The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Nov. 16, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s digital therapeutics global market report 2023, the global digital therapeutics market is experiencing remarkable growth, with the market size surging from $5.53 billion in 2022 to $6.93 billion in 2023, marking an impressive compound annual growth rate (CAGR) of 25.1%. Projections indicate continued momentum, with the digital therapeutics market expected to reach $17.19 billion by 2027, reflecting a CAGR of 25.5%.
Segments Driving Growth
The Rising Penetration of Smartphones and Tablets Fueling Market Expansion
One of the primary drivers propelling the digital therapeutics market is the escalating penetration of smartphones and tablets. These portable devices have revolutionized healthcare delivery, making it more convenient and accessible for patients. Digital therapeutics, in the form of mobile applications and software, leverage the power of these devices to provide evidence-based medical interventions, monitor health conditions, and facilitate patient engagement.
In 2023, the estimated global smartphone users reached 5.25 billion, marking a 4.9% annual increase.
Additionally, in the United States, smartphone users increased to 76.5% in 2022, a 3.8% rise from the previous year. The rising prevalence of smartphones and tablets is expected to be a key catalyst for the growth of the digital therapeutics market.
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Market Concentration and Leading Players
Key Players Driving Market Dynamics
The global digital therapeutics market is fairly concentrated, with a few prominent players shaping the industry. The top ten competitors constituted 34.94% of the total market in 2022. Teladoc Health Inc. led the market with a 19.47% share, followed by Noom (4.21%), Fitbit Health Solutions (3.63%), and others. Market concentration is attributed to strategic acquisitions, partnerships, and global distribution efforts by leading players.
Trends Shaping the Future
Integration of Artificial Intelligence (AI) in Digital Therapeutics
A significant trend gaining popularity in the digital therapeutics market is the introduction of artificial intelligence (AI). Major players are integrating AI into their digital therapeutics software to enhance user experiences and improve patient monitoring and assistance. For example, Fitterfly launched X-Labs, an AI-powered digital therapeutics division, leveraging human-centered design to enhance healthcare quality for patients with chronic conditions. X-Labs utilizes AI for progress tracking, reminders, common requests, and routine information.
Market Segmentation and Leading Regions
Opportunities and Growth Potential
The global digital therapeutics market is segmented based on product, sales channel, and application. Key segments include:
- Product: Software, Devices
- Sales Channel: Business-To-Business (B2B), Business-To-Consumers (B2C)
- Application: Preventive Applications, Treatment or Care-Related Applications
The software segment is poised for significant growth, gaining $14,118.1 million in global annual sales by 2027.
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North America emerged as the largest region in the digital therapeutics market in 2022, worth $2,648.3 million. The market accounted for 0.010% of the region’s GDP, with per capita consumption at $5.26—$4.55 higher than the global average. The digital therapeutics market in North America is supported by the high prevalence of chronic diseases and substantial healthcare spending.
As players navigate the dynamic landscape of the digital therapeutics market, the Global Market Report 2023 serves as an invaluable resource. Stakeholders can leverage this comprehensive report to make informed decisions, identify growth opportunities, and stay ahead of industry trends. Strategies for success include expanding business capabilities, investing in AI integration, and capitalizing on the growing demand for digital therapeutics.
Digital Therapeutics Global Market Report 2023 by The Business Research Company provides insights on the digital therapeutics market size, digital therapeutics market segments, digital therapeutics market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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