Digital Therapeutics Market: Paving the Way for Personalized Healthcare

 

Digital Therapeutics Industry Overview

 

The global digital therapeutics market size was valued at USD 6.2 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 27.2% from 2024 to 2030. This growth is being driven mainly by the cost-effectiveness of digital health technology for providers as well as patients and a rapid pace of smartphone penetration in developed & developing economies. According to Kepios, there were 5 billion internet users in April 2022 around the world, which accounted for 63.0% of the global population. As this figure increases, awareness of smart health tracking is expected to enhance.

 

Further, increasing demand for patient-centric care & integrated healthcare systems are expected to drive the market. Supportive reimbursement, the COVID-19 pandemic, early signs of reimbursement, and the rising incidence of chronic diseases are also expected to fuel the market growth.

 

Gather more insights about the market drivers, restrains and growth of the Digital Therapeutics Market

 

A rapid rise in internet penetration across the globe had a positive impact on the market. As per The Mobile Economy 2022 statistics published by the GSM Association, the number of people using mobile services was 5.3 billion in 2021, and the number of distinctive mobile subscribers is expected to rise to 5.7 billion by 2025 (70% of the global population). Penetration of smartphones is also rising significantly. The same report states that smartphone penetration was 75% in 2021 and is expected to reach 84% by 2025. Consumers' growing use of smartphones is driving the growth of various mHealth applications in this market.

 

COVID-19 notably propelled the rate of change in digital therapeutics by accelerating regulatory flexibility, thus expanding access to digital health products and fueling patient demand. The pandemic boosted the demand for accessible and convenient digital health solutions. For instance, as per guidelines released by the FDA in April 2020, for the duration of this pandemic, it would allow the use and distribution of digital health therapeutic devices for psychiatric disorders. Thus, vendors could commercialize their solutions without complying with usual regulatory requirements, provided the devices do not create any undue public health emergency.

 

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• The global 5G in healthcare market size was estimated at USD 50.8 billion in 2023 and is expected to grow at a CAGR of 40.5% from 2024 to 2030. The global market is driven by the increasing adoption of robotic surgery and telehealth, alongside advancements in telecommunication and 5G technology.

 

• The global radiology information systems (RIS) market size was estimated at USD 1.21 billion in 2023 and is expected to grow at a CAGR of 9.78% from 2024 to 2030. Growing government initiatives promoting RIS usage have led to increased investments in healthcare infrastructure by both private providers and governments.

 

Digital Therapeutics Market Segmentation

 

Grand View Research has segmented the global digital therapeutics market based on application, end-use, and region:

 

Digital Therapeutics Application Outlook (Revenue, USD Million, 2018 - 2030)

• Diabetes
• Obesity
• CVD
• Respiratory Diseases
• Smoking Cessation
• CNS Diseases
• Others

 

Digital Therapeutics End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Patients
• Providers
• Payers
• Employers
• Others

 

Digital Therapeutics Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
o U.S.
o Canada
• Europe
o UK
o Germany
o France
o Italy
o Spain
o Denmark
o Sweden
o Norway
• Asia Pacific
o China
o Japan
o India
o Australia
o South Korea
o Thailand
• Latin America
o Brazil
o Mexico
o Argentina
• Middle East & Africa
o South Africa
o Saudi Arabia
o UAE
o Israel
o Kuwait

 

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Key Companies profiled:

• OMADA HEALTH, INC.
• Welldoc, Inc.
• 2Morrow, Inc
• Livongo Health, Inc. (Teladoc Health, Inc.)
• Propeller Health (ResMed)
• Fitbit LLC
• Mango Health
• CANARY HEALTH
• Noom, Inc.
• Pear Therapeutics, Inc.
• Akili Interactive Labs, Inc.
• HYGIEIA
• DarioHealth Corp.
• BigHealth
• GAIA AG
• Limbix Health, Inc.

 

Recent Developments

 

• In October 2023, Better Therapeutics, Inc. launched AspyreRx, a diabetes digital therapeutic platform. The platform offers a customized experience to assist patients in improving the way they manage their diabetes.

• In August 2023, Welldoc, Inc. announced that it received the 10th FDA approval for its BlueStar diabetes digital health solution.