Global Digital Therapeutics Market Size & CAGR (2021 to 2026)
The global digital therapeutics market was valued at USD 3.26 billion in 2021 and is expected to reach USD 14.4 billion by the end of 2026, rising at a CAGR of 34.62% during the forecast period.
Impact of COVID-19 on the global digital therapeutics market:
The COVID-19 pandemic disrupted healthcare systems around the world. As health responses to the pandemic are strengthened, there is a need for a significant transition to applications and hardware capable of lifestyle enhancement and medical intervention, with potentially life-saving functions. There have been 179,686071 verified COVID-19 cases worldwide as of June 28, 2021, with 3,899,172 deaths (WHO). As the pandemic spreads, healthcare experts are being overburdened to tackle the outbreak, but a rising number of cases is producing significant problems. Due to this, healthcare providers are looking for alternatives to standard systems and methods. As a result, digital therapies are becoming more popular among both physicians and patients.
The COVID-19 pandemic is expected to benefit the digital therapeutics market, owing to increased awareness of the value of digital health, an increase in the prevalence of mental illness, and an increase in the rate of drug usage internationally. Furthermore, during this epidemic, people are forced to stay at home, resulting in less physical exercise, an unhealthy lifestyle, mental stress, and an increased prevalence of chronic diseases. As a result, there is a worldwide surge in demand for DTx devices and software.
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KEY DRIVING FACTORS:
Increased use of smartphones and other intelligent devices is driving the global digital therapeutics industry growth.
With the growing adoption of monitoring gadgets and simple apps, patients may take control of their health. As software and health care merge to develop digital therapies, this new breed of life sciences technology transforms patient care and delivers improved clinical results. Learn about the benefits of digital treatments and how advances in the health sciences industry address unmet patient requirements.
Growing frequency of chronic diseases is likely to boost digital therapeutics market growth.
Chronic diseases have raised the load on global healthcare systems. For example, according to the American Heart Association’s 2020 publication, heart diseases and Stroke Statistics at a Glance, cardiovascular disease is the leading cause of death worldwide. CVD kills 20.3 million people each year, and this rate is anticipated to rise to 26.6 million by 2030.
The increased prevalence and incidence rate of chronic diseases is a crucial worry for global healthcare systems. Managing chronic disease patients is a considerable difficulty since psychological or bio-psychic elements frequently influence these individuals. In addition, patients must adapt their behavior as part of a new self-care lifestyle because chronic diseases are commonly associated with significant levels of uncertainty. Furthermore, many chronic diseases and disorders are progressive, and their prevalence rises with age. As a result of the substantial increase in the worldwide elderly population, chronic diseases are likely to grow in the future.
Concerns about patient data privacy are acting as a restrain for the global digital therapeutics market growth.
Many governments deny proper approvals to various health apps, raising product and data quality issues, reliability in treatment decisions, patient privacy, security, and responsible data use. Digital therapies providers have access to patient information and cannot share it with anybody not involved in their treatment. However, with integrating data utilizing digital tools, the patient’s data may be viewed by any healthcare professional unrelated to the patient’s treatment program. Digital therapeutics users are vulnerable to infringement and data breaching despite such federal attempts, limiting the digital therapeutics market’s growth. In addition, uncertain payment models, Patients’ reluctance to use digital therapies in developing countries, lack of awareness, and access to digital treatments initiatives. Traditional healthcare providers’ reluctance is a significant challenge for the market growth.
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KEY MARKET INSIGHTS:
- Based on product, the software segment dominated with a revenue share of around 35.0% of the overall market in 2020. The growing assistance from software businesses to cut healthcare expenses around the world fuels demand in this area. In addition, the rising prevalence of obesity-related disorders and increased awareness of the importance of eating a healthy diet, and launching new smartphones are driving demand for the software segment in this space.
- Based on the sales channel, the B2B segment is estimated to account for a reasonable share, expanding at a CAGR of over 38.0% from 2021 to 2026. The key reason for this growth rate is growing awareness among clinicians, payers, and employers about the benefits of digital therapies. In addition, another good feature for the market is the cost reductions realized through B2B.
- Based on application, the Diabetes segment is estimated to account for a reasonable share, expanding at a CAGR of over 30.0% from 2021 to 2026. Diabetes generates a significant disease load and despair in those who develop the condition. Diabetes is caused by the predominance of unhealthy lifestyles among people. Therefore, diabetes patients require good management coaching to manage polyuria, polydipsia, and polyphagia symptoms. As diabetes cases rise, technological advancements will lead to an increase in mobile health applications.
- Geographically, Asia Pacific is expected to grow rapidly, registering a CAGR of around 38.7% from 2021 to 2026. The key reason for the high growth rate is the increase in population in countries like India and China. In addition, the rising use of smartphones and intelligent gadgets will drive industry expansion even further.
- The digital therapeutics market is concentrated. The majority of the share is being taken by the key players such as Proteus Digital Health, Fitbit, Inc. (Twine Health, Inc.), and Pear Therapeutics, Inc. However, the market also includes many regional players.
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Recent Market Developments:
- In April 2021, Welldoc(US) has joined forces with Dexacom (US). This collaboration aided BlueStar in providing Dexcom G6 CGM as a single platform to persons with Type 2 diabetes for enhanced health.
- In March 2021, Spectrum Health Systems collaborated with Pear Therapeutics (US) (US). This collaboration helps explore FDA-approved digital therapeutics to help patients with drug use disorders improve their recovery journeys by giving solutions for increased treatment access and care innovation.
- In January 2020, Crossroads Treatment Centers (US) and Pear Therapeutics (US) cooperated to adopt the company’s digital platform, reSET-O, to assist patients suffering from opioid misuse and addiction.
SEGMENTS IN THE REPORT:
By Sales Channel:
- Pharmaceutical Companies
- Other Buyers
- Preventive Applications
- Lifestyle Management
- Other Preventive Applications
- Treatment/Care-related Applications
- CNS Disorders
- Chronic Respiratory Disorders
- Musculoskeletal Disorders
- Cardiovascular Diseases
- Smoking Cessation
- Medication Adherence
- Gastrointestinal Disorders
- Substance Use & Addiction Management
- Rehabilitation & Patient Care
- Other Treatment/Care-related Applications
- North America
- Latin America
- The Middle East and Africa
KEY MARKET LEADERS PROFILED IN THIS REPORT:
- 2Morrow, Inc.
- Pear Therapeutics, Inc.
- Fitbit, Inc. (Twine Health, Inc.)
- Proteus Digital Health, Inc.
- Livongo Health, Inc.
- Resmed, Inc. (Propeller Health)
- Medtronic Plc.
- Voluntis, Inc.
- Omada Health, Inc.
- Welldoc, Inc.
BROWSE REGIONAL REPORTS:
- S. Digital Therapeutics Market
- Europe Digital Therapeutics Market
- APAC Digital Therapeutics Market
- Latin America Digital Therapeutics Market
- MEA Digital Therapeutics Market
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