PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1410093
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1410093
The digital therapeutics market is projected to expand at a CAGR of 30.47% over the forecast period to reach US$18.984 billion by 2028.
Digital therapeutics are treatments that are delivered via digital technology to treat, manage, or prevent a disease or medical condition. These interventions can be used alone or in combination with other therapies, and they are intended to supplement or replace traditional medical treatments. To encourage patients to change their behaviour, DTx employs digital tools including mobile phones, apps, sensors, virtual reality, the Internet of Things, and other tools.
The digital therapeutics market is driven by affordable healthcare facilities available digitally, increasing use of mobile devices and rising integrated healthcare systems. Additionally, the prevalence of chronic diseases is rising due to expanding globalisation and changing lifestyles, including increased smoking, poor diet, inactivity, and drinking. Wearables and mobile devices are two of the major ongoing technical breakthroughs that create the infrastructure needed for the development and acceptance of digital therapeutics. Payers and employers are interested in digital therapeutics because of its cost-effectiveness in lowering healthcare costs.
The increase in patients suffering from chronic diseases is one of the major factors fueling the digital therapeutics market growth. According to the National Centre for Chronic Disease Prevention and Health Promotion, 4 out of 10 adults in America have two or more chronic diseases, and 6 out of 10 Americans have at least one chronic illness. Moreover, Teladoc Health, Inc. introduced Chronic Care Complete in February 2022 as a revolutionary approach to comprehensive chronic condition management that promises to enhance patient outcomes. The major ailments in the nation that cause death and disability include cardiovascular conditions, cancer, diabetes, chronic kidney, lung, and Alzheimer's illnesses.
Launches of cutting-edge mobile applications for digital therapies are anticipated to fuel digital therapeutics market growth in the anticipated year. This growth is driven by major industry participants' focus on regulatory body approvals. In addition, smartphones, smart medical devices, and cloud-based data platforms have made better treatment and health monitoring possible. These factors contribute to the expanding global digital therapeutics market share.
The adoption of digital therapeutics solutions is anticipated to grow along with the level of digitalization in healthcare. For instance, according to an announcement made by DynamiCare Health Inc. in February 2022, the DCH-001, a digital treatment for tobacco use disorder complicating pregnancy and childbirth, received the Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA). In addition, the FDA claims that digital therapeutic solutions, assist consumers in making decisions about their health that are more informed.
Digital health tools are revolutionising consumer health and self-care by supporting consumers across many different health sectors which is anticipated to drive the digital therapeutics market. These technologies already provide support to consumers in several different health domains. Self-care digital health treatments are particularly well adapted to areas including diet and nutrition, lifestyle and stress management, fitness, mental health, women's health, pain management, and sleep. Furthermore, consumers can actively manage their health with the use of digital health tools in various fields by utilising cutting-edge technologies, data-driven insights, and user-friendly interfaces, which improve outcomes and boost satisfaction.
North America's digital therapeutics market is anticipated to expand significantly throughout the forecast period as a result of favourable reimbursement scenarios that emphasize better tracking and diagnosis as well as enhanced quality of life due to the greater use of digital health goods. Additionally, strategic actions done by major businesses in this region, like new product launches and mergers & acquisitions, are anticipated to drive the market growth
Digital therapeutics market share is predicted to grow as a result of an increase in the number of improvements made to reduce the U.S. healthcare system's rising costs and a greater emphasis on using a patient-centred healthcare model. For instance, the firm for managing chronic conditions using a smartphone, Kaia Health, closed a USD 75 million Series C fundraising round in April 2021. By providing improved options for treating and managing various ailments like diabetes, asthma, and obesity, the use of digital therapeutics is predicted to expand.
The enormous pipeline of potential medications anticipated to be released throughout the projection period is beneficial to the growth of the prescription digital therapeutics (PDTx) market. Digital Therapeutics also uses VR technology along with digital medications and applications. The technique has been in use for more than 20 years, although it is only used in a small number of conditions and specialised facilities. It has proven to be a crucial tool for giving exposure therapy for PTSD. Studies are also being conducted to see how well it might work for conditions like psychosis, addiction, obsessive-compulsive disorder (OCD), phobias, depression, anxiety, and eating disorders. Through simulation, the VR technology in DTx enables users to learn by going through real-world scenarios.