Digital Therapeutics Market Is Expected To Grow At A 26.5% CAGR Until 2032
Fact.MR’s analysis of the digital therapeutics market explores growth drivers, key players’ strategies, and trends across segments, offering valuable insights.
ROCKVILLE, MD, UNITED STATES, October 10, 2023 /EINPresswire.com/ — As per Fact.MR’s analysis, the North American region is poised to secure a significant market share, accounting for 42% of the global revenue in 2022. This substantial growth can be attributed to several factors, including the rising utilization of digital health products and the availability of favorable reimbursement strategies aimed at enhancing the quality of life through advanced monitoring and diagnostic solutions. Consequently, the adoption of digital health technologies has witnessed a notable upsurge in response to these developments.
In 2021, the value of the digital therapeutics industry reached US$ 4.25 Billion, and it is projected to experience a 24% year-on-year increase, reaching US$ 5.27 Billion by the close of 2022.
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Anticipated from 2022 to 2032, the industry is poised for significant growth with a compound annual growth rate (CAGR) of 26.5%, ultimately reaching a substantial valuation of US$ 56.41 Billion.
This sector’s market share is expected to follow a consistent upward trajectory, set to achieve a valuation of US$ 5.27 Billion by 2022. Revenues within this market are expected to surge at an annual growth rate of approximately 24% during the forecast period.
Key Companies Profiled
– 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
– Dexcom
– Voluntis
Digital Therapeutics Market Sees Phenomenal Growth with a 17% CAGR from 2015 to 2021
According to Fact.MR, a leading market research and competitive intelligence provider, the demand for Digital Therapeutics witnessed an astonishing 17% Compound Annual Growth Rate (CAGR) between 2015 and 2021.
The market’s trajectory is poised for significant expansion, driven by the widespread adoption of smartphones in both developed and developing nations, the cost-effectiveness of digital health technologies, and the rise of integrated healthcare systems with a patient-centric approach.
The COVID-19 pandemic has left an indelible mark on the market, with a notable driver being the surge in demand for convenient, accessible, and affordable digital health services. In April 2020, the FDA introduced guidelines permitting the distribution and use of digital health therapeutic devices during the pandemic without the customary regulatory hurdles, provided they didn’t pose unforeseen health risks.
Over the forecast period, increased regulatory initiatives are expected to catalyze standardization and boost Research and Development (R&D) efforts in the market.
The proliferation of smartphones stands out as a pivotal factor influencing market growth. Coupled with supportive regulatory measures, early indications of reimbursement policies, and a growing prevalence of chronic diseases, the market is projected to expand by a remarkable 1.5 times during the forecast period.
The rising incidence of chronic diseases is prompting a heightened awareness of health among the general population.
One of the primary catalysts driving the digital therapeutics market is the escalating prevalence of chronic illnesses. The rapid urbanization trend has given rise to sedentary lifestyles, which in turn has a direct impact on the overall health of the populace. The United States healthcare system expends billions of dollars annually to provide care for individuals grappling with chronic health conditions such as diabetes, hypertension, congestive heart failure, and chronic obstructive pulmonary disease.
According to data from the Centers for Disease Control and Prevention, six out of every ten Americans have at least one chronic health ailment, while four out of every ten Americans contend with at least two chronic conditions. Consequently, these conditions contribute significantly to the staggering annual healthcare costs in the United States, totaling US$ 3.7 trillion.
Healthcare institutions can harness evidence-based digital therapeutics to mitigate the burgeoning expenses linked to caring for an expanding population afflicted with chronic health issues. In collaboration with iRhythm, Verily, a subsidiary of Alphabet Inc., has developed a study watch equipped with an irregular pulse monitor for continuous monitoring. This, coupled with extensive big data analytics and cloud-based machine learning, facilitates the creation of innovative solutions aimed at screening and monitoring atrial fibrillation (AFib).
Accelerated Market Growth Expected Due to Increasing Geriatric Population
The geriatric population is poised to experience more rapid growth in less developed nations compared to their developed counterparts in the coming years. This growth can be attributed primarily to increased longevity and declining fertility rates. According to data from The World Bank Group, in 2019, the United States and the United Kingdom had 16.25% and 19.51% of their respective populations aged 65 or older.
With the aging population, there is a heightened risk of various diseases, necessitating continuous monitoring of this demographic. The market is being propelled forward by a combination of factors, including smartphone applications, advancements in medical technology, and government initiatives, all aimed at addressing the escalating prevalence of chronic illnesses in many countries. Collectively, these factors are driving the market’s growth throughout the forecast period.
Cyber threats like internet hacking and phishing pose a substantial risk to the digital health market.
Regarding legal foundations for data processing in the realm of digital health, there remains uncertainty. The transformation of digital health is a multifaceted, costly, and time-consuming process, necessitating the harmonization of all stakeholders’ interests. To ensure broad acceptance of digital therapeutics, cybersecurity and data privacy must be integral considerations.
The delivery of digital therapeutic solutions and services over the internet heightens the potential for unauthorized access and manipulation of critical data, jeopardizing both patient well-being and confidence in the product.
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Industry Overview
The industry exhibits a diverse landscape, featuring a mix of both large-scale and small-scale enterprises. Within this dynamic environment, numerous prominent players exert their influence on the market, employing innovative strategies to enhance their revenue streams. These strategies encompass various approaches, such as mergers and acquisitions, market expansion, strategic partnerships, and distribution agreements.
– For example, in December 2021, Teladoc unveiled plans to extend its collaboration with the National Labor Alliance. This expanded partnership encompasses a wide array of products and services, including specialty care, general medicine, expert medical services, mental health support, virtual primary care programs, and chronic condition management.
– In the same year, Welldoc and Dexcom strengthened their strategic alliance to introduce a novel integrated platform geared towards enhancing the well-being of individuals with Type 2 diabetes. The BlueStar platform serves as a comprehensive guide, facilitating the complex journey of managing diabetes, while the Dexcom G6 system measures glucose levels discreetly beneath the skin’s surface.
– In yet another development, the European Patent Office (EPO) granted Voluntis a patent in 2021 for its innovative intelligent patient support in drug dosing, specifically applied to diabetes titration. This groundbreaking technology leverages Voluntis’ Theraxium digital therapeutic platform.
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