Digital Therapeutics Market Future Forcast For 2023 to 2028

Market Dynamics

Drivers :

The need for digital treatments is being driven by an increasing frequency of chronic diseases like diabetes, cardiovascular disease and respiratory ailments. DTx can assist patients in successfully managing their diseases and enhancing their quality of life. The need for affordable and non-invasive treatment solutions, offered by digital therapeutics, is being fuelled by the high expense of healthcare. Digital treatments are being driven by the rising use of smartphones and mobile apps. These apps allow patients to remotely manage their diseases, which lessens the need for frequent hospital visits. Regulatory organizations, including the US Food and Drug Administration (FDA), are increasingly realizing the promise of digital therapies and offering support for their development and commercialization as well.

Creative DTx solutions have made it possible through the rapid development of technologies like artificial intelligence (AI), machine learning and wearables. These innovations are increasing the effectiveness of digital therapies and broadening the range of their applications.

Key Offerings:

Digital therapies can be used to treat a variety of diseases. Businesses can take advantage of this potential by creating solutions for novel therapeutic fields including oncology and mental health. By forming alliances and working together with payers, healthcare providers and other stakeholders, digital therapeutics businesses can increase patient access to their products and broaden their market.

Digital therapies can help patients receive better care while spending less money. Businesses can take advantage of this chance by creating products that are simple to integrate into the current healthcare system. AI and machine learning and customized DTx solutions can also be created to meet the demands of each unique patient. This strategy can improve the quality of care and patient satisfaction. There are no geographic restrictions for digital therapies, so businesses can broaden their reach by breaking into new markets and initiating expansion with regional partners.

Restraints & Challenges:

One of the biggest issues the DTx sector is dealing with is the lack of adequate reimbursement options for digital therapies. Several healthcare payers are hesitant to pay for these treatments because they do not yet see the benefit in DTx, which can restrict patient access. Further, the development and commercialization of these medicines may be slowed by the lengthy and complicated regulatory approval process for DTx.

Healthcare providers may be reluctant to implement DTx solutions because of issues with the quality of the evidence proving their efficacy and safety. Besides, privacy and security issues might arise because digital pharmaceuticals use patient data to offer individualized treatment alternatives. 

DTx may not be appropriate for all patients, despite their potential to increase patient adherence and participation. Some patients might favor conventional remedies or be illiterate enough to employ these treatments properly due to a lack of technology. In this situation, persuading medical professionals and patients of the value of DTx can be difficult.

Recent Developments:

• January 2023 – Lupin, a wholly-owned subsidiary of Lupin Limited, announced the launch of its therapeutics solution, LYFE. LYFE is India’s only evidence-based holistic heart care programme that significantly reduces the risk of a heart attack and improves vitals and quality of life for cardiac patients.
• October 2022 – Fitbit Health Solutions introduced a partnership with Pretaa that seeks to improve outcomes for Americans and their families affected by substance abuse by introducing health and activity data in Pretaa’s substance abuse recovery app.
• August 2022 – Akili Inc., the maker of a video game-like digital therapeutic for children with ADHD, announced the merger with a special-purpose acquisition company Social Capital Suvretta Holdings Corp.
• July 2022 – AmerisourceBergen Corporation announced to launch DTx Connect, a fully integrated ordering, dispensing, and fulfillment platform that aims to facilitate patient access to physician-ordered digital therapeutics and diagnostics. The platform integrates with electronic medical records (EMR), enabling physicians to have easy access to prescription and non-prescription software.

Key Players:

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., WellDoc Inc., AmerisourceBergen Corporation, Akili Inc., Fitbit Health Solutions, Lupin Limited.

Frequently Asked Questions

1) What is the projected market value of the Digital Therapeutics Market?

– The Digital Therapeutics Market is expected to reach a value of USD 43.62 billion by 2028

2) What is the estimated CAGR of the Digital Therapeutics Market over the 2023 to 2028 forecast period?

– The Digital Therapeutics Market is expected to grow at a CAGR of approximately 28.1% from 2023 to 2028.

3) Who are the key players in the Digital Therapeutics Market?

– 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., WellDoc Inc., AmerisourceBergen Corporation, Akili Inc., Fitbit Health Solutions, Lupin Limited.

About Global Market Studies

Global Market Studies is a leading global market research and data services consultancy, providing actionable, objective, bespoke insights to business all over the world across multiple industry verticals also we are specialised in Healthcare market research reports and analysis. With a team of highly-experienced and domain-specific research and data experts focused on high-quality research, we are able to deliver to our clients high-quality market intelligence. Using cutting-edge, proprietary research tools we help our clients identify new market opportunities, apprehend risk early-on, maximize revenue sources and enter disruptive markets. Through a suite of impactful solutions developed using the knowledge of emerging markets, Global Market Studies is able to add real value to clients’ decision-making process so they may stay ahead of change and develop that much-needed competitive edge. We are a global market research company underpinned by quality analysis and unmatched experience combining our forte of swift turnarounds that suit your deadlines along with an ever-growing network of researchers and analysts.

Why Choose Us?

• Insights into Market Trends: Global Market Studies reports provide valuable insights into market trends, including market size, segmentation, growth drivers, and market dynamics. This information helps clients take strategic decisions, such as product development, market positioning, and marketing strategies.
• Competitor Analysis: Our reports provide detailed information about competitors, including their market share, product offerings, pricing, and competitive strategies. This data can be used to inform competitive strategies and to identify opportunities for growth and expansion.
• Industry Forecasts: Our reports provide industry forecasts, which will inform your business strategies, such as investment decisions, production planning, and workforce planning. These forecasts can help you to prepare for future trends and to take advantage of growth opportunities.
• Access to Industry Experts: Our solutions include contributions from industry experts, including analysts, consultants, and subject matter experts. This access to expert insights can be valuable for you to understand the market. 
• Time and Cost Savings: Our team at Global Market Studies can save you time and reduce the cost of conducting market research by providing comprehensive and up-to-date information in a single report, avoiding the need for additional market research efforts.