Digital Therapeutics Market size is slated to garner more than USD 100 billion by 2032, as per a recent research report announced by Global Market Insights Inc.
The increased adoption of cost-containment strategies to minimize and prevent future expenses on healthcare will propel the demand for digital therapeutics by 2032. Digital health has gained significant prominence over recent years attributed to the emergence of smartphones, wearable devices, mobile applications, social media, and cloud-based data platforms. This has expanded the scope of health monitoring and general well-being from being space-bound activities to the widespread digital world.
Proven effectiveness in managing chronic disorders to bolster the demand for digital therapeutic devices
The devices segment is poised to be valued at over USD 8 billion by 2032. The emergence of several lifestyle-influenced health conditions, such as diabetes, obesity, and hypertension, has escalated the need for real-time health monitoring devices. Loaded with a range of advanced features such as Bluetooth connectivity and mobile sync, digital therapeutic devices help patients track their real-time data and take better and more informed decisions about their health. The increased cognizance of the benefits of adopting digital therapeutic devices in managing chronic disorders is likely to drive segmental gains.
Browse key industry insights spread across 169 pages with 175 market data tables & 17 figures & charts from the report, “Digital Therapeutics Market Size By Component (Software, Device) By Application (Diabetes, Obesity, Cardiovascular, Mental & Behavioral Health, Hypertension, Insomnia) By Sales Channel (Business-to-business (B2B), Business-to-consumers (B2C)), Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2023-2032”, in detail along with the table of contents:
Rising concerns about maintaining a healthy body weight to drive product expansion among obese people
Obesity segment is set to exceed USD 19 billion by 2032. Increased consumption of packaged and processed food and drinks with high-calorie content and physical inactivity has resulted in the prevalence of several health conditions, such as overweight and obesity, especially among the youth. The growing consumer inclination toward digital therapeutics platforms for effective weight management and availability of 24*7 on-demand support at competitive prices will accelerate business revenue throughout the projection period.
Low-cost expenses to help B2C emerge as a leading sales channel
The business-to-consumer (B2C) segment will reach over USD 29 billion by 2032, owing to the number of advantages offered by business-to-consumer (B2C) sales channels. The sales model ensures direct communication between the customers and the company. This enables B2C businesses to develop and sell their services without intermediaries and helps them interact directly with customers, cut their expenses, and deliver a seamless start-to-finish consumer experience.
Enhanced policy support to boost industry growth across North America
North America digital therapeutics market accumulated over 56% market share in 2022 and is set to expand at above 30.5% CAGR by 2032. The increasing disease burden and the subsequent rise in healthcare expenses will promote industry gains in the region. Besides, a supportive regulatory framework in countries such as the U.S. and Canada will drive lucrative growth to the regional industry.
Collaborations to stimulate the competitive scenario
Major enterprises operating in the digital therapeutics market are Omada Health, Virta Health Corp., Biofourmis, Inc., Akili Interactive Labs, Lark Health, Pear Therapeutics, Inc., Propeller Health (ResMed), Teladoc Health, LifeScan, Inc., DarioHealth, Voluntis, My Sugr (Roche), Welldoc, Otsuka Holdings, Co., and Click Therapeutics, Inc.