The global Digital Therapeutics and Wellness Market size is expected to reach USD 1.06 Billion by 2028, recording a CAGR of 21.6% over the forecast period, according to the current analysis of Reports and Data. Major factors driving market growth are technological advancements in mobile healthcare, a significant increase in venture capital investments, and the advantages of digital therapies, such as the ability to induce behavioral change, user-friendliness, patient convenience, and improved drug compliance.
A subcategory of digital health is digital therapeutics. Digital therapeutics provide high-quality software-driven evidence-based therapy treatments to prevent, manage, or treat medical ailments or disease. To put it another way, digital therapies treat medical or psychological conditions using digital and typically online health technologies. The goal of digital therapies is to mimic existing treatments, scale care to a wide patient population using technology, enhance their behavior or function, and minimise expenses. These therapies are designed to treat illnesses that are currently underserved by healthcare systems. Chronic and neurological disorders are included in this category.
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Now that the tide is turning, more worldwide growth in the pharmaceutical business is likely to come from emerging nations, particularly China, where health systems are rapidly developing. Despite the fact that only a few acquisitions were announced or completed, tremendous growth is projected in the future years.
Significantly, China's adoption of health insurance and broader healthcare reforms last year effectively created a market of one billion people overnight. However, generic medications account for 76% of the Chinese market, making it difficult for European and American multinationals to capitalize on market prospects.
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Further key findings from the report suggest
- As digital therapeutics have transitioned from concept to reality, investors have poured nearly USD12.5 billion into digital health ventures. This has also led to new product launches. For instance, in January 2019, Pear Therapeutics, one of the leaders of the digital therapeutics market, launched the ReSet for treatment of substance abuse.
- In 2020, new entrants in biopharmaceutical and medical device sector are expected to bring to the market a variety of digital therapies and connected health services that can help patients make behavioral changes, give providers real-time therapeutic insights, and provide insurers and employers with new tools to more effectively manage their beneficiaries' health.
- Among the various disease type segments of the digital therapeutics market, diabetes accounted for the largest market revenue share in 2020 and will continue to grow at a rapid rate over the forecast period. This is due to the changes in lifestyle and eating habits of the people which has increased the incidence of diabetes and hence the need for diabetes management.
- North America dominates the market with the highest market share owing to widespread technological advancements in the region especially in the healthcare sector and also due to government policies that encourage people to adopt digital therapies.
- Asia Pacific is expected to record the highest CAGR of 22.5% due to the high population of the region which also means a large share of target population for digital therapeutics market players. In addition to this, governments of various emerging therapeutics are promoting the use of digitals and providing financial assistance.
- Europe too has registered a double digit CAGR and held the second largest market revenue share in 2020. This is due to the widespread awareness about the advantages of digital therapeutics and developed healthcare infrastructure in the region.
- The key players of the digital therapeutics market include, Dthera Sciences, Omada Health, Propeller Health, Pear Therapeutics, Proteus Digital Health and Canary Health Inc.
Segments Covered in the Report:
For the purpose of this report, reports and data has segmented the Digital Therapeutics and Wellness Market on the basis of type, disease type, application, end use and region:
Type Outlook (Revenue, USD Million; 2020 – 2028)
- Software and mobile application
- Hardware
Disease Type Outlook (Revenue, USD Million; 2020 – 2028)
- Obesity
- Diabetes
- Cardiovascular Disease
- Central Nervous System
- Respiratory Diseases
- Others
Application Outlook (Revenue, USD Million; 2020 – 2028)
- Prevention
- Care
End Use Outlook (Revenue, USD Million; 2020 – 2028)
- Patients
- Payors
- Providers
- Employer
- Others
Regional Outlook (Revenue, USD Million ; 2020 – 2028)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East Africa
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The entry of startups and regional players in the recent years and their increasing focus on drug development and research and advancements in therapeutics and medical devices are also expected to contribute to the growth of the market.
Among the product types, the demand for personalized medicine for cancer is expected to dominate other types over the forecast period attributing to growing demand for customized therapies to treat various types of cancer and growing incidence of cancer globally.
Growing advancements in medical therapies to drive market growth
The pharmaceutical and healthcare industry is driven by rapid advancements in customized therapies, medical devices, and surgical procedures. Integration of advanced technologies to accelerate research and development and manufacturing and production activities are some other factors driving market growth.
High prices of certain drugs might affect revenue growth
Launch of high-priced drugs to treat rare and chronic diseases and less affordability in middle- and low-income regions might limit their adoption and restrain market growth going ahead. In addition, less knowledge and regarding advanced treatment approaches and lower awareness of advanced technologies might further hamper market growth over the forecast period.
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