Digital Therapeutics Market Size By Component (Software, Device) By Application (Diabetes, Obesity, Cardiovascular, Mental & Behavioral Health, Hypertension, Insomnia) By Sales Channel (Business-to-business (B2B), Business-to-consumers (B2C)), Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2023-2032
Global Digital Therapeutics Market is slated to expand steadily through 2032 owing to the surging adoption of digital therapeutics in the healthcare sector and its potential to deliver better quality of care.
Additionally, the market revenue is anticipated to increase significantly as digital therapeutics solutions have become a vital part of healthcare delivery. The expansion is also being aided by technological advancements, significant corporate investments in research, and worldwide government campaigns encouraging chronic disease treatment.
For instance, Teladoc Health launched Chronic Care Complete, a chronic condition management system, in February 2022. By utilizing connected health monitoring systems and offering a wide selection of treatment programs, the system expands access to health coaches, doctors, and mental health professionals. The strategic launch also enables the corporation to move ahead in its competition, thus increasing its revenue.
The digital therapeutics market has been divided in terms of component, application, sales channel, and region.
With respect to component, the device segment is speculated to gain substantial market share through the forecast period. Due to their critical function in managing chronic illnesses, digital therapeutic devices have grown in acceptance, which is primarily responsible for this noteworthy segmental expansion. The digital automated blood glucose meters display blood glucose readings that are within or outside the range, immediately. With the Bluetooth-ready, sync mobile app and tiny, slim design, customers can make smarter decisions about their health and have access to new possibilities for prevention.
Based on application, the mental & behavioral health segment is anticipated to grow at more than 34% CAGR from 2023 to 2032. The rapid growth is credited to the large patient population with mental illnesses and significant R&D spending on behavioral and mental health treatments. The demand for mental health solutions has been prompted by significant unmet medical requirements and the stress caused by pandemic mitigation steps.
From the regional front, the Europe digital therapeutics market is expected to proliferate robustly over the review timeline. The market potential in this area is being driven by factors such as growing accessibility to digital therapeutics, the development of a personalized regulatory framework to accommodate cutting-edge modalities such as DTx, supportive government initiatives, rising utilization, and an influx of angel investors funding tech startups in the digital therapeutics space.
The competitive landscape of the digital therapeutics market is considerably established. Some of the major competitors operating in the industry include Virta Health Corp., Omada Health, Akili Interactive Labs, Biofourmis, Inc., Lark Health, and more.
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