PUBLISHER: Grand View Research | PRODUCT CODE: 1097077
PUBLISHER: Grand View Research | PRODUCT CODE: 1097077
The U.S. digital therapeutics market size is anticipated to reach USD 10.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 24.8% from 2022 to 2030. Growing healthcare consumerism, the availability & development of DTx products, and the rising number of market players are driving the regional market.
SparkRx by Limbix Health, for example, is a digital therapeutic that is indicated for the treatment of adolescent depression. It is available without a prescription since the COVID-19 pandemic, under the FDA's emergency guidance for digital health devices used in the treatment of psychiatric disorders. The COVID-19 pandemic has expedited the adoption of DTx, especially with regard to mental illness and chronic ailments like diabetes and CVS. The U.S. FDA released new guidelines for the computerized behavioral therapy and other DTx solutions during this public health emergency.
The organization has waived off guidelines that include 510(k) premarket notifications, registration & listing requirements, and Unique Device Identification (UDI) requirements for DTx therapeutic devices with low risk. For instance, Pear therapeutics launched Pear-004 for psychosis and self-management training post the introduction of the new guidelines. The product needs to be used under a doctor's supervision.
The need for cost-effective healthcare is increasing globally due to rising healthcare expenditure. Digital health technology is being encouraged and preferred to avoid unnecessary costs and promote cheaper, alternative means of healthcare delivery, thus propelling the market. Moreover, the rising demand for remote monitoring services due to the increasing incidences of chronic diseases worldwide is one of the factors propelling the market growth. Digital therapeutic applications allow patients to manage and treat diseases without constant medical intervention, thereby drastically reducing the healthcare expenditure.