Digital Therapeutics and Wellness Market size is projected to reach USD 15,192.81 Million by 2028 from an estimated USD 4140 Million in 2021, growing at a CAGR of 20.41% globally.
Digital therapeutics (DTx) are solutions that provide evidence-based therapeutic involvement to patients who are turned by high-quality software applications to prevent, manage, or treat a medical ailment or disease, according to the Digital Therapeutics Alliance. Digital treatments are not to be confused with digital pharmaceuticals, also known as “smart pills,” which combine a prescription medication with an ingestible sensor that communicates with a software application to track compliance. The relevance of digital therapies and wellness in healthcare has grown as mobile technology and artificial intelligence (AI) have developed and become more influential in our daily lives. Over the projected period, the rise in the tech-savvy population and the growing preference for software programmes for yoga, exercise, and diet solutions are expected to drive the growth of the digital therapeutics and wellness market.
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Major Key Players for Digital Therapeutics and Wellness Market:
- Livongo Health
- Propeller Health
- Proteus Digital Health
- Vida Health
- Omada Health
- Virgin Pulse
- Canary Health
- Mango Health
- My mHealth
Market Dynamics and Factors:
Patients can use digital therapies to receive evidence-based therapy approaches. It use software programmes and devices to manage, prevent, or treat medical diseases. The digital therapeutics software can be used alone or in combination with other medicines to deliver patient care and health outcomes. The growing prevalence of preventable chronic diseases like cancer and diabetes, the need to control healthcare costs, increased investment in digital medicines, and a growing focus on preventative healthcare are all driving the digital therapeutics market forward. The increasing focus on preventative healthcare by governments around the world is one of the primary factors driving the growth of the digital therapeutics market. Governments are taking efforts and putting programmes in place to boost the use of these devices, which is a departure from traditional healthcare.
Connectivity, cloud-based infrastructure, and useful data transfer are the foundations of digital therapeutics and wellness solutions. There is a high risk of data security due to the sensitive data exposed on web-based platforms, which can be critical in the event of a data robbery or cyber-attack on such systems. The major needs for widespread adoption of digital medicines solutions are cybersecurity and data privacy. Because of the increasing dominance of mobile technology, artificial intelligence, and IoT devices in everyday activity, the technological shift in digital tools and devices integrated into daily lifestyle presents a certain possibility in establishing digital health integrated platforms and solutions.
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Digital Therapeutics and Wellness Market Report Highlight:
- By device type, the blood pressure monitor segment is forecasted to have the greatest share of the digital therapeutics and wellness market.
- By the technology, cellular technology is expected to lead the growth of the digital therapeutics and wellness market in the analyzed period. Telemedicine/Telehealth and mHealth are the two main categories developed owing to the development in cellular technology.
- By the end-use, the obesity weight loss segment is anticipated to dominate the digital therapeutics and wellness market over the forecast period.
Key Industry Development:
In March 2021, ResMed has acquired Tong-il, a South Korean sleep and respiratory care HME provider, bolstering its commitment and expertise to assist South Korean patients with sleep apnea, COPD, and other chronic respiratory disorders.
In January 2021, A&D Company Limited has introduced the A&D Borealis BA-T/BA Series premium level micro and semi microbalances, which offer a super precision weighing solution for a variety of scientific needs.
Digital Therapeutics and Wellness Market Segmentation:
For this report, Introspective Market Research has segmented the Digital Therapeutics and Wellness Market based on the region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM
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Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. The Digital Therapeutics And Wellness Market study looks deeply into the worldwide market’s competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER’s Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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