Digital Therapeutics Market Size To Worth USD 25.29 Bn By 2032

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3 months ago

The global digital therapeutics market size reached USD 4.79 billion in 2023 and is expected to reach USD 25.29 billion by 2032, growing at a CAGR of 20.3% over the forecast period 2023 to 2032.

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Key Takeaway:

By application, the diabetes application segment has held a higher market share of 28.8% of the global revenue in 2022.
By end-user, the patient end-user segment has contributed the highest share of 34% of the global revenue in 2022.
North America region has accounted for 42% of the global revenue in 2022.
The North America region is expected to grow at a registered CAGR of 18.2% from 2023 to 2032.

Digital therapeutics is a part of health, but all digital health solutions are not digital therapeutics solutions. Basic difference between digital therapeutics and digital health is completely based on the clinical outcomes for patients. For example, digital therapeutics does not comprise of consumer health-oriented technologies that include calorie-counters and step-counters. It’s a new class of healthcare products that uses digital technology to prevent, manage, or treat medical conditions. Additionally, it uses digital health technologies in treating psychological conditions of patients. Hence, the aforementioned factors positively influence the market growth for digital therapeutics.

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What are the growth factors of market?

Increasing penetration of internet usage and smartphones particularly
Rising need to curb the increasing spending on healthcare sector
Rising prevalence of chronic diseases such as diabetes, obesity, smoking cessation, and many
The undefined payment procedures along with lack of efficient monetization strategies

Major highlights of report:

Figures related to sales volume, market remuneration, and segmental shares
Featuring market dynamics
Growth prospects and expansion graph
PROCON study of direct & indirect sales channels
Profiles of prominent traders, dealer, and distributors in the industry

Report Highlights

North America region has accounted the largest market share in the global digital therapeutics market and expected to retain its position over the forecast period. This growth is attributed to the presence of key players, rising government initiatives, well-developed healthcare infrastructure, and rising prevalence of chronic health issues.
The Asia Pacific region is expected to hit fastest growth rate during the forecast period 2021 to 2027. The significant growth of the region is mainly due to rapid urbanization and fast changing technology landscape in the region. Further, rising geriatric population in the region further impels the application developers to bring advancement and patient centric apps in the region.
Based on product, the software segment accounted the largest value share and projected to register the fastest growth over the forecast period
In 2020, the diabetes segment has dominated the global market due to rising prevalence of diabetes across the globe

Digital Therapeutics Market Scope

Report Scope	Details
Market Size IN 2023	USD 4.79 Billion
Market Size by 2032	USD 25.29 Billion
Growth Rate From 2023 to 2032	CAGR of 20.3%
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Product, Application, Sales Channel
Regional Scope	North America, Europe, Asia Pacific, Rest of the World

Key Players & Strategies

The global digital therapeutics industry is at its niche stage; however, experiences significant merger, partnership, and new product launch & development. For instance, in September 2019, TrialCard, a company that works in conjunction with pharma manufacturers to connect patients to services and medications, announced to acquire Mango Health. The acquisition helped TrialCard to offer best engagement and adherence solution to their patients. Similarly, in July 2020, Biocon Biologics India, a biosimilars company, and Voluntis, a digital therapeutics company, announced to enter into a collaboration agreement. Under this agreement, Biocon in collaboration with Voluntis develops and distributes innovative digital therapeutic solutions for type-2 diabetes patients.