DUBLIN–(BUSINESS WIRE)–The “Digital Therapeutics Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Application and Distribution Channel” report has been added to ResearchAndMarkets.com’s offering.
The global digital therapeutics market is expected to grow from US$ 4,226.94 million in 2021 to US$ 18,061.79 million by 2028; it is estimated to grow at a CAGR of 23.1% from 2021 to 2028.
The increasing prevalence of chronic diseases, the growing need to reduce healthcare costs, and partnerships and collaborations by companies fuel the demand for digital therapeutics. However, the rise in concerns related to cyber threats and data security hampers the market growth.
Digital therapeutics is a subdivision of digital health, representing a collection of technologies, products, and services across the healthcare & wellness industries. It is an evidence-based therapeutic intervention for patients driven by software to prevent, manage, or treat a medical disorder or disease, such as congestive heart failure, obesity, dementia, type 2 diabetes, asthma, ADHD, hypertension, and anxiety.
They are used to improve patient care and health outcomes, either independently or with medications and devices. Due to the digital nature of the methodology, data can be collected and analyzed as a progress report and a preventative measure. Digital therapeutics often employ strategies rooted in cognitive behavioral therapy. Digital therapeutic products are reviewed and approved by regulators to augment product claims on risk, efficacy, and intended use.
Digital therapeutics gained rapid acceptance from employers and insurance providers owing to its benefits. The market has a significant number of small players; however, large companies have begun investing in the market in the last few years.
Key Market Dynamics
Market Drivers
- Rising Prevalence of Chronic Diseases
- Concerns Regarding Need to Reduce Healthcare Costs
Partnerships and Collaborations by Companies
- Market Restraints
- Cyber Threat and Rise in Data Security
Market Opportunities
- Large Population with Undiagnosed Conditions
Future Trends
- Increasing Number of Start-Ups
Company Profiles
- Propeller Health
- Canary Health
- NOOM, INC.
- 2MORROW, INC.
- Teladoc Health
- Welldoc, Inc.
- FITBIT, INC.
- OMADA Health
- Mango Health
- Pear Therapeutics, Inc.
- HAPPIFY Health.
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