Increasing Demand for Digital Delivery of Behavioural Therapy
The digital therapeutics market is growing rapidly, as more and more end users are turning to digital solutions for their health and wellness needs. Digital therapeutics are digital health technologies that are used to prevent, manage, or treat medical conditions and diseases. These technologies can be used in combination with traditional treatments to improve patient outcomes.
Digital therapeutics are becoming increasingly popular as they provide end users with greater access to personalized healthcare solutions. They also provide patients with more control over their own health, as they can access healthcare information and resources quickly and easily. Additionally, digital therapeutics can help reduce healthcare costs by streamlining processes, improving accuracy, and providing better access to information.
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Top Report Findings
The global digital therapeutics market is projected to reach USD 17.7 billion by 2027 from USD 4.5 billion in 2022, at a CAGR of 31.6% during the forecast period.
The major factors driving the growth of the digital therapeutics market include the increasing prevalence of chronic diseases, the growing adoption of smartphones and other digital devices, favorable regulatory policies, and increasing investment in digital health.
The market is segmented by application into diabetes, cardiovascular diseases, respiratory disorders, mental health, and others. The mental health segment is expected to grow at the highest CAGR during the forecast period, driven by the increasing awareness of mental health issues and the growing demand for remote mental health services.
The market is segmented by end-user into patients, healthcare providers, employers, and payers. The patient’s segment is expected to hold the largest market share during the forecast period, driven by the increasing demand for personalized and accessible healthcare solutions.
In addition to offering end users access to personalized health solutions, digital therapeutics can also be used to improve the delivery of healthcare services. For example, digital therapeutics can be used to monitor patient health, as well as to collect data for research and analysis. This can help healthcare providers better understand their patients’ needs and provide more accurate, timely treatments.
Digital therapeutics are becoming increasingly popular in the healthcare industry. As this market continues to grow, more and more companies are developing innovative solutions for end users. These solutions may include telemedicine, remote patient monitoring, and even virtual reality to provide more personalized health experiences.
As the digital therapeutics market grows, it is important for healthcare providers to understand the potential benefits of this technology. By embracing digital therapeutics, healthcare providers can ensure that they are providing their patients with the best possible care. In addition, they can also use digital therapeutics to reduce healthcare costs and increase efficiency. By taking advantage of this growing market, healthcare providers can ensure that they are offering their patients the most advanced and efficient treatments available.
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North America is expected to hold the largest share of the digital therapeutics market in 2022
The digital therapeutics market has been segmented into four main regional segments: North America, Europe, the Asia Pacific, and Rest of the World. North America is expected to hold the largest share of this market, followed by Europe in 2022. The market in North America is also expected to grow at the highest CAGR. The large share can be attributed to the rising number of new start-ups in digital therapeutics market and slowly developing reimbursement structures for digital therapeutics solutions.
Key Market Players
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).
Philips and Wellbeing Digital Solutions: In April 2021, Philips announced the acquisition of Wellbeing Digital Solutions (WDS). WDS is a digital therapeutics company that develops digital solutions to improve patient engagement and outcomes in chronic conditions. The acquisition will allow Philips to expand its portfolio of digital health solutions and capabilities in chronic disease management and remote care.
Novartis and Akili Interactive Labs: In June 2021, Novartis announced that it has entered into a definitive agreement to acquire Akili Interactive Labs, a digital therapeutics company focused on developing treatments for neurological and psychological conditions. Through the acquisition, Novartis will gain access to Akili’s digital therapeutics platform, which includes a library of clinical evidence and a portfolio of digital therapeutics programs in development.
Merck and HealthPrize Technologies: In January 2021, Merck announced that it has entered into a definitive agreement to acquire HealthPrize Technologies, a digital therapeutics company focused on helping patients stay on top of their medications. The acquisition will enable Merck to enhance its digital health offerings and expand its presence in the digital therapeutics market.
Illumina and GRAIL: In January 2021, Illumina announced that it has entered into a definitive agreement to acquire GRAIL, a digital therapeutics company focused on developing and commercializing multi-cancer early detection products. Through the acquisition, Illumina will gain access to GRAIL’s patented technologies and products, which will enable the company to expand its portfolio of healthcare solutions.
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