Digital Therapeutics Market Size Worth $32.5 Billion by 2030: Grand View Research, Inc.

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15 Feb, 2022, 10:00 GMT

SAN FRANCISCO, Feb. 15, 2022 /PRNewswire/ -- The global digital therapeutics market size is anticipated to reach USD 32.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a lucrative CAGR of 26.1% from 2022 to 2030. Key factors driving the market growth include high demand due to the COVID-19 pandemic, various supportive regulatory initiatives & early signs of reimbursements, increasing smartphone penetration in developed & developing countries, and the growing prevalence of chronic disorders. Moreover, the cost-effectiveness of digital health technology for providers & patients and increasing demand for integrated healthcare systems & patient-centric care are estimated to boost the market growth.

Key Insights & Findings from the report:

The diabetes application segment dominated the market in 2021 due to the high prevalence of diabetes.
The patients' end-user segment held the maximum revenue share in 2021 owing to the high adoption of digital therapeutic solutions by patients.
In 2021, North America was the dominant regional market owing to the increased use of digital health products and favourable reimbursement scenarios that focus on improving quality of life through improved tracking & diagnostics.
Asia Pacific region is expected to register the fastest CAGR over the forecast period owing to the growing demand for personal care devices and related services.

Read 150-page market research report, "Digital Therapeutics Market Size, Share & Trends Analysis Report by Application (Diabetes, Obesity, CVD), By End User (Patients, Providers, Payers, Employers), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Digital Therapeutics Market Growth & Trends

The COVID-19 pandemic catalyzed the adoption of digital therapeutics solutions. Teladoc reported that telehealth usage grew by about 38 times since pre-pandemic. The adoption of these solutions was further supported by supportive initiatives by key regulatory bodies, such as the FDA. For instance, the U.S. FDA released guidelines in April 2020 to expand the availability of digital health therapeutic devices for psychiatric patients. As per Kepios, globally, the number of internet users is growing at an annual rate of 7.6%, i.e., an average addition of 900,000 new users every day. While developed and certain developing economies have high smartphone and internet penetration, countries in regions, such as Africa and South Asia, are lagging due to their less advanced economies.

With a modest user base, Africa's smartphone market is expected to grow due to the advent of affordable handsets in the country. These handsets are priced under USD 100 per unit and are gaining popularity. The need for cost-effective healthcare is increasing due to the growing healthcare expenditure. The rising incidence of chronic diseases has led to an increase in healthcare costs. This has affected economic growth in developing and developed economies. To promote cheaper and alternative means of healthcare delivery, digital health technologies are being encouraged to help avoid added costs. The ease of usage of mHealth apps and their consistent performance can help improve health outcomes of individuals and communities, which is anticipated to have a positive impact on market growth.

Digital Therapeutics Market Segmentation

Grand View Research has segmented the Digital therapeutics market on the basis of application, end user, and region:

Digital Therapeutics Application Outlook (Revenue, USD Million, 2017 - 2030)

Diabetes
Obesity
CVD
Respiratory Diseases
Smoking Cessation
CNS Diseases
Others

Digital Therapeutics End-user Outlook (Revenue, USD Million, 2017 - 2030)

Patients
Providers
Payers
Employers
Others

Digital Therapeutics Regional Outlook (Revenue, USD Million, 2017 - 2030)

North America

U.S.
Canada

Europe

U.K.
Germany
France
Italy
Spain

Asia Pacific

Japan
China
India

Latin America

Brazil
Mexico
Argentina

South Africa
Saudi Arabia

List of Key Players of Digital Therapeutics Market

Omada Health, Inc.
WellDoc, Inc.
2Morrow, Inc.
Livongo Health, Inc. (Teladoc Health, Inc.)
Propeller Health
Fitbit Inc.
Canary Health
Mango Health
Noom, Inc.
Pear Therapeutics

Check out more related studies published by Grand View Research:

mHealth Market - The global mHealth market size is expected to reach USD 130.6 billion by 2030 and is expected to expand at a CAGR of 11.0% over the forecast period, according to a new report by Grand View Research, Inc. Increasing adoption of mHealth apps and technologies by physicians and patients and rise in penetration of internet and smartphone connectivity are among the major factors expected to drive the growth of the market.
Telehealth Market - The global telehealth market size is expected to reach USD 787.4 billion by 2028, registering a CAGR of 36.5% over the forecast period, according to a new report by Grand View Research, Inc. The development and evolution of smartphones and the strengthening of internet connectivity have made telehealth and telemedicine more affordable and accessible, and thereby contributed to its growing adoption rate.
Remote Healthcare Market - The global remote healthcare market size is expected to reach USD 23.9 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.0% from 2021 to 2028. COVID-19 pandemic has created a burden on healthcare systems. Moreover, many patients were hesitant to visit hospitals owing to fear of contracting COVID-19. This in turn increased the demand for telehealth including real-time virtual health services.

Browse through Grand View Research's coverage of the Healthcare IT Industry

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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