CHICAGO, Oct. 24, 2022 /PRNewswire/ -- Digital Therapeutics (DTx) Market is projected to reach USD 17.7 billion by 2027 from USD 4.5 billion in 2022, at a CAGR of 31.6% according to a new report by MarketsandMarkets. Growth in this market is primarily driven by the government initiatives to support technological developments, and advancements in the field of digital therapeutics to curb growing healthcare costs. On the other hand, reluctance among patients to adopt digital therapeutics, and unstable payment models are challenging the growth of this market.
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By application, treatment/care-related applications form the largest segment of the digital therapeutics market
The application segment in digital therapeutics market is bifurcated into preventive and treatment/care-related applications. In 2021, the treatment/care-related applications segment held the largest share of this market. Rising healthcare costs, the growing prevalence of chronic diseases, and the ability of digital therapeutics to provide cost-effective solutions are the key factors driving the market for treatment/care-related digital therapeutics applications.
The B2B segment is the largest and fastest-growing segment of the market during the forecast period.
The sales channel segment in digital therapeutics market is bifurcated into business-to-customer (B2C) and business-to-business (B2B). In 2021, the B2B segment accounted for the largest share of the digital therapeutics market. This is attributed to increasing partnership between many leading digital therapeutics provider companies and payers, providers, and employers to increase their customer base. This is a major factor responsible for driving the B2B sales of digital therapeutics solutions.
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North America commanded the largest share of the digital therapeutics market in 2021.
In 2021, North America held the largest share of the market, followed by Europe. The market in North America is also expected to grow at the highest CAGR. Factors such as the increasing investments in digital therapeutics, gradually improving reimbursement structures for digital therapeutics solutions drive market growth in this region.
Prominent players in the digital therapeutics market include Noom, Inc (US), Teladoc Health, Inc. (US), Omada Health, Inc. (US), WellDoc, Inc (US), Pear Therapeutics, Inc. (US), CogniFit Inc (US), Ginger (US), Propeller Health (US), 2Morrow, Inc. (US), Canary Health (US), Click Therapeutics, Inc. (US), Akili, Inc. (US), Cognoa, Inc (US), Wellthy Therapeutics Pvt. Ltd. (India), Twill Inc. (US), Better Therapeutics, Inc (US), Mindstrong (US), Kaia Health (Germany), BehaVR Inc (US), Ayogo (Canada), Mindable Health GmbH (Germany), Virta Health Corp (US), Hinge Health, Inc. (US), Orexo AB (Sweden) and Freespira (US).
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