Growth in this market is primarily driven by the increasing incidence of preventable chronic diseases, the need to control healthcare costs, rising focus on preventive healthcare, and rising investments in digital therapeutics.
What the Market Looks Like?
MarketsandMarkets forecasts the global digital therapeutics market is projected to reach USD 13.1 billion by 2026 from USD 3.4 billion in 2021, at a CAGR of 31.4% during the forecast period. The digital therapeutics market is segmented into North America, Europe, the Asia Pacific, and the RoW. In 2020, North America held the largest share of the market, followed by Europe.
Covid-19 Impact on the Digital Therapeutics Market
The impact of the coronavirus pandemic and the subsequent establishment of nationwide lockdowns is visible in various industries. The overall growth of various sectors has been heavily impacted, especially in countries with a high incidence rate of COVID-19, such as India, China, Brazil, the US, and several European countries (including Russia, Italy, and Spain). While industries such as oil and petroleum, aeronautics, and mining are experiencing a steep fall in revenues, the healthcare, biotechnology, and pharmaceutical industries are optimizing this situation to serve a maximum number of patients and healthcare professionals.
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What are Key Trends in the Market?
The growth of the Digital Therapeutics Market is primarily influenced by the following factors:
- Increasing incidence of preventable chronic diseases
- Rising focus on preventive healthcare
- Need to control healthcare costs
- Significant increase in venture capital investments
Based on application, the digital therapeutics market is segmented into preventive and treatment/care-related applications. The largest share is the treatment/care related applications. This segment is attributed to the growing incidences of chronic diseases, the rising economic burden of their treatment, and investments in digital therapeutics to encourage the development of cost-effective and scalable treatment platforms for these conditions.
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- In April 2021, Welldoc(US) partnered with Dexacom (US). This partnership helped provide BlueStar with Dexcom G6 CGM as a single platform to people with Type 2 diabetes for improved health.
- In March 2021, Pear Therapeutics (US) partnered with Sprectrum Health Systems (US). Tufts Health Plan and Spectrum Health Systems announced a collaboration with Pear Therapeutics to test FDA-approved digital therapeutics to help people with substance use disorders and improve their recovery journeys by delivering solutions for improved treatment access and care innovation journeys by delivering solutions for improved treatment access and care innovation
- In January 2020, Crossroads Treatment Centers (US) collaborated with Pear Therapeutics (US) to implement the company’s digital platform reSET-O to help patients with opioid abuse and addiction.