Digital Therapeutics Market Is Projected to Gain $22.60 Billion By 2031, Growing at a 19.4% CAGR: Allied Market Research
The global digital therapeutics market growth is attributed to several factors, including the rise in global internet penetration rate, the increase in smartphone and tablet usage, along with the prevalence of healthcare apps among the population, and the upsurge in cases of chronic diseases. Based on region, the market across North America to held the lion’s share in 2021.
Wilmington, Delaware, Oct. 23, 2023 (GLOBE NEWSWIRE) — The global digital therapeutics market size was estimated at $3.84 billion and is projected to gain $22.60 billion in 2031, exhibiting a compound annual growth rate (CAGR) of 19.4% from 2022 to 2031 The report provides an in-depth analysis of the recent market dynamics, market evaluation, value chain, investment pockets, drivers and opportunities, competitive analysis, and geographical expansions. The report is a valuable resource for new market entrants, shareholders, and industry players to implement future strategies and make thorough decisions to strengthen their positions in the market.
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Report Coverage & Details:
|Market Size in 2021||$3.84 Billion|
|Market Size in 2031||$22.60 Billion|
|No. of Pages in Report||300|
|Segments Covered||Product, Sales Channel, Application, And Region|
|Drivers||Increase in the standard of living|
|Growth of online healthcare applications|
|Opportunities||Rise in internet penetration across the globe|
|Increase in cases of chronic diseases, especially among the older population|
|Restrains||Lack of knowledge about digital therapies|
|Patient data privacy issues|
Recent Developments in the Digital Therapeutics Market
- In July 2021, Happify Health, launched Ensemble, the first and only transdiagnostic prescription digital therapeutic for the treatment of patients having Major Depressive Disorder (MDD) or Generalized Anxiety Disorder.
- In May 2021, Voluntis received CE Mark for a new version of Oleena with expanded clinical intelligence. The new version of Oleena embeds new clinical algorithms that provide decision support recommendations to patients. It is designed to facilitate self-management of an increased number of symptoms that people with cancer may experience along their treatment journey.
- In October 2020, Voluntis a leader in digital therapeutics, came in partnership with Redox to improve the integration of digital therapeutics as part of routine clinical practice and enrich EHR data with actionable insights on how patients experience their treatment at home.
- In August 2020, Teladoc acquired Livongo Health, Inc. that provide an opportunity to further accelerate the growth of digital therapeutics platform and provide virtual care platform for more people to live better & healthier lives.
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The report offers an in-depth analysis of the global digital therapeutics market, categorizing it into sub-segments based on the products, applications, sales channels, and regions. Graphical and tabular representations of each segment and their sub-segments are used to illustrate the analysis. This analysis can help market players and investors, along with new entrants, in formulating and devising strategies that focus on the fastest-growing segments and the highest revenue generation, as outlined in the report.
By product, the software segment dominated the major market share in 2021, accounting for more than two-thirds of the global digital therapeutics market revenue, and is estimated to maintain its lead position between 2021 and 2030. Furthermore, the same segment would also display the highest compound annual growth rate (CAGR) of 19.8% from 2022 to 2031
By sales channel, the business-to-consumers segment accounted for nearly three-fifths of the global digital therapeutics market revenue and is projected to rule the roost by 2030. The same segment would also portray the fastest compound annual growth rate (CAGR) of 20.1% over the projection period.
By application, the diabetes segment held the highest market share in 2021, contributing to more than one-fourth of the global digital therapeutics market revenue, and is expected to maintain its lead position throughout the forecast timeframe. However, the central nervous system diseases segment would exhibit the fastest compound annual growth rate (CAGR) of 22.2% from 2022 to 2031
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By region, North America dominated the market in 2021, accounting for nearly half of the total global market share, and is projected to retain its dominant position over the projection period, while Europe is expected to register the highest compound annual growth rate (CAGR) of 21.5% between 2022 and 2031.
The prominent players analyzed in the global digital therapeutics market have been identified. These include Voluntis Inc., Livongo Health Inc., Proteus Digital Health Inc., Fitbit Inc. (Twine Health, Inc.), Akili Interactive Labs Inc., Resmed Inc. (Propeller Health), 2MORROW Inc., Omada Health Inc., Welldoc Inc. Click Therapeutics Inc., Medtronic Plc., Happify Inc., and Pear Therapeutics Inc.
This report provides an in-depth assessment of the leading players in the global digital therapeutics industry. These companies have engaged in using various tactics to gain a foothold and success in the industry, together with forming joint ventures, collaborations, geographical expansions, and novel product launches. This report is useful in assessing the most recent developments, the product portfolio, the business performance, and the operating segments of the leading players.
Comprehensive Healthcare Industry Research Studies: –
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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