DUBLIN--(BUSINESS WIRE)--The "Global Digital Therapeutics Market 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global digital therapeutics market size is anticipated to reach USD 19.1 billion by 2028
The market is expected to expand at a CAGR of 23.1% from 2021 to 2028. The key drivers for this growth include increasing incidence of chronic diseases, digitization, demand for innovative and affordable healthcare, and government initiatives.
Digital health went from novel to necessity during 2020. It swept through almost every healthcare domain as adoption peaked, accelerated by the COVID-19 pandemic. This included telehealth, telemedicine, digital pathology, triage solutions, mhealth, as well as digital therapeutics.
Omada Health, Inc., a digital therapeutics provider, leveraged the gaps in care due to COVID-19 to provide extra support and guidance from its licensed specialists to those who had their doctor's appointments deferred indefinitely. The company also helped primary care providers, therapists, endocrinologists, and cardiologists convert their practices to telehealth through enhanced education, psychosocial support, and remote monitoring.
In response to COVID-19 and its repercussions on mental health, the FDA released guidelines expanding and promoting the scope of digital health therapeutic devices for mental health conditions. Rising initiatives by public and private players is another factor expected to propel market growth. For instance, in June 2020, Akili Interactive Labs, Inc. received the CE mark for its digital therapeutic software for the treatment of ADHD called EndeavorRx.
With an increase in internet usage and dependency on smartphones, digital therapeutics is set to register continued growth over the forecast period. This is owing to increased demand for creative and innovative treatment options that could be used remotely by patients.
In February 2021, SilverCloud partnered with Cerner Corporation to integrate its virtual mental health platform with the latter's electronic health records. With this, SilverCloud intended to scale the delivery of evidence-based mental health treatment while improving patient outcomes and lowering the cost of care.
Digital Therapeutics Market Report Highlights
- The diabetes segment is expected to hold the largest market share by application in 2020 and is expected to witness the fastest CAGR during the forecast period. This is due to the increasing prevalence of the disease and the costs associated with the treatment. In June 2020, Welldoc received FDA clearance for an additional feature of its previously approved Software as a Medical Device (SaMD)-BlueStar Rx, for diabetic patients
- The obesity segment is also expected to account for a considerable market share over the forecast period due to the rising prevalence and costs associated with the condition. The adoption of digital therapeutics offers a reduction in healthcare costs associated with diseases like diabetes and obesity and is thus being used on an increasing scale
- The rising adoption of digital tracking, continuous monitoring, and management of physical activity and eating habits are other drivers propelling the growth of the market
- The patients segment accounted for the largest market share in the end-use segment in 2020 owing to the increasing incidence of chronic and lifestyle diseases
- In North America, the market accounted for the highest revenue share of more than 41.0% in 2020 owing to technological advancement and the presence of major players in the region
- In Asia Pacific, the market is expected to garner considerable growth during the forecast period owing to increasing digitization, adoption of advanced healthcare technologies, and rise in the number of chronic diseases
Market Dynamics
Market driver analysis
- Increasing smartphone penetration
- Cost-effectiveness of digital health technology for providers and patients
- Increasing demand for integrated healthcare systems and patient-centric care
Market restrain analysis
- Reimbursement scenario
Companies Mentioned
- Omada Health, Inc.
- WellDoc Inc.
- 2 Morrow, Inc.
- Livongo Health
- Propeller Health
- Twinehealth
- Canary Health, Inc.
- Mango Health, Inc.
- Noom Health, Inc.
- Pear Therapeutics
For more information about this report visit https://www.researchandmarkets.com/r/51kfji
