Growth Report: Digital Therapeutics Market Worth $18 Billion, Globally, by 2028 at 23.1% CAGR | The Insight Partners

Pune, India, June 21, 2023 (GLOBE NEWSWIRE) — According to our latest study on “Digital Therapeutics Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application, and Distribution Channel,” the market is expected to grow from $4.22 billion in 2021 to $18.06 billion by 2028; it is estimated to grow at a CAGR of 23.1% from 2022 to 2028. The digital therapeutics market growth is influenced by the rising prevalence of chronic diseases and the growing need to reduce healthcare costs.

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Global Digital Therapeutics Market Strategic Insights:

Browse key market insights spread across 181 pages with 59 list of tables & 73 list of figures from the report, “Digital Therapeutics Market Size and Forecast to 2028 – COVID-19 Impact and Global Analysis by Application [Diabetes, Cardiovascular Diseases, Central Nervous System (CNS) Disease, Respiratory Diseases, Smoking Cessation, Musculoskeletal Diseases, and Others] and Distribution Channel (Patients, Providers, Payers, and Employers)” in detail along with the table of contents: https://www.theinsightpartners.com/reports/digital-therapeutics-market

Global Digital Therapeutics Market Analysis: Competitive Landscape and Key Developments
Propeller Health, Canary Health Inc., NOOM INC., 2Morrow Inc, Teladoc Health, Welldoc Inc, FITBIT Inc, OMADA Health, Mango Health, Pear Therapeutics Inc, and Happify Health are among the key companies operating in the digital therapeutics market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.

In December 2021, Pear Therapeutics, Inc. announced the completion of its business combination with Thimble Point Acquisition Corp. (“Thimble Point”), a special purpose acquisition company (“SPAC”). The publicly-traded company will be Pear Therapeutics, Inc. and will begin trading on Nasdaq under the ticker symbol “PEAR.”

In May 2021, Teladoc Health, Inc. announced the launch of myStrength Complete, an integrated mental health service providing personalized, targeted care to consumers in a single, comprehensive experience.

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Concerns Regarding Need to Reduce Healthcare Costs Boost Global Digital Therapeutics Market Growth:
Being a highly competitive sector, the main aim of healthcare businesses is to determine ways and solutions to reduce operational and functional costs. Increasing government pressure regarding the elevating prices is also compelling them to lower the cost of treatments. As a result, they continuously focus on implementing methods to enhance health plans, manage regulations, and consolidate healthcare systems, simultaneously. The fiscal pressure and patent cliffs compel healthcare providers to cut drug prices, encourage generics, and scale reimbursement. This is gradually reducing their profit margins and annual net sales, leading to the immediate need for strategic planning to cut operational costs.

Digital therapeutics reduce the healthcare costs, especially associated with chronic diseases, by helping an individual or an insurance provider to keep track of the health status of patients, and track it digitally. According to the IDF Diabetes Atlas, North America had the highest diabetes-related expenditure of ~US$ 415 billion in 2021, which was 43% of the global expenditure for that year, with the highest average cost of US$ 8,208 per diabetic person. This cost can be controlled efficiently by including digital therapeutics to manage diabetes, which can help patients get assistance with disease management and overcome the logistical challenges uncovered by the investigators.

Thus, the concern regarding the need to reduce healthcare costs is expected to attract more investments and may lead to market growth during the forecast period.

Impact of COVID-19 Pandemic on Global Digital Therapeutics Market Growth:
The COVID-19 pandemic has significantly impacted the market for digital therapeutics. A surge in demand for convenient and accessible digital health solutions is a primary COVID-related factor. Telehealth usage has increased by nearly 38 times since the beginning of the pandemic, according to Teladoc. Supportive activities by key regulatory organizations, such as the FDA, aided in the acceptance of these solutions. For example, in April 2020, the US Food and Drug Administration (FDA) issued guidelines to broaden the availability of digital health therapeutic devices and their use for mental health disease patients. This will reduce the burden on health care facilities and reduce the risk of exposure to the virus. In addition, the U.S. digital health companies raised US$5.4 billion in venture funding in the initial six months of 2020. Thus, such initiatives by the government has offered growth opportunities to digital therapeutics market.

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Global Digital Therapeutics Market: Segmental Overview
Based on application, the digital therapeutics market is segmented into respiratory diseases, central nervous system diseases, smoking cessation, musculoskeletal disease, cardiovascular diseases, diabetes, and other applications. In 2021, the diabetes segment held the largest digital therapeutics market share and the same segment is anticipated to register the highest CAGR in the market during the forecast period. In terms of distribution channel, the digital therapeutics market is categorized into patients, providers, payers, and employers. The patients segment held the largest digital therapeutics market share in 2021. However, the provider segment is anticipated to register the highest CAGR in the market from 2022 to 2028.

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