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Digital Therapeutics Market To Grow At 31.4% Cagr To Hit $13.1 Billion By 2026
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Increasing smartphone penetration in developed & developing countries, the cost-effectiveness of digital health technology for providers & patients, and increasing demand for integrated healthcare systems & patient-centric care are expected to drive the market. 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.
The global digital therapeutics market is projected to reach USD 13.1 billion by 2026, at a CAGR of 31.4% during the forecast period.
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Digital therapeutics Market dynamics
Drivers: Increasing incidence of preventable chronic diseases
Chronic diseases have increased the burden on healthcare systems across the globe. For example, as per a report—Heart Diseases and Stroke Statistics at a Glance (2016, published by the American Heart Association)—cardiovascular disease (CVD) is the leading cause ...
... of death globally. CVD accounts for 17.3 million deaths per year, and this figure is expected to cross 23.6 million by 2030.
Restraints: Patient data privacy concerns
In many countries, various health apps are deprived of appropriate approvals, leading to concerns of product & data quality, reliability in treatment decisions, patient privacy, security, and the responsible use of data. Digital therapeutics providers have access to patient information and are forbidden from sharing the information with anyone not involved in treating that patient. However, with the integration of data using digital tools, the patient’s data is at risk of being accessed by any healthcare professional not related to the patient’s treatment program.
Opportunities: Emerging markets
Emerging economies such as India, China, and the Middle East present growth opportunities for digital therapeutics. In most geographies, the market is still in its infancy due to a lack of awareness, the minimum availability of these solutions, lack of IT infrastructure, and financial and social constraints. On the other hand, most emerging economies show high rates of chronic disease incidence. According to WHO estimates, by 2020, chronic diseases will be responsible for 70% of the total deaths in developing countries. On the global level, by 2025, ~60% of the burden of chronic conditions will be in developing countries.
Challenges: Reluctance among patients to adopt digital therapeutics
Motivating people to use digital therapeutics and building their confidence is a major challenge faced by digital therapeutics providers. While older and underserved populations show maximum susceptibility to diseases and the highest occurrence rates, they are the least likely to use digital therapeutics products due to low technology literacy levels. Furthermore, the limit of how much behavioral change will be observed with digital therapeutics is still undefined.
North America commanded the largest share of the digital therapeutics market in 2020.
In 2020, North America held the largest share of the market, followed by Europe. The market in North America is also expected to grow at the highest CAGR of 32.2%. Factors such as the influx of new start-ups, increasing investments in digital therapeutics, improvements in the reimbursement structure for digital therapeutics, and government initiatives to support technological advancements drive market growth in this region.
Prominent players in the digital therapeutics market include Noom (US), Livongo Health (US), Omada Health (US), WellDoc (US), Pear Therapeutics (US), Proteus Digital Health (US), Propeller Health (US), Akili Interactive Labs (US), Better Therapeutics (US), Happify (US), Kaia Health (Germany), Mango Health (US), Click Therapeutics (US), Canary Health (US), Wellthy Therapeutics (India), Cognoa (US), CogniFit (US), Ayogo Health (Canada), Mindstrong Health (US), 2Morrow (US), and Ginger (US).
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