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Global Digital Therapeutics Market to Hit Sales of $24,143.3 Million by 2030 | Astute Analytica

October 10th, 2022 Astute Analytica Releases

Global digital therapeutics market is expected to reach $24,143.3 million at a CAGR of 23.1% by 2030, up from $3,744.3 million in 2021.

Get a Free Sample Copy of this Report@ https://www.astuteanalytica.com/request-sample/digital-therapeutics-market

This growth is being driven by the increasing prevalence of chronic diseases, the aging population, and the growing use of mobile devices and wearables. Digital therapeutics is a rapidly growing field that uses digital tools to improve patient outcomes. There is a growing body of evidence to support the efficacy of digital therapeutics, and as a result, the demand for these products is increasing.

Digital therapeutics market is witnessing demand for treating a variety of conditions, including chronic diseases such as diabetes, heart disease, and mental health disorders. These products are often used in conjunction with traditional treatments, such as medication or surgery, to improve outcomes. As per WHO, over 40% of the global population suffer from at least one chronic disease once in lifetime.

Digital therapeutics offer a number of advantages over traditional treatments. They are often more convenient for patients, as they can be used at any time and place. They can also be tailored to each individual patient’s needs, which can improve efficacy. In addition, digital therapeutics can be updated and improved over time based on new scientific evidence, making them a dynamic treatment option.

As the demand for digital therapeutics market grows, so does the need for qualified providers. There is currently a shortage of trained digital therapists, and this is expected to continue as the field grows. Digital therapists must have a deep understanding of both technology and human behavior in order to be successful.

Market Dynamics

Drivers

Digital therapeutics have several advantages over traditional therapies. First, they are often more convenient and less expensive. Second, they can be tailored to each individual patient. Third, they may have fewer side effects than traditional therapies. Finally, digital therapeutics can be used in combination with other treatments to provide a more comprehensive approach to care.

The growing demand for digital therapeutics market is driven by the increasing prevalence of chronic diseases, the rising cost of healthcare, and the need for more personalized care. As the number of people living with chronic diseases continues to grow, so does the need for effective treatment options. Digital therapeutics offer a promising solution for many patients.

Restraints

Patients are hesitant to try new digital therapeutics: In a survey of 2,000 people in the United States, United Kingdom, and Germany, only 36%of respondents said they would be willing to try a digital therapeutic. This number drops to 20%when participants were asked about trying a digital therapeutic for a serious condition such as cancer.

There is a lack of awareness about digital therapeutics: A separate survey found that only 12% of respondents had heard of digital therapeutics. This low level of awareness is likely a major factor preventing patients from trying these treatments.

Clinicians are not yet comfortable prescribing digital therapeutics: In order for digital therapeutics to be prescribed, clinicians must first be comfortable with them. However, according to another survey, only 19 percent of clinicians said they were comfortable prescribing digital therapeutics. This suggests that there is still some education that needs to take place before these treatments become more mainstream.

Reimbursement issues, as most insurance companies do not yet cover digital therapeutics.

Competitive Analysis

Global digital therapeutics market is burgeoning with opportunity. In order to compete in this rapidly growing market, a complete and differentiated competitive analysis is essential suggest analyst at Astute Analytica. This competitive analysis of the digital therapeutics market provides insights into the key players, their products, strategies, and market position. Additionally, this report will evaluate the major trends impacting the competitive landscape.

In order to compete in the digital therapeutics market, some of the key companies are developing sound strategy for marketing and selling their products and paying more attention to provide evidence-based solutions that are backed by clinical data.

Some digital therapeutics companies are focused on providing direct-to-consumer solutions. Others are working with healthcare providers to offer bundled solutions. Some companies are taking a hybrid approach, offering both direct-to-consumer and provider-focused solutions.

The digital therapeutics industry is still in its early stages, but it is rapidly evolving. Companies that can adapt their strategies as the market evolves will be well positioned to succeed in this dynamic industry.

Regional Analysis

By region, Asia Pacific is holding prominent share of the global digital therapeutics market. In fact, the region is also witnessing fastest growth and is projected to continue holding its prominence in the years to come. The Asia Pacific region is home to a large and diverse population, with a wide range of healthcare needs. This has created a demand for digital therapeutics that can address a variety of conditions, from chronic diseases such as diabetes and cardiovascular disease to mental health conditions such as anxiety and depression.

This growth of the Asia Pacific digital therapeutics market is being driven by a number of factors such as the increasing prevalence of chronic diseases, the growing adoption of digital health solutions, and the expanding healthcare infrastructure, increasing prevalence of chronic diseases, the growing adoption of digital health solutions, and the expanding healthcare infrastructure.

Segmental Analysis

Component

By component, software segment is projected to dominate the global digital therapeutics market. Due to the rising demand for digital therapeutics, the software segment is flourishing. In fact, job postings in this field have increased by 80% in the last 3 years. The digital therapeutics market is predicted to be worth $24.1 billion by 2030.

There are many reasons for the high demand for software in this industry. First, as digital therapeutics become more mainstream, more people are looking for ways to incorporate them into their lives. second, the efficacies of these therapies are often proven in clinical trials, which drives up demand. Third, insurance companies are increasingly covering digital therapies, which makes them more accessible to patients. And finally, as the cost of traditional healthcare continues to rise, people are turning to digital therapeutics as a more affordable option.

Application

By application, treatment/care segment is holding lion’s share in the global digital therapeutics market. Digital therapeutics is a rapidly growing field of healthcare that uses digital tools and techniques to improve patient outcomes. Today, there is a high demand for digital therapeutics in treatment and care, as they offer a more personalized and effective approach to care than traditional methods.

Digital therapeutics can be used to treat a wide range of conditions, from chronic diseases such as diabetes and heart disease, to mental health conditions such as anxiety and depression in the global digital therapeutics market. They can also be used to improve the quality of life for patients with chronic pain or other debilitating conditions.

Digital therapeutics market gaining popularity over traditional treatments because:

  • Improved patient outcomes: Digital therapeutics has been shown to improve patient outcomes by up to 30% compared to traditional treatments.
  • Increased engagement: Digital therapeutics can increase patient engagement and adherence to treatment plans by up to 80%.
  • Lower costs: Digital therapeutics can reduce healthcare costs by up to 50% compared to traditional treatments.

Key Players in Global Digital Therapeutics Market

  • 2MORROW, Inc.
  • Akili Interactive Labs, Inc.
  • Click Therapeutics, Inc.
  • Fitbit, Inc. (Twine Health, Inc.)
  • Happify, Inc.
  • Kaia Health
  • Livongo Health, Inc.
  • Medtronic Plc.
  • Omada Health, Inc.
  • Pear Therapeutics, Inc.
  • Proteus Digital Health, Inc.
  • Resmed, Inc. (Propeller Health)
  • Voluntis, Inc.
  • Welldoc, Inc.
  • Other Prominent Players

Market Segmentation

By Component:

  • Hardware
  • Software
  • Services

By Application:

  • Preventive Applications
    • Prediabetes​
    • Obesity​
    • Nutrition​
    • Lifestyle Management​
    • Others​
  • Treatment/Care-related Applications​
    • Diabetes​
    • CNS Disorders​
    • Mental Health Disorder
    • Other CNS Disorders​
    • Chronic Respiratory Disorders​
    • Musculoskeletal Disorders​
    • Cardiovascular Diseases
    • Smoking Cessation​
    • Medication Adherence​
    • Gastrointestinal Disorders​
    • Substance Use & Addiction Management​
    • Rehabilitation & Patient Care​

By Sales Channel:

  • Business-to-business (B2B)
    • Employer
    • Healthcare Provider
    • Payers
    • Pharmaceutical Companies
    • Others
  • Business-to-consumer (B2C)
    • Patient
    • Caregiver

By Region:

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • The UK
    • Germany
    • France
    • Italy
    • Spain
    • Poland
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA
  • South America
    • Argentina
    • Brazil
    • Rest of South America

To gain more insights into the market with a detailed table of content and figures, click here: https://www.astuteanalytica.com/industry-report/digital-therapeutics-market

About Astute Analytica 

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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