NEW YORK, March 11, 2022 /PRNewswire/ -- The Insight
Partners published latest research study on "Digital
Therapeutics Market Forecast to 2028 - COVID-19 Impact and
Global Analysis By Application [Diabetes, Cardiovascular Diseases,
Central Nervous System (CNS) Diseases, Respiratory Diseases,
Smoking Cessation, Musculoskeletal Diseases, and Other
Applications] and Distribution Channel (Patients, Providers,
Payers, and Employers)", the global digital therapeutics market is
expected to grow from $4.22 Bn in
2021 to $18.06 Bn by 2028; it is
estimated to grow at a CAGR of 23.1% from 2021 to 2028.
Get Exclusive Sample Pages of Digital Therapeutics Market
Size - COVID-19 Impact and Global Analysis with Strategic Insights
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Report
Coverage
|
Details
|
Market Size Value
in
|
US$ 4,226.94 Million
in 2021
|
Market Size Value
by
|
US$ 18,061.79 Million
by 2028
|
Growth
rate
|
CAGR of 23.1% from
2021 to 2028
|
Forecast
Period
|
2021-2028
|
Base Year
|
2021
|
No. of
Pages
|
165
|
No. Tables
|
59
|
No. of Charts &
Figures
|
73
|
Historical data
available
|
Yes
|
Segments
covered
|
Application, and
Distribution Channel
|
Regional
scope
|
North America;
Europe; Asia Pacific; Latin America; MEA
|
Country
scope
|
US, UK, Canada,
Germany, France, Italy, Australia, Russia, China, Japan, South
Korea, Saudi Arabia, Brazil, Argentina
|
Report
coverage
|
Revenue forecast,
company ranking, competitive landscape, growth factors, and
trends
|
Digital Therapeutics Market: Competitive Landscape and Key
Developments
Propeller Health; Canary Health, Inc.; NOOM, INC.; 2Morrow,
Inc.; Teladoc Health; Welldoc, Inc.; FITBIT, Inc.; OMADA Health;
Mango Health; Pear Therapeutics, Inc.; and Happify Health are among
the key companies operating in the digital therapeutics market.
Leading players are adopting strategies such as launching new
products, expanding and diversifying their market presence, and
acquiring a new customer base to tap prevailing business
opportunities.
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In February 2022, Welldoc and EHE
Health, a healthcare provider network and top innovator in
preventive healthcare, announced a partnership to launch Thrive Now
by EHE Health, a digital health platform designed to help manage
members' overall health. Thrive Now will officially launch in
April 2022 and is the third product
innovation under EHE Health's Pulse offering.
In January 2022, Pear
Therapeutics, Inc. announced a value-based agreement with Oklahoma
Health Care Authority (OHCA) to provide Pear's PDTs reSET and
reSET-O to help fight against the growing substance opioid
addiction crisis. reSET and reSET-O will be made available to
Oklahomans enrolled in Oklahoma Medicaid, commonly known as
SoonerCare.
In February 2022, Happify Health
announced that New York City Health Business Leaders (NYCHBL), the
organization that serves as the gateway to New York's healthcare ecosystem, recognized
Happify Health on its NYC Digital Health 100, a showcase of the
most exciting and innovative health startups in New York.
In December 2021, Pear
Therapeutics, Inc. announced the completion of its business
combination with Thimble Point Acquisition Corp. (Thimble Point), a
special purpose acquisition company (SPAC).
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Asia Pacific held the largest
share in the global digital therapeutics market in 2021. The market
growth in the region is attributed to the rising geriatric
population; growing R&D investments; an increasing number of
people suffering from chronic diseases; and surging demand for
medical tourism in economies, such as China and India. However, North America is estimated to register the
highest CAGR during the forecast period. The increasing need to
reduce healthcare costs, stringent healthcare regulations, growing
competition in the healthcare industry, the rising prevalence of
chronic diseases, and rapid technological innovations are the
factors driving the digital therapeutics market.
Healthcare professionals are trying to combat the COVID-19
crisis, but an escalating number of cases is causing severe
complications. As a result, patients increasingly shifting to
digital therapeutics for disease evaluation and treatment. Due to
the COVID-19 outbreak, healthcare providers seek alternatives to
standard systems and processes. Therefore, providers and consumers
are increasingly adopting digital therapeutics.
Large Population with Undiagnosed Conditions Fuels
Market Growth:
A large percentage of the global population is unaware of their
diabetic status due to the occurrence of fewer symptoms. As per
data published in the 10th edition of the IDF Diabetes
Atlas, ~239.7 million diabetic people in the age group 20–79 are
estimated to be unaware of their disease. Additionally, people with
undiagnosed diabetes tend to use healthcare services more
frequently as compared to the people who are not having diabetes;
thus, healthcare spending of people with undiagnosed diabetes is
higher than healthy people. The rise in undiagnosed diabetes cases
is attributed to inadequate screening facilities in low- and
high-income countries. These are among the key factors anticipated
to propel the digital therapeutics market growth during the
forecast period.
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Digital Therapeutics Market: Application Overview
Based on application, the digital therapeutics market is
segmented into diabetes, cardiovascular diseases, central nervous
system (CNS) diseases, respiratory diseases, smoking cessation,
musculoskeletal diseases, and other applications. In 2021, the
diabetes segment held the largest share of the market; it is
expected to register the highest CAGR during the forecast period.
According to the International Diabetes Federation (IDF) Atlas
2021, ~537 million people globally have diabetes; it is expected to
reach 643 million by 2030. Digital therapeutics help manage and
treat diabetics. In September 2021,
Welldoc partnered with LifeScan to incorporate Welldoc's chronic
condition platform, supporting hypertension, heart failure,
diabetes, prediabetes, and behavioral health through the new
OneTouch Solutions portal, designed to offer a choice of support,
guidance, and digital tools to help people manage diabetes.
Browse Adjoining Reports:
Digital Diabetes Management Market Forecast to 2028 - Covid-19
Impact and Global Analysis - by Product & Service (Devices, and
Software & Services), Type (Wearable Devices and Handheld
Devices), End User (Home Care, Hospitals & Specialty Diabetes
Clinics, and Academic & Research Institutes), and Geography
Diabetes Care Devices Market to 2027- Global Analysis and
Forecasts by Product (Glucose Monitoring Devices and Insulin
Delivery Devices); End User (Homecare and Hospitals & Clinics)
and Geography
Diabetes Injection Pen Market Forecast to 2028 - Covid-19 Impact
and Global Analysis - by Type (Disposable Injection Pens, Reusable
Injection Pens); By Therapy (Diabetes, Growth Hormone Therapy,
Fertility, Osteoporosis, Other Therapies); By End User (Home care,
Hospital and Clinics) and Geography
Insulin Lispro Market Forecast to 2028 - COVID-19 Impact and
Global Analysis By Type (Analogue Insulin, Traditional Insulin);
Diabetes Type (Type I, Type II); Distribution Channel (Hospital and
Retail Pharmacies, Online Distribution), and Geography
Central Nervous System Biomarkers Market Forecast to 2028 -
Covid-19 Impact and Global Analysis - By Type (Safety Biomarker,
Efficacy Biomarker, Validation Biomarker, Other) ; Application
(Drug Discovery And Development, Personalized Medicine Others) ;
End User (Diagnostic Labs, Clinics/Hospitals, Research Centers) and
Geography
Central Nervous System (CNS) Therapeutic Market Forecast to 2028
- COVID-19 Impact and Global Analysis By Disease Type
(Neurovascular Diseases, Degenerative Disorders, Mental Health,
Trauma, Others); Drug Type (Analgesics, Nervous System Drugs,
Anesthetics, Anti-Parkinson Drugs, Anti-Epileptics, Others);
Distribution Channel (Hospital Pharmacies, Retail Pharmacies) and
Geography
Smoking Cessation Market Forecast to 2028 - COVID-19 Impact and
Global Analysis By Product (Chewing Gums, Inhalers, Lozenge, Patch,
Spray, Sublingual Tablets); Therapy (Nicotine Replacement Therapy
(NRT), Non-NRT Therapy, E-Cigarette); Distribution Channel
(Hospitals Pharmacies, Drug Stores, Retail Stores, Online
Stores)
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