The digital therapeutics market is expanding with the help of digital transformation solutions and advancing technology.
Fort Collins, Colorado, Nov. 14, 2023 (GLOBE NEWSWIRE) — According to DataHorizzon Research, The Digital Therapeutics Market size was valued at USD 6.2 Billion in 2022 and is expected to reach a market size of USD 60.0 Billion by 2032 with a CAGR of 25.6%.
Chronic diseases like diabetes, cardiovascular conditions, and mental health disorders have increased globally. Traditional healthcare systems struggle to provide timely and cost-effective care. Digital therapeutics offer scalable and cost-efficient solutions to manage these conditions effectively. These can help patients adhere to treatment plans, monitor their progress, and prevent disease progression through personalized interventions.
The aging population is increasing the demand for healthcare, particularly in Asia, where it’s estimated to hit 25% of old-age population by 2050. Digital therapeutics offer remote care options, reducing hospital visits and improving accessibility. Elderly individuals can benefit from digital therapeutics for medication reminders, cognitive training, physical rehab, and chronic disease management. Digital therapeutics can also address the challenges of limited healthcare resources in rural areas.
Smartphones and high-speed internet have enabled remote healthcare services and the integration of digital therapeutics into patients’ daily lives. This has made digital therapeutics more accessible, user-friendly, and accepted among patients and healthcare providers.
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The global digital therapeutics market has been segmented into application, end-use, and region. The diabetes segment has the largest revenue share due to the growing prevalence of diabetes and other chronic diseases. Patients receive personalized care through digital therapy, which improves access to care and allows for real-time monitoring.
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Digital Therapeutics Market Report Highlights:
- The global digital therapeutics market growth is anticipated at a CAGR of 25.6% by 2032.
- Digital therapeutics is an emerging field that uses digital tech to deliver therapeutic interventions. Factors driving market growth include the rise of chronic diseases, data-driven tech, aging populations, and demand for remote care.
- North America, particularly the United States, has been at the forefront of adopting digital therapeutics due to a mature healthcare system and favorable regulatory environment.
- Some prominent players in the digital therapeutics market report include OMADA HEALTH, INC., Welldoc, Inc., 2Morrow, Inc, Teladoc Health, Inc., Propeller Health (ResMed), Fitbit LLC, CANARY HEALTH, Noom, Inc., Pear Therapeutics, Inc., Akili Interactive Labs, Inc., HYGIEIA, DarioHealth Corp., BigHealth, GAIA AG, and Limbix Health, Inc. among others.
Industry Trends and Insights:
– Omada Health earned URAC telehealth accreditation for its virtual MSK care program, designed to improve access to high-quality care.
– Welldoc expanded its platform to support weight management, adding to its multi-condition support for prediabetes, diabetes, hypertension, and heart failure, as well as integrated mental well-being and sleep apnea support.
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Digital Therapeutics Market Segmentation:
By Application: Diabetes, obesity, CVD, respiratory diseases, smoking cessation, CNS diseases, others
By End-user: Patients, providers, payers, employers, others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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