June 15, 2024

The global Digital Therapeutics Market is estimated to Propelled by Increased Adoption of Digital Health Therapies

Digital therapeutics are a subtype of digital health interventions focused on treating medical conditions via software applications. This generally involves self-care applications that deliver evidence-based therapeutic interventions to patients that are prescribed or recommended by health care providers. Digital therapeutics provide personalized treatment via technologies such as mobile health, health information technology, wearable devices, and telehealth. They are intended to educate, motivate or guide patients towards better self-management of their treatment regimen and overall health and wellness.

The global Digital Therapeutics Market is estimated to be valued at US$ 6.6 Bn in 2023 and is expected to exhibit a CAGR of 20.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Increased adoption of digital health therapies is one of the key trends propelling the growth of the digital therapeutics market. With technological advancements, patients are increasingly becoming aware of self-care applications and software that can help treat medical conditions without involving physicians and healthcare settings. There has been a rise in patients opting for digital therapeutics to manage their health from the comfort of their homes. Personalized treatment, affordability, and convenience of digital health therapies compared to in-clinic visits are some of the factors driving their higher adoption worldwide. As patients are shifting towards preventive healthcare approach, the adoption of digital therapeutics is expected to further grow during the forecast period.

SWOT Analysis

Strength: The digital therapeutics market witnesses high growth owing to the rising prevalence of chronic diseases and growing need for cost-effective treatment solutions.
Weakness: Lack of awareness and understanding of these therapies among patients and physicians.
Opportunity: Increasing R&D investments in digital technologies by pharma companies to develop advanced digital therapeutics.
Threats: Data privacy and security concerns related to patient health records can hinder the adoption of digital therapeutics.

Key Takeaways

The global digital therapeutics market is expected to witness high growth. The global Digital Therapeutics Market is estimated to be valued at US$ 6.6 Bn in 2023 and is expected to exhibit a CAGR of 20.5% over the forecast period 2023-2030.

North America dominates the market currently due to the higher adoption of digital health solutions. However, Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing investments by players as well as growing burden of chronic diseases in countries like India and China.

Key players operating in the digital therapeutics market are Happify, Inc., 2Morrow, Inc., Akili Interactive Labs, Inc., Click Therapeutics, Inc., and Fitbit, Inc. These players are focusing on new product launches and collaboration with pharma companies and payers to strengthen their market position. For instance, in 2022, Akili Interactive Labs partnered with Sanofi to develop and commercialize a digital therapeutic for children with autism.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it