Digital Therapeutics Market Overview:

Digital Therapeutic Market Size was valued at USD 6.5 billion in 2022. The Digital Therapeutic market industry is projected to grow from USD 8.1315 Billion in 2023 to USD 31.15 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 25.10% during the forecast period (2023 - 2030). 

Digital Therapeutics: Latest Technological Developments

• In July 2023: The first digital therapeutic for the treatment of attention deficit hyperactivity disorder (ADHD) has received FDA approval. A video game therapy called EndeavorRx by Akili Interactive is intended to help ADHD sufferers with their cognitive performance.
• In June 2023: According to Pear Therapeutics, its digital therapy for the treatment of opioid use disorder has been approved by the FDA. People with opioid use disorders can access cognitive behavioural therapy and help for medication adherence through the smartphone app reSET.
• In May 2023: Livongo announced that Google Health had purchased the company for $18.5 billion. A digital therapeutics firm called Livongo offers a range of digital therapies for the treatment of chronic illnesses like diabetes and hypertension.

Digital Therapeutics: Recent Industry Investments

• In July 2023: In its Series C investment announcement, Pear Therapeutics stated that company had raised $100 million. The money will be used to support Pear's digital therapies' commercialization for the treatment of chronic illnesses like opioid use disorder.
• In June 2023: It was disclosed by Livongo Health that it has secured $500 million in Series E funding. The money will be used to increase Livongo's patient base and hasten the expansion of its digital health platform.
• In May 2023: In its Series D investment announcement, Biofourmis stated that company was allocated $100 million. The money will be used to support the creation and distribution of digital therapies for the treatment of chronic diseases by Biofourmis.

The global digital therapeutics market is showing promising signs as a lot of players are participating in the market and are introducing innovative products. These companies have realized the potential of the market and how digitalization can percolate in various sub-divisions of the healthcare sector. Market Research Future (MRFR) made a proper assessment of the market to find out how the market is going to perform and how various factors are about to interplay to make sure that the market makes the most out of it. Its growth would be influential for the digital healthcare segment.

The market is still at a nascent stage and has ample growth prospects if it gets proper backing from various countries and their healthcare expenditure. The process has the advantage of providing efficiency and consumes less time than many other procedures. In recent times, the booming geriatric population has emerged as a major source of revenue. Digital therapeutics can capitalize on this and plan its growth accordingly. In addition, the growth is getting backed by the increasing use of smartphones and their cost-effective availability. Its inclusion has eased the process of getting reports and is emerging as one of the major market influencers.

Digital therapeutics is finding its use growing in sectors like pain management, cancer management, smoking cessation, and others like Parkinson’s. With a doctor and patient ratio hitting the bottom, these therapeutics would gain momentum. However, digital therapeutics may find the growth a bit restrained due to the lack of awareness.

Segmentation

The segmental analysis of the digital therapeutics market, as conducted by the expert analysts of MRFR, includes product type, application, and sales channel. Such a detailed segmentation covers several inputs and reveals valuable insights that can impact various decisions to devise new strategies.

By product, the global market for digital therapeutics can be segmented into software and devices. The software segment is rapidly evolving in sync with the growing inclusion of digitalization.

By application, the digital therapeutics market report discusses the market by having it segmented into obesity, smoking cessation, respiratory diseases, cardiovascular diseases, respiratory diseases, diabetes, and others.

By the sales channel, the report includes segmentation of the digital therapeutics market. The segmentation includes B2B and B2C.

Regional Analysis:

The market for digital therapeutics would gain a lot of traction from the North American side where the robust infrastructure in the healthcare sector is acting like a solid backdrop for these technologies to gain momentum. Easy inclusion of latest trends is also impacting the market growth. In addition, the regional market is blessed with the presence of a lot of major market players owing to which constant influx of investment and innovative strategic moves are influencing the market growth. In the research and development sector, the market is having a great go as the regional players are channeling their investment to get better innovative products.

In Europe, the market is having a similar situation owing to which the regional market is progressing with ease. The UK, France, Germany, Russia, and others are major fostering factors for the regional market. Hike in digitalization and reformations introduced in the healthcare sector are major growth-inducing factors for the regional market. India, China, Japan, Australia, and others can be effective in taking the regional market ahead.

Competitive Landscape:

The global digital therapeutics market players, as per the discussion revealed in MRFR’s report, includes companies like Proteus Digital Health, Inc., Twine Health Inc., Propeller Health, Canary Health Inc., Mango Health, Inc., Noom Inc, Medtronic Plc., Omada Health, Inc., WellDoc Inc., and Livongo Health. These companies are making profits by launching strategic moves that suit them the best. These moves often rely on mergers, collaborations, product launch, innovations, and others.

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