The global digital therapeutics market size is anticipated to reach USD 32.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a lucrative CAGR of 26.1% from 2022 to 2030. Key factors driving the market growth include high demand due to the COVID-19 pandemic, various supportive regulatory initiatives & early signs of reimbursements, increasing smartphone penetration in developed & developing countries, and the growing prevalence of chronic disorders. Moreover, the cost-effectiveness of digital health technology for providers & patients and increasing demand for integrated healthcare systems & patient-centric care are estimated to boost the market growth.
The COVID-19 pandemic catalyzed the adoption of digital therapeutics solutions. Teladoc reported that telehealth usage grew by about 38 times since pre-pandemic. The adoption of these solutions was further supported by supportive initiatives by key regulatory bodies, such as the FDA. For instance, the U.S. FDA released guidelines in April 2020 to expand the availability of digital health therapeutic devices for psychiatric patients. As per Kepios, globally, the number of internet users is growing at an annual rate of 7.6%, i.e., an average addition of 900,000 new users every day. While developed and certain developing economies have high smartphone and internet penetration, countries in regions, such as Africa and South Asia, are lagging due to their less advanced economies.
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The COVID-19 pandemic catalyzed the adoption of digital therapeutics solutions. Teladoc reported that telehealth usage grew by about 38 times since pre-pandemic. The adoption of these solutions was further supported by supportive initiatives by key regulatory bodies, such as the FDA. For instance, the U.S. FDA released guidelines in April 2020 to expand the availability of digital health therapeutic devices for psychiatric patients. As per Kepios, globally, the number of internet users is growing at an annual rate of 7.6%, i.e., an average addition of 900,000 new users every day. While developed and certain developing economies have high smartphone and internet penetration, countries in regions, such as Africa and South Asia, are lagging due to their less advanced economies.
Digital Therapeutics Market Report Highlights:
• The diabetes application segment dominated the market in 2021 due to the high prevalence of diabetes
• The patients' end-user segment held the maximum revenue share in 2021 owing to the high adoption of digital therapeutic solutions by patients
• In 2021, North America was the dominant regional market owing to the increased use of digital health products and favorable reimbursement scenarios that focus on improving quality of life through improved tracking & diagnostics
• Asia Pacific region is expected to register the fastest CAGR over the forecast period owing to the growing demand for personal care devices and related services
Key Companies & Market Share Insights
The industry is marked by the presence of various large- and small-scale businesses operators. The market is highly competitive and dominated by key participants that focus on executing innovative strategies like mergers and acquisitions, market penetration, partnerships, and distribution agreements to increase their revenue. For instance, in December 2021, Teladoc expanded its partnership with the National Labor Alliance for offering its full suite of virtual care products and services. These products and services included specialty care, general medical, expert medical services, mental health, virtual primary care programs, and chronic condition management. Some of the key players in the global digital therapeutics market include Omada Health, Inc., WellDoc, Inc., 2Morrow, Inc., Livongo Health, Inc. (Teladoc Health, Inc.), Propeller Health, Fitbit Inc., Canary Health, Mango Health, Noom, Inc., Pear Therapeutics
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