DUBLIN, Nov. 29, 2022 /PRNewswire/ -- The "Digital Therapeutics (DTx) Market by Application (Prediabetes, Nutrition, Care, Diabetes, CVD, CNS, CRD, MSD, GI, Substance Abuse, Rehabilitation), Sales Channel B2C (Patient, Caregiver), B2B ( Providers, Payer, Employer, Pharma) - Global Forecasts to 2027" report has been added to ResearchAndMarkets.com's offering.
The global digital therapeutics market is projected to reach USD 17.7 billion by 2027 from USD 4.5 billion in 2022, at a CAGR of 31.6% during the forecast period. The adoption of digital therapeutics is growing at a fast pace owing to factors such as the rise in the number of patients with chronic diseases and growing investments in digital therapeutics. However, a lack of awareness and access to digital therapeutics programs in developing countries, resistance from traditional healthcare providers, and uneven payment models are challenging the growth of this market.
Treatment/care-related applications segment hold the largest share of the digital therapeutics market in 2021
On the basis of application, the digital therapeutics market is divided into preventive and treatment/care-related applications. The large share of this segment is attributed to the rising investments in digital therapeutics to promote the development of cost-effective and scalable treatment platforms for these conditions.
Diabetes segment is expected to grow at the highest rate during the forecast period
On the basis of type of treatment/care-related application, the digital therapeutics market is further divided into diabetes, CNS disorders, chronic respiratory diseases, musculoskeletal disorders, cardiovascular diseases, smoking cessation, medication adherence, gastrointestinal disorders, substance use disorders & addiction management, rehabilitation & patient care, and other treatment/care-related applications. In 2021, diabetes commanded the largest share of the digital therapeutics market for treatment/care-related applications. The increasing prevalence of diabetes, high healthcare costs associated with diabetes, and rising government initiatives to decrease the burden with the help of cost-effective solutions are expected to drive market growth in this segment.
B2B segment is expected to grow with the highest CAGR during the forecast period
On the basis of sales channels, the digital therapeutics market is divided into business-to-customer (B2C) and business-to-business (B2B). This is attributed to the growing inclination of pharma companies to integrate digital therapeutics with their drug products.
North America is the largest and the fastest-growing regional market
North America, which includes the US and Canada, holds the largest market share for digital therapeutics in 2021. Factors such as the improvements in the reimbursement structure for digital therapeutics, and government initiatives to support technological advancements drive market growth in this region.
Increasing Incidence of Preventable Chronic Diseases
Rising Focus on Preventive Healthcare
Need to Control Healthcare Costs
Significant Increase in Venture Capital Investments
Benefits of Digital Therapeutics
Ability to Induce Behavioral Change
Improved Drug Adherence
Patient Convenience and User-Friendliness
Patient Data Privacy Concerns
Large Undiagnosed and Untreated Population
Unexplored Therapeutic Applications
Unstable Payment Models
Reluctance Among Patients to Adopt Digital Therapeutics
Lack of Awareness and Access to Digital Therapeutics Programs in Developing Countries
Resistance from Traditional Healthcare Providers
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Digital Therapeutics Market, by Application
7 Digital Therapeutics Market, by Sales Channel
8 Digital Therapeutics Market, by Region
9 Competitive Landscape
10 Company Profiles
Virta Health Corp
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