Global Digital Therapeutics Market to Grow at 20.2% During 2023-2028, Supported by Rising Incidences of Chronic Disorders

According to the latest report by IMARC Group, titled “Digital Therapeutics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global digital therapeutics market size reached US$ 5.0 Billion in 2022. Digital therapeutics (DTx) is a subset of cognitive-behavioral therapy that is utilized to deliver evidence-based treatment interventions to patients. It adopts various software programs, wearable devices, digital data, and an internet connection to diagnose, treat, prevent, and manage physical and mental illnesses. They find application in conditions, such as Alzheimer’s disease, type 2 diabetes, asthma, gastrointestinal problems, and chronic pulmonary disease. DTx can be used as a standalone therapy or in conjunction with conventional treatments, including in-person and pharmacological therapies, to enhance the effectiveness of health care.

Global Digital Therapeutics Market Trends:

The DTx market is majorly being driven by the rising prevalence of chronic diseases, along with the shifting inclination toward preventive treatment solutions and the increasing need to lower healthcare costs. Additionally, the inflating sales of smart devices due to the availability of high-speed internet connectivity has further led to an increase in the adoption of digital devices amongst consumers for accessible, engaging, and personalized medical solutions. This, in turn, is contributing to the market growth. Moreover, rising awareness regarding the benefits of DTx, such as patient convenience, and improved drug compliance, is acting as another growth-inducing factor. Other than this, leading pharmaceutical companies are consistently investing in research and development (R&D) activities to introduce advanced production technologies and expand their product portfolio, which is creating a positive outlook for the market. Looking forward, the market is expected to grow at a CAGR of 20.2% during 2023-2028.

Market Summary:

• Based on the application, the market has been divided into diabetes, obesity, cardiovascular disorders (CVD), central nervous system (CNS) disease, respiratory diseases, smoking cessation, and others.
• On the basis of the end use, the market has been segmented into patients, providers, payers, employers, and others.
• On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
• The competitive landscape of the market has also been examined, with some of the key players being 2Morrow Inc., Canary Health Inc., Click Therapeutics Inc., Mango Health Inc. (TrialCard Incorporated), Noom Health Inc., Omada Health Inc., Pear Therapeutics, Inc., Propeller Health (ResMed), Teladoc Health Inc., Voluntis Inc. and WellDoc Inc.

Report Scope:

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