Diabetes to Occupy Over 28% of Digital Therapeutics Share; Sales in Obesity to Surge by 2x by 2032
The digital therapeutics market analysis offered by Fact.MR scrutinizes key growth factors that are impacting sales in the market. The report provides in-depth insights covering key factors such as drivers, opportunities, key players' strategies, and demand outlook. In addition to this, the study analyzes latest trends across various segments such as end-user, application, and regions.
NEW YORK, Aug. 30, 2022 /PRNewswire/ -- The global digital therapeutics market is currently valued at US$ 5.27 Billion and is set to reach US$ 56.41 Billion by 2032. Sales in the market are projected to grow at 26.5% CAGR between 2022 to 2032.
Growing use of digital therapeutics by leading pharma companies to improve health outcomes is a key factor driving the market. Further, accessibility to on-the-go internet and high penetration rate of smartphones has accelerated the demand for digital therapeutics in the pharmaceutical industry.
Pharmaceutical companies around the world are aware of the massive growth potential of the digital therapeutics market. To capitalize on this, key companies are aiming for collaborations between pharmaceutical giants and leading tech companies. For instance, Sanofi and Happify signed an agreement in 2019 to bring prescription digital mental health therapeutics to individuals with multiple sclerosis.
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Adoption of digital therapeutics is also likely to be boosted by growing prevalence of chronic diseases such as diabetes, cancer, arthritis, and others. Due to the prevalence of these diseases, patients need constant monitoring and regular health check-ups. Hence, need for digital therapeutics is surging as awareness regarding health among patients continues to surge.
According to the Center of Disease Control and Prevention (CDC), over 50% of the U.S. adults had at least one chronic condition in 2018 and the burden is rising with deteriorating lifestyle. As governments and healthcare providers focus on providing efficient, evidence-based care for chronic diseases, adoption of modern treatment processes such as digital therapeutics is likely to gain traction.
Key Takeaways:
- North America is likely to be a prominent market, accounting for 42% share of the global market.
- Asia Pacific digital therapeutics market is likely to grow at a brisk pace of 20% CAGR between 2022 and 2032 owing to higher spending on healthcare by governments.
- Diabetes application segment is likely to account for 28% of demand share in digital therapeutics market
- By end-user, patients segment is likely to remain the largest during the forecast period.
- In terms of application, sales of digital therapeutics in obesity segment are anticipated to rise by 2x over the forecast period (2022-2032)
Growth Drivers:
- Efficacy of digital therapeutics in improving treatment outcomes is likely to boost its adoption during the forecast period
- Increasing focus on preventative healthcare coupled with growing number of untreated and undiagnosed population will drive the demand in the market
- Rising prevalence of chronic diseases that demand long-term care such as cancer and diabetes are likely to create opportunities for digital therapeutics companies
Restraints:
- Digital therapeutics is highly vulnerable to hacking attacks and phishing, putting patient health at risk. This factor is likely to create reluctance among patients until stringent safety measures are put into place
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Competitive Landscape
The digital therapeutics market is highly competitive with a presence of both established companies and new entrants. Market players are focusing on mergers & acquisitions and partnerships to consolidate their position.
For instance,
- Teladoc partnered with National Labor Alliance in 2021 as part of its strategic goal of expanding its virtual care products and services
- Akili Interactive completed a merger with Social Capital Suvretta Holdings Corp in August 2022. The company also went public, trading under the ticker 'AKLI' on NASDAQ
Key Companies Profiled by Fact.MR
- Voluntis
- Canary Health
- Fitbit Inc.
- Livongo Health, Inc. (Teladoc Health Inc.)
- Mango Health
- 2Morrow, Inc.
- Noom, Inc.
- Propeller Health
- WellDoc, Inc.
- Dexcom
- Pear Therapeutics
- Omada Health Inc.
More Valuable Insights on Digital Therapeutics Market
In the latest study, Fact.MR offers a detailed study on digital therapeutics market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of digital therapeutics market with analysis across below segments:
By Application Type:
- Diabetes
- Obesity
- Cardio Vascular Diseases (CVD)
- Respiratory Diseases
- Smoking Cessation
- CNS Diseases
By End User:
- Patients
- Providers
- Payers
- Employers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South East Asia & Oceania
- Middle East & Africa
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Key Questions Covered in the Digital Therapeutics Market:
- What is the projected value of the digital therapeutics market in 2022?
- At what rate will the global digital therapeutics market grow until 2032?
- Which are the factors hampering the growth in the digital therapeutics market?
- Which region is expected to lead in the global digital therapeutics market during 2022-2032
- Which are the factors driving the digital therapeutics during the forecast period?
- What is the expected market value of digital therapeutics during the forecast period?
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