Digital Therapeutics Market Growth Accelerated by Increased Adoption of Prescription Digital Therapeutics

 

Digital therapeutics deliver evidence-based therapeutic interventions to patients that are driven by high quality software programs to prevent, manage, or treat a medical condition. They are utilized independently or in conjunction with drugs and devices and are designed to act on patients through software applications and software-based therapeutic interventions. Digital therapeutics help managing conditions like chronic disease, neurological disorders, substance use disorders in a more efficient way compared to traditional treatment options. The global Digital Therapeutics Market is estimated to be valued at US$ 6.6 Bn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The growing adoption of prescription digital therapeutics by various healthcare providers as well as patients has been a major factor fueling the growth of this market over the forecast period. Digital therapeutics have been proven to be an effective solution to deliver evidence-based treatment of medical conditions and encourage positive health outcomes. For example, prescription digital therapeutics have shown promising results in conditions like diabetes, hypertension, mental health disorders, and others. The high affordability and accessibility of digital therapeutics compared to traditional healthcare options have further boosted their adoption rates globally. Rising investments by startup companies as well as large enterprises in developing innovative digital therapeutics and clinical validations have positively impacted the market growth trends.

Segment Analysis
The global digital therapeutics market is dominated by lifestyle management applications that aim to prevent and manage lifestyle-related chronic diseases like diabetes, hypertension, and obesity. Lifestyle management applications held a dominant share of over 40% in the market in 2022 due to the rising prevalence of chronic lifestyle diseases that require continuous monitoring and therapeutic interventions.

Key Takeaways
The global digital therapeutics market is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis

North America currently dominates the global digital therapeutics market owing to the presence of favorable government initiatives and regulations related to digital health in countries like the US. Moreover, high healthcare expenditure and growing awareness about digital therapeutics among patients and healthcare providers also contribute to North America's large share. However, Asia Pacific is expected to be the fastest growing regional market during the forecast period due to the rising geriatric population, growing incidence of chronic diseases, and increasing investments by market players in emerging countries of the region.

Key players operating in the digital therapeutics market are Happify, Inc., 2Morrow, Inc., Akili Interactive Labs, Inc., Click Therapeutics, Inc., and Fitbit, Inc. (Twine Health, Inc.). Happify offers a digital platform of therapeutic applications for Stress, Depression and Anxiety. 2Morrow provides digital therapeutics for type 2 diabetes treatment and management. Akili Interactive focuses on digital treatments for mental health disorders like ADHD using behavioral video games.

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