The global market for digital therapeutics achieved a valuation of approximately $5.48 billion in the year 2022. Projections indicate a significant growth trajectory, with an expected increase from $6.77 billion in 2023 to a substantial $24.34 billion by the year 2030. This expansion reflects a compelling compound annual growth rate (CAGR) of around 20.5% over the forecast period.
Digital therapeutics, often referred to as DTx, encompass both software and hardware solutions that leverage evidence-based therapeutic interventions in a digital format. These interventions are designed to manage and prevent a variety of diseases. The applications of these tools and software extend to the management of diverse health conditions, including those related to cardiovascular health, respiratory issues, and mental well-being. The growing prevalence of chronic diseases such as diabetes, cancer, heart failure, and mental disorders has amplified the demand for these innovative solutions.
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As a result, an increasing number of patients are embracing these therapies to effectively address a wide range of chronic conditions. Moreover, the escalating demand for digital therapeutics from both pharmaceutical companies and medical practitioners is expected to act as a driving force behind the expansion of this market. These insights are presented in a comprehensive report titled “Global Digital Therapeutics Market, 2023–2030” by Coherent Market Insights.
Key Industry Development:
In July 2020, Baxter International Inc. and Ayogo Health Inc. unveiled the expansion of their collaborative efforts. This collaboration aims to cater to the needs of patients grappling with kidney disease through the implementation of digital health solutions. Ayogo Health is combining its unique behavior-based digital platform, LifePlan, with Baxter’s specialized knowledge in renal care. Together, they are developing mobile applications and digital solutions that offer personalized health support and timely assistance to individuals dealing with kidney failure.
Drivers & Restraints:
The growing adoption of smartphones for digital therapies is expected to be a significant driver for the market’s growth. The healthcare landscape has been undergoing notable transformations, largely due to increased digital integration. The utilization of smartphones, smart medical devices, and cloud-based data platforms has opened doors to enhanced healthcare treatment and monitoring. Consequently, various market players and organizations are dedicating their efforts to innovate and introduce cutting-edge technologies equipped with applications that effectively treat a wide array of chronic diseases. Anticipated launches of novel mobile applications for digital therapeutics are likely to fuel market expansion in the upcoming years, driven by the heightened focus of key industry participants on obtaining regulatory approvals. These factors collectively contribute to the escalating global market presence of digital therapeutics.
However, it’s important to acknowledge that therapeutic products do have their limitations, including potential over-predictive results and dissemination of inaccurate information. These factors might pose challenges to the growth trajectory of the global digital therapeutics market.
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The market landscape of digital therapeutics is characterized by the dominance of major corporations boasting robust product portfolios. Among these, Pear Therapeutics, Inc. stands out as a market leader, fortified by its extensive software offerings. The company’s significant market share is attributed to the increasing sales of products such as reset and reset-O in the United States. Additionally, the company’s market presence is bolstered by substantial investments in research and development to create these innovative solutions. Other key market players like AppliedVR, Inc., Welldoc, Inc., CureApp, Inc., and Brain+A/S are actively pursuing strategic maneuvers like mergers, acquisitions, market penetration, partnerships, and distribution agreements to bolster their market share and revenue.
List of Key Players Featured in the Market Report:
• Omada Health Inc. (U.S.)
• Welldoc, Inc. (U.S.)
• Fitbit Health Solutions (U.S.)
• CANARY HEALTH (U.S.)
• JOGOHEALTH (U.S.)
• GAIA AG (Germany)
• CureApp, Inc. (Japan)
• Propeller Health (U.S.)
• Brain+ A/S (Denmark)
• Pear Therapeutics, Inc. (U.S.)
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Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of Digital Therapeutics Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Digital Therapeutics Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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