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Digital Therapeutics Market Analysis
- Report ID: GMI5408
- Published Date: Mar 2023
- Report Format: PDF
Digital therapeutics market from software segment is projected to expand at 31.7% CAGR through 2032. Digital software modalities are helping the patients for medication adherence along with personalized care that offers long-term behavioural change. Furthermore, for patients suffering from chronic diseases such as diabetes and chronic obstructive pulmonary disease, these software solutions play an important role in ensuring that patients follow the dose guidelines. Thus, numerous advantages offered by the adoption of these software components are expected to drive the segment growth during the analysis timeframe.
Digital Therapeutics Market Analysis
Based on application, the market is segmented as diabetes, obesity, cardiovascular, mental & behavioral health, hypertension, and insomnia. The diabetes segment held a dominant market share in 2022 and is set to witness over 31%CAGR between 2023 and 2032. This high segmental share is owing to surging need and rising awareness associated with unique benefits offered by these therapeutics for the precise management of diabetes. The rising prevalence & incidence rates associated with diabetes are one of the major contributing variables for the segmental revenue. For instance, as per the International Diabetes Federation, in 2021, around 537 million adults (20-79 years) were living with diabetes worldwide. Similarly, the total number of people living with diabetes is projected to rise to 643 million by 2030. This high disease prevalence is set to propel the adoption of digital solutions, thereby stimulating the digital therapeutics industry expansion.
Based on sales channel, the digital therapeutics market is segmented as business-to-consumers (B2C) and business-to-business (B2B). B2B segment was valued at more than USD 4.5 billion in 2022. This majority revenue share is attributable to the numerous benefits offered by this market model with respect to the distribution of digital therapeutic products. The public & private health payors are offering these digital therapeutic solutions as a part of the health plan experience that enables them to view their personal health records, reach out with queries to customer service, etc. For instance, Blue Shield provides support for losing weight and preventing type 2 diabetes through offering health apps as part of Wellvolution, an easy & social approach to wellness.
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North America digital therapeutics market is anticipated to expand at 30.7% CAGR between 2023 and 2032. This high revenue share is mainly attributed to the incremental chronic care expenditure, coupled with significant venture funding to the novel startups, and the presence of favorable initiatives. Additionally, favorable government initiatives that aim towards improved personalized care related to chronic health conditions are set to propel regional market expansion.
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Digital Therapeutics Market Scope
