo Health, Inc. (Teladoc Health, Inc.)
- Propeller Health
- Fitbit Inc.
- Canary Health
- Mango Health
- Noom, Inc.
- Pear Therapeutics
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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