Digital Therapeutics Market Research Report – Forecast to 2027

Digital Therapeutics Market Research Analysis By Product Type (Software, Devices And Others), Application (Cardiovascular Diseases, Obesity, Diabetes, Respiratory Diseases, Smoking Cessation and Others) and Sales Channel (B2B and B2C) and End Users - Forecast 2027

ID: MRFR/Pharma/5030-HCR | February 2021 | Region: Global | 100 pages         

Digital Therapeutics Market

The Digital Therapeutics Market is projected to grow at a CAGR 25.8% and market value is projected to be USD 13.80 billion during the forecast period

Segmentation

By Product Type Software Devices Others
By Application Cardiovascular Diseases Obesity Diabetes Respiratory Diseases Smoking Cessation Others
By Sales Channel B2B B2C

Key Players

  • Proteus Digital Health (US)
  • Wellthy Therapeutics (India)
  • Propeller Health (US)
  • SE (Sweden)
  • BehaVR (US)
  • Akili Interactive Labs (US)
  • Hinge Health (US)
  • Better Therapeutics (US)
  • Virta Health (US)
  • Happify (US)
  • Mindable Health (Germany)
  • Others

Drivers

  • Rise in global geriatric population
  • Rising prevalence of cancer management pain management smoking cessation
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Digital Therapeutics Market Overview


From 2020 to 2027, Market Research Future (MRFR) anticipates the digital therapeutics market to make substantial progress at a significant rate.


The soaring prevalence and cases of several chronic disorders remains one of the biggest concerns for the healthcare system worldwide. Treating the patients affected by chronic diseases is a huge challenge, since biopsychic or psychosomatic factors generally influence these individuals. With chronic disorders generally associated with significant uncertainty levels, patients go through behavioural changes as part of their latest self-care lifestyle. Moreover, several chronic diseases are progressive, with their incidence rising with age. Consequently, with the rapidly soaring worldwide geriatric populace, chronic disorders will continue to surge in the next several years. This could be a huge opportunity for the digital therapeutics industry in the long run.


In various nations, several health apps have not received the required approvals, which results in concerns regarding the data and product quality, reliability of the treatment decisions, security, patient privacy, and the right use of data. This factor is exacerbated by the rising data integration using digital tools, which puts the medical records at risk of being misused by anyone in the healthcare fraternity, someone that is part of the patient’s treatment program. This remains one of the top growth restraints for the worldwide market.


 COVID 19 Analysis of Digital Therapeutics Market


The impact of the outbreak of the novel coronavirus pandemic followed by the subsequent establishment of nationwide lockdowns is visible in various digital therapeutics market and industries. The overall growth of various sectors has been heavily and negatively impacted. The situation in those especially in countries that have a high incidence rate of COVID-19, such as India, China, Brazil, the US, alongside several European countries that are inclusive of Russia, Italy, and Spain. While the global industries such as oil and petroleum, aeronautics, and mining amongst others are experiencing a steep fall in revenues, the healthcare sector, biotechnology sector, and pharmaceutical companies and industries are optimizing this situation to serve a maximum number of patients and healthcare professionals and hence, grow at an excellent market rate.


Digital Therapeutics Market Dynamics


Drivers


The digital therapeutics market has been a high prevalence and incidence rate of chronic diseases which is a major concern for healthcare systems across the globe during the ongoing forecast period that will be ending in 2028. The treatment of patients that are suffering from chronic diseases is a significant challenge, in the form of psychosomatic or bio psychic factors that occur very often and influence these patients. As chronic diseases are often associated with rising levels of uncertainty, the patients need to change their behavior as part of adopting a new self-care lifestyle. Also, there are many chronic disorders and conditions on the scale of progression, and hence, there is an incidence that increases with age. As a result, with significant market growth in the global geriatric population, chronic disorders are expected to rise further in the coming years.


Restraints


Many countries that are a part of the market, are seeing trends that relate to various health apps that are deprived of appropriate approvals, leading to concerns of product and data quality, reliability in treatment decisions, lack of patient privacy, security issues, and the lack of skill of responsible use of data. Digital therapeutics market providers have access to patient information and further, are forbidden from sharing the information with anyone not involved in treating that patient. However, the integration trends might hamper the digital therapeutics market from growing during the forecast period that ends in 2028.


Technology Analysis


The Emerging economies of the digital therapeutics market share such as India, China, and the Middle East are witnessing the presence of growth opportunities for digital therapeutics. In most of the global geographies, the market is still in its infancy due to a lacking degree of awareness, the minimum availability of these digital solutions, lack of IT skill and infrastructure, followed by financial and social constraints. However, technology is likely to solve these crises in the upcoming period.


Study Objectives



  • The global digital therapeutics market report aims to analyze the previous trends of the market operations followed by the impact of the coronavirus outbreak on the functioning of the market and the new trends that have been kicked in during the period ending in 2028. Further, the report aims to have a fruitful discussion of the dynamics that are available to the digital therapeutics market in the form of drivers that will lead the path of the players towards massive global growth and also, discuss the possible drawbacks and restraints that will give birth to hurdles for the market on the way of its growth.

  • To study the rising needs of the target audience that is spread across various global locations amid the market scale which further, gives rise to the market trends and demands during the forecast period that ends in 2028. Further, the report has an objective to study the base on which the global market has been segmented and the raw material and resources available that will help the market grow as per the figures predicted by the industry leaders for the period and maintain a proper equilibrium.

  • The digital therapeutics market also aims to study the rising competitiveness in the global digital therapeutics market scenario that is based on the pooled efforts that have been rendered by the key market players in the form of the recent developments and expansion opportunities that have been undertaken by them during the forecast period that ends in 2028.


Segment Overview


Based on the demand of the digital therapeutics market size amid the forecast period, the market segments are:


By mode of product


The digital therapeutics market has been segmented and divided into software and devices.


By mode of application


The digital therapeutics market analysis shows the segmentation been done based on cardiovascular diseases, obesity, diabetes, respiratory diseases, smoking cessation, and others.


By sales channel mode


The global market has been witnessing segmentation into B2B and B2C.


 


Regional Analysis


Based on the geographical regions, the market has been divided into four major mushrooming regions namely North America, Europe, the APAC region, alongside the rest of the world. In 2020, North America held the largest share of the market, followed by the European regions. The market in the Asian Pacific region is also expected to grow at the highest CAGR in the forecast period that will be ending in 2028. The rise of prominent market factors such as the influx of new startups alongside the increasing investments in digital therapeutics market trends. Also, the improvements in the reimbursement structure for digital therapeutics followed by the rise in government initiatives is likely to support technological advancements that drive market growth in this region for the forecast period that will be ending in 2028.


Competitive Landscape


The digital therapeutics market research predicts that the market growth is a result of propelling trends followed by the collective efforts put in by the global market players which are as follows:



  • Proteus Digital Health (US)

  • Wellthy Therapeutics (India)

  • Propeller Health (US)

  • se (Sweden)

  • BehaVR (US)

  • Akili Interactive Labs (US)

  • Hinge Health (US)

  • Better Therapeutics (US)

  • Virta Health (US)

  • Happify (US)

  • Mindable Health (Germany)

  • Kaia Health (Germany)

  • Mango Health (US)

  • Cognoa (US)

  • Click Therapeutics (US)

  • Canary Health (US)


Recent Developments



  • Pfizer is on its way to enter the digital therapeutics space, and has therefore, ink a partnership deal with Alex Therapeutics. The joint venture will be tapping into Alex Therapeutics’ AI-based platform, which integrates Acceptance and Commitment Therapy (ACT) and cognitive behavioral therapy (CBT) with artificial intelligence for personalized care. The pair is expected to focus primarily on developing digital therapeutics with respect to nicotine addiction treatment and will start right away in the German market.


February 2022


  • Biofourmis, a renowned digital therapeutics and virtual care developer, has introduced Biofourmis Care, which is a first of its kind, technology-based care management service that offers efficient remote care to patients affected by chronic ailments. The service covers automated medication management to assist the care groups in remotely modify the medications for optimized personalized therapy.


Report Overview


The digital therapeutics market report conducts a qualitative and deep-rooted market analysis that will help in providing the details of the in-depth market scenarios and insights. These insights will prove to be helpful to the global market investors by covering the aspects related to profits and losses that occurred during the pandemic year of 2020, and further, grow at a reliable market growth rate and attain a good revenue sum during the current forecast period of 2021-2028. The market report further, helps to cover the recent developments of the digital therapeutics market, as well, during the forecast period.



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: Significant Value
  CAGR   2020-2027: Substantial CAGR
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Product Type, Application, Sales Channel and End Users
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Twine Health Inc., Proteus Digital Health, Inc., Mango Health, Inc., Propeller Health, Canary Health Inc., Medtronic Plc., Noom Inc, WellDoc Inc., Omada Health, Inc., and Livongo Health
  Key Market Opportunities   Joint ventures, strategic alliances, mergers and acquisitions
  Key Market Drivers

  • Rise in global geriatric population
  • Rising prevalence of cancer management, pain management, smoking cessation


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    Frequently Asked Questions (FAQ) :

    Lack of awareness and unregulated opportunities can restraint the digital therapeutics market growth.

    The players involved are Proteus Digital Health, Inc., Twine Health Inc., Propeller Health, Mango Health, Inc., Medtronic Plc., Canary Health Inc., Omada Health, Inc., Noom Inc, WellDoc Inc., and Livongo Health.

    The products included in the digital therapeutics market are software and services.

    The modes of applications in digital therapeutics market report are obesity, smoking cessation, diabetes, respiratory diseases, cardiovascular diseases, and others.

    The sales channels included in the digital therapeutics market report are B2B and B2C.