The Rise of Digital Therapeutics: Exploring the Growing Market
Digital Therapeutics offers numerous benefits to both patients and healthcare providers. For patients, DTx provides more personalized care that can be tailored to their individual needs.
Digital Therapeutics and the Future of Healthcare:
Digital Therapeutics (DTx) is a new field that is rapidly gaining momentum. DTx is a form of healthcare that uses digital technology to deliver evidence-based therapeutic interventions to patients. This type of healthcare is becoming increasingly popular as it provides more personalized care and can be used to treat a variety of conditions both physically and mentally. The global Digital Therapeutics market is expected to grow significantly in the coming years, with the potential to revolutionize the way we deliver healthcare. In this article, we explore the potential of Digital Therapeutics and how it could shape the future of healthcare.
Digital Therapeutics Industry Overview
The global digital therapeutics market size was valued at USD 4.5 billion in 2022 and is estimated to grow at a compound annual growth rate (CAGR) of 31.6% from 2022 to 2027. The digital therapeutics market is growing at the highest rate owing to factors such as increase incidence of preventable chronic diseases, the need to control healthcare costs, rising focus on preventive healthcare, and rising investments in digital therapeutics.
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Globally, healthcare costs are on the rise owed to factors such as the rising prevalence of chronic diseases, rapid growth in the geriatric population, soaring prices of medical services, the growing demand for healthcare services, sedentary lifestyles, and the use of expensive drugs and medical technologies. In addition, operational inefficiency and rehospitalization add to rising healthcare costs.
The digital therapeutics market is mainly driven by factors such as increasing investments in digital therapeutics, rising incidence of preventable chronic diseases, increasing government initiatives to support technological developments, and developments in the field of digital therapeutics to curb growing healthcare costs. However, hesitancy among patients to adopt digital therapeutics, and uneven payment models are challenging the growth of this market.
Digital Therapeutics Market Segmentation
By application, treatment/care-related applications form the largest segment of the digital therapeutics market
The application segment in digital therapeutics market is bifurcated into preventive and treatment/care-related applications. In 2021, the treatment/care-related applications segment held the largest share of this market. Rising healthcare costs, the growing prevalence of chronic diseases, and the ability of digital therapeutics to provide cost-effective solutions are the key factors driving the market for treatment/care-related digital therapeutics applications.
The B2B segment is the largest and fastest-growing segment of the market during the forecast period.
The sales channel segment in digital therapeutics market is bifurcated into business-to-customer (B2C) and business-to-business (B2B). In 2021, the B2B segment accounted for the largest share of the digital therapeutics market. This is attributed to increasing partnership between many leading digital therapeutics provider companies and payers, providers, and employers to increase their customer base. This is a major factor responsible for driving the B2B sales of digital therapeutics solutions.
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Geographical Growth Scenario:
The digital therapeutics market is segmented into four main regional segments: North America, Europe, the Asia Pacific, and the RoW. In 2021, North America held the largest share of the market, also expected to grow at the highest CAGR followed by Europe. Factors such as the influx of new start-ups, increasing investments in digital therapeutics, enhancements in the reimbursement structure for digital therapeutics, and government initiatives to encourage technological advancements drive market growth in this region.
Market Share Insights:
In August 2022, Pear Therapeutics (US) entered into an agreement with SelectHealth (US) to provide members with covered access to Pear’s innovative prescription digital therapeutic (PDT), reSET-O, for treating opioid use disorder (OUD) as an adjunct to outpatient treatment.
In March 2022, Omada Health (US) integrated behavioral health support into its programs (Diabetes Prevention, Diabetes Management, Hypertension, and Musculoskeletal). The new behavioral health integration comprises anxiety and depression assessment, resources to manage social health determinants, like food access, stress management, and sleep tools.
Key Companies Profile:
The competitive landscape of the projection mapping market is fragmented, featuring several global as well as regional players. The key participants are entering into strategic collaborations, partnerships, and mergers & acquisitions to expand their business footprint and survive the highly competitive environment.
Prominent players in the digital therapeutics market include Noom, Inc (US), Teladoc Health, Inc. (US), Omada Health, Inc. (US), WellDoc, Inc (US), Pear Therapeutics, Inc. (US), CogniFit Inc (US), Ginger (US), Propeller Health (US), 2Morrow, Inc. (US), Canary Health (US), Click Therapeutics, Inc. (US), Akili, Inc. (US), Cognoa, Inc (US), Wellthy Therapeutics Pvt. Ltd. (India), Twill Inc. (US), Better Therapeutics, Inc (US), Mindstrong (US), Kaia Health (Germany), BehaVR Inc (US), Ayogo (Canada), Mindable Health GmbH (Germany), Virta Health Corp (US), Hinge Health, Inc. (US), Orexo AB (Sweden) and Freespira (US).
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