What is the global market size of Digital Therapeutics Market?

Global Digital Therapeutics Market size was valued at USD 968.6 million in 2021 and is poised to grow from USD 1035.6 million in 2022 to USD 1805.6 million by 2030, growing at a CAGR of 7.2% in the forecast period (2023-2030).

Who are the key vendors in the Global Digital Therapeutics Market?

The global digital therapeutics market is fragmented and highly competitive. The market is in its early stages, yet there is a significant investment in solution gradation and enhancement. The presence of numerous large- and small-scale business operators distinguishes the market. The market is extremely competitive and dominated by significant competitors who focus on executing creative tactics such as mergers and acquisitions, market penetration, partnerships, and distribution agreements to boost revenue and maintain market competitiveness. 'Propeller Health', 'Click Therapeutics, Inc.', ' Pear Therapeutics ', ' Akili Interactive ', ' Omada Health ', ' Livongo Health ', ' WellDoc ', ' 2Morrow Inc. ', ' Canary Health ', ' Proteus Digital Health ', ' Happify Health ', ' Kaia Health ', ' Biofourmis ', ' Ginger.io ', ' My mHealth ', ' Hinge Health ', ' Bold Health ', ' Woebot Health ', ' Healthera ', ' CogniFit '.

What is the key driver of Global Digital Therapeutics Market?

Globally, healthcare costs are increasing due to the prevalence of chronic diseases, rapid expansion in the elderly population, rising costs of medical services, increasing demand for health services, inactive lifestyles, and the use of expensive drugs and medical technologies. Furthermore, operational inefficiencies and hospitalizations contribute to rising healthcare costs. One of the primary factors driving the growth of digital therapies is the growing need to reduce rising healthcare costs.

What is the key market trend for Global Digital Therapeutics Market?

Technological innovation is an emerging trend that is gaining traction in the digital therapeutics market. To improve their position, major players in the market are focusing on developing technologically advanced solutions for digital healing. For example, in 2020, Boehringer Ingelheim, a pharmaceutical company based in Germany, and Click Pharmaceuticals, a prescription digital therapeutics company based in the United States, agreed to collaborate on the development and commercialization of a digital drug for schizophrenia patients worth more than $500. According to Million Business, the CT-155 treatment will be a mobile app built on Click's technological platform.

Which region accounted for the largest share in Global Digital Therapeutics Market?

In 2021, North America contributed the most with nearly 41% of worldwide revenue. This is due to a variety of reasons, including increased use of digital health devices and beneficial reimbursement scenarios that emphasize improving quality of life through improved tracking and diagnostics. The market is likely to be driven by the frequency of chronic diseases and the increase in the aging population in the region. Proteus Digital Health, Inc., Omada Health, Inc., WellDoc, Inc., and Livongo Health, Inc. are some of the leading companies in this field. Most of these corporations are located in the United States, which contributes to their local dominance.

Digital Therapeutics Companies

Digital Therapeutics Market Competitive Landscape

Digital Therapeutics Market Top Player’s Company Profiles

ANSYS (US)
Dassault Systèmes (SIMULIA) (France)
Siemens Digital Industries Software (Simcenter) (Germany)
PTC (Creo) (US)
Autodesk (Simulation) (US)
OpenFOAM (Open-source) (N/A)
STAR-CCM+ (US/Germany)
COMSOL Multiphysics (Sweden)
CD-adapco (STAR-CD, STAR-CCM+) (US/Germany)
Altair (HyperWorks) (US)
ESI Group (France)
MSC Software (MSC Adams, MSC Marc) (US)
MathWorks (MATLAB/Simulink) (US)
Flow3D (US)
Fluent (acquired by ANSYS) (US)
CONVECTION (US)
Cadence Design Systems (US)
Synopsys (US)
Numerica (US)
Pointwise (US)

Digital Therapeutics Market

FAQs

Global Digital Therapeutics Market size was valued at USD 3.44 billion in 2022 and is poised to grow from USD 4.01 billion in 2023 to USD 13.72 billion by 2031, at a CAGR of 16.61 % during the forecast period (2024-2031).

The digital therapeutics market is a dynamic and fragmented market. It consists of many players in digital therapeutics who offer a wide range of products, like mobile software and devices. Market leader Pear Therapeutics, Inc, is dominating the market with a strong line of software. The growing sales of reSET & reSET-O in the U.S. are supporting its strong market share. Furthermore, the increasing investments in research and development of digital therapeutics products is also contributing towards the expansion of the market globally. 'ANSYS (US) ', 'Dassault Systèmes (SIMULIA) (France) ', 'Siemens Digital Industries Software (Simcenter) (Germany) ', 'PTC (Creo) (US) ', 'Autodesk (Simulation) (US) ', 'OpenFOAM (Open-source) (N/A) ', 'STAR-CCM+ (US/Germany) ', 'COMSOL Multiphysics (Sweden) ', 'CD-adapco (STAR-CD, STAR-CCM+) (US/Germany) ', 'Altair (HyperWorks) (US) ', 'ESI Group (France) ', 'MSC Software (MSC Adams, MSC Marc) (US) ', 'MathWorks (MATLAB/Simulink) (US) ', 'Flow3D (US) ', 'Fluent (acquired by ANSYS) (US) ', 'CONVECTION (US) ', 'Cadence Design Systems (US) ', 'Synopsys (US) ', 'Numerica (US) ', 'Pointwise (US)'

The demand for therapeutics software and devices is increasing because of the management and treatment of chronic diseases globally. Furthermore, the incidences of chronic conditions, like type 1 diabetes & type 2 diabetes, cancers, Alzheimer’s diseases, obesity, and gastrointestinal disorders are also increasing. This is especially true in emerging economies, which is propelling the demand for this software during the forecast period.

Incorporation of Digital Therapeutics with Healthcare Systems: Digital therapeutics can be smoothly incorporated into electronic health records (EHRs) and other healthcare systems. This helps medical professionals to easily access and monitor patient data in real-time. This restructuring of medical delivery enhances the efficiency of care and helps doctors to make better and more informed decisions. Furthermore, incorporation with medical systems also improves security and standardizes data sharing between digital therapeutics platforms and medical professionals.

North America is dominating the digital therapeutics market with the largest revenue share. This is mainly due to the increasing number of initiatives for reducing the rising healthcare spending across the region. Furthermore, the region is a hub for many solutions providers for digital therapeutics that again drive the region's market growth. The digital therapeutics market expansion in this region is fueled by factors such as the entry of new startups, changes in the reimbursement structure of digital therapeutics, increased investments in digital therapeutics, and growing government initiatives to assist technological developments.

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What is the global market size of Digital Therapeutics Market?

Who are the key vendors in the Digital Therapeutics Market?

What is the key driver of Digital Therapeutics Market?

What is the key market trend for Digital Therapeutics Market?

Which region accounted for the largest share in Digital Therapeutics Market?

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