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Digital Therapeutics Market Size
- Report ID: GMI5408
- Published Date: Mar 2023
- Report Format: PDF
Digital Therapeutics Market Size
Digital Therapeutics Market size was valued at around USD 6.5 billion in 2022 and is projected to register 31.5% CAGR between 2023 and 2032. Surging applications of digital therapeutic software & devices in assisting medical professionals to handle numerous functions of healthcare practice will fuel overall market growth.
Digital therapeutics (DTx) deliver medical interventions directly to patients using evidence-based, clinically evaluated software & devices to treat, manage, and prevent a broad spectrum of diseases and disorders. For example, digital therapeutics can support patients in self-managing symptoms and thereby improve their quality of life & other clinical endpoints. These digital modalities aid in minimizing the gaps in healthcare by providing therapeutics through smartphones, mobile devices, and similar modalities
Digital software solutions are assisting in medication adherence with personalized care that promotes long-term behavioral change in patients. Additionally, for patients suffering from chronic disorders including diabetes & chronic obstructive pulmonary disease, these software solutions are playing a crucial role to ensure that patients are adhering to the dose recommendations. Thus, it is projected that the digital therapeutics market would be driven in the coming years by the huge potential of digital therapeutics.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Digital Therapeutics Market Size in 2022: | 6.5 Billion (USD) |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 31.5% |
| 2032 Value Projection: | 104 Billion (USD) |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 169 |
| Tables, Charts & Figures: | 192 |
| Segments covered: | Component, Application, Sales Channel, and Region. |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Digital therapeutic applications are exposed to a wide range of security threats due to their portability and weaknesses in management & design. Hence, digital therapeutics adoption must be coupled with the deployment of comprehensive measures to prevent, detect, address, and mitigate cyber threats & continuously monitor IT networks, systems as well as maintain backup, and protective systems. The deployment of these preventive measures requires high-end cyber security protection and remediation costs, which in turn adversely affects the competitiveness and results of operations.
Moreover, the increasing cases of data thefts, breaches and leaks are leading to concerns regarding information security & privacy. Currently, the number of data privacy cases and fraudulent attacks on important patient data is on the rise. Healthcare data is most crucial and can be used for severe malpractices. Thus, concerns regarding data security and privacy, especially in developing and underdeveloped countries may negatively impact the adoption of digital therapeutics solutions in the market.
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Digital Therapeutics Market Scope
