The global digital therapeutics market is estimated to witness high growth owing to advancements in digital health technologies. Digital therapeutics deliver therapeutic interventions directly to patients using software to prevent, manage and treat a medical condition or disease. They incorporate advanced computer science, physiological monitoring and behavioral science. Digital therapeutic products deliver engaging treatment plans through mobile or web applications to help change patient behavior and treat medical conditions such as diabetes, cardiovascular diseases, central nervous system disorders, respiratory conditions and others.
The Global digital therapeutics market is estimated to be valued at US$ 6.6 Bn in 2024 and is expected to exhibit a CAGR of 20.% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the digital therapeutics market are Happify, Inc., 2Morrow, Inc., Akili Interactive Labs, Inc., Click Therapeutics, Inc., and Fitbit, Inc. (Twine Health, Inc.).
Key opportunities: Rising investments and funding in digital therapeutics startups, growing demand for patient-centric healthcare delivery, and increasing support from regulatory bodies present key growth opportunities in the market over the forecast period.
Technological advancements: Advancements in digital technologies such as artificial intelligence, machine learning, virtual reality, and augmented reality are enabling the development of sophisticated and engaging digital therapeutic solutions to treat various medical conditions more effectively.
Market Drivers
Growing prevalence of chronic diseases is a key factor driving the Digital Therapeutics Market Demand. According to WHO, chronic diseases are the leading cause of death and disability worldwide. Digital therapeutics offer cost-effective treatment solutions to effectively manage chronic diseases. Advancements in mobile health and wireless technologies are enabling easier access to therapeutic interventions through mobile applications, thereby driving the market growth. Increasing recognition of digital therapeutics by healthcare providers and favorable regulations are also expected to boost the adoption of digital therapeutic solutions over the forecast period.
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