Digital Therapeutics Market is Projected to Surpass USD 20.5 Billion by 2030 at a CAGR of 25.9% from 2022 to 2030; Increased Cost-Effectiveness and Reliability of Digital Health Technology to Foster Market Growth
SkyQuest, a reputed research firm, has released a comprehensive report on the digital therapeutics market that provides crucial insights into the major trends and significant developments in the industry worldwide. This report is a must-read for decision-makers who want to make informed strategic decisions, as it features case studies of well-known companies operating in the market. Furthermore, it evaluates the competitive landscape, growth opportunities, and effective strategies for achieving growth. This information is crucial for businesses looking to expand their presence in the market.
Westford, USA, March 07, 2023 (GLOBE NEWSWIRE) — Asia Pacific emerged as the key growth contributor to the digital therapeutics market due to the increasing demand for treating chronic medical conditions in the Asia Pacific region. Conditions such as diabetes, heart disease, and mental health disorders are prevalent in the region, leading to a greater need for efficient treatment alternatives. In addition, the rising smartphone penetration in developed and developing countries is also contributing to the market’s growth, as digital therapeutics solutions are increasingly being delivered through mobile applications. Another key factor driving the market’s growth is the increasing demand for patient-centered care and integrated healthcare systems.
SkyQuest’s global research indicates that cardiovascular diseases remain the leading cause of NCD deaths, with approximately 17 million people dying yearly. Following closely behind are cancers, responsible for the death of 9 million individuals annually, and diabetes, responsible for 1.8 million deaths, including kidney disease caused by diabetes. While the figures are certainly concerning, the report’s positive outlook for digital therapeutics offers hope. They have the potential to provide affordable and accessible solutions to address NCDs, especially in low-income regions where access to traditional healthcare may be limited.
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Browse in-depth TOC on “Digital Therapeutics Market”
- Pages – 274
- Tables – 119
- Figures – 74
Digital therapeutics is a rapidly emerging field that offers evidence-based therapeutic interventions to prevent, manage, or treat various physical, mental, and behavioral conditions. This innovative approach utilizes high-quality software programs and devices to support patients in self-managing their symptoms. Digital therapeutics programs are developed based on scientific research and clinical studies, ensuring they effectively address various health conditions.
Prominent Players in Digital Therapeutics Market
- Sumitomo Pharma Co., Ltd. (Japan)
- CureApp (Japan)
- Otsuka Holdings Co., Ltd. (Japan)
- Samsung Healthcare (South Korea)
- Wellthy Therapeutics Pvt. Ltd. (India)
- Welldoc (India)
- Novartis AG (Switzerland)
- Akili Interactive Labs, Inc. (US)
- 2MORROW, Inc. (US)
- Voluntis (France)
- Click Therapeutics (US)
- Siemens Healthineers (Germany)
- Fitbit, Inc.(US)
- Medtronic Plc. (US)
- Lark Health (US)
Diabetes Application Segment to Register Strong Growth Thanks to Adoption of Mobile Technology and Digital Health Solutions to Manage Diabetes
The digital therapeutics market is gaining momentum due to the rising cases of chronic diseases such as diabetes. In 2021, the diabetes application segment accounted for the largest market share and was expected to grow in the coming years. The reason behind this growth is the effectiveness of digital therapeutics in assisting healthcare providers in assessing patients’ health and customizing treatment plans based on their individual therapeutic needs. In addition, with the advent of digital therapeutics, healthcare providers can now offer remote patient care and monitor their patients’ progress without physical consultations.
The digital therapeutics market is a vital component of the global healthcare industry, and the Asia Pacific region has emerged as a major player in this field. In 2021, the Asia Pacific region captured a significant share of the global therapeutics market, and this trend is expected to continue from 2022 to 2030. According to recent statistics from SkyQuest, an estimated 72 million people in India are over 60 and suffering from a chronic disease. This highlights the urgent need for digital therapeutics to help manage and treat these conditions.
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Patient End-User Segment to Drive Remarkable Sales Growth owing to Rising Demand for Personalized and Convenient Healthcare Solutions
The digital therapeutics market has been experiencing significant growth, and the patient end-user segment has played a crucial role in this development. In 2021, the patient end-user segment held the largest market share, and it is projected to continue its dominance from 2022 to 2030. This is due to the increasing adoption of digital therapeutic solutions by patients. Digital therapeutics provide a personalized approach to disease management, where patients can track their symptoms, receive feedback, and learn skills to manage their conditions. These solutions offer several benefits, including improved patient engagement, better health outcomes, and reduced healthcare costs.
In 2021, North America emerged as a dominant player in the digital therapeutics market, with a significant global market share. Such significant growth can be attributed to several factors that have fueled the region’s adoption of digital health products. With the advent of modern technologies such as smartphones, wearable devices, and telemedicine, patients and healthcare providers are increasingly turning to digital tools to improve patient outcomes and enhance the quality of care. Healthcare systems in the region are increasingly focused on improving the quality of life for patients, and this has led to the development of policies that encourage the use of digital tools for tracking, monitoring, and diagnostics.
SkyQuest has conducted an extensive report on the digital therapeutics market, which offers a comprehensive overview of the industry’s current and future technical and financial aspects. The report aims to identify emerging trends and market patterns and provides a thorough analysis of the essential dynamics of the global market. The research study also provides new market entrants with a detailed understanding of the current state of the digital therapeutics industry, along with all necessary market statistics.
Key Developments in Digital Therapeutics Market
- South Korean company, LifeSemantics (COPD), has recently launched a digital therapeutics (DTx) product named Redpill Breath, aimed at aiding patients who require pulmonary rehabilitation, particularly those suffering from chronic obstructive pulmonary disease. In addition, the company strives to expand the usage of Redpill Breath across multiple countries, understand the current global trends in DTx technology, and assess the level of demand for the product worldwide.
- Lapsi Health, a Netherlands-based company that produces audio-driven medical technology and remote healthcare tools, has recently announced the successful closure of an oversubscribed seed round that secured $3.7 million in funding. The company’s innovative technology allows physicians to remotely assess, monitor, and treat patients by utilizing a library of clinical stethoscope auscultator sounds, such as breathing sounds in the lungs.
- Swing Therapeutics, a company focused on developing evidence-based treatments for autoimmune and chronic pain illnesses, has recently shared promising results from a clinical trial. The trial, called REACT-FM, explored Swing’s digital therapeutic for managing chronic pain disorder fibromyalgia. According to Swing Therapeutics, their digital therapeutic involving behavioral therapy has shown potential as an effective treatment option for fibromyalgia.
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Key Questions Answered in Digital Therapeutics Market Report
- What are the main drivers and challenges currently affecting the growth of the global market, and how do they impact its development prospects?
- Can you provide a historical overview of the market’s performance and what factors are expected to drive its future growth potential?
- Who are the key players operating in the global market, and how intense is the competition in the current market environment?
- What emerging trends are shaping the market, and how are they likely to impact future growth and innovation in the industry?
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