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. Increasing prevalence of chronic diseases, developments in digital therapeutics to curb growing healthcare costs and government initiatives to support the digital therapeutics are driving the market growth.
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Key Market Players
The digital therapeutics market is a highly diversified and competitive market, with several emerging players. The prominent players in this market include are Noom, Inc (US), Teladoc Health, Inc. (US), Omada Health, Inc. (US), WellDoc, Inc (US), Pear Therapeutics, Inc. (US), CogniFit Inc (US), Ginger (US), Propeller Health (US), 2Morrow, Inc. (US), Canary Health (US), Click Therapeutics, Inc. (US), Akili, Inc. (US), Cognoa, Inc (US), Wellthy Therapeutics Pvt. Ltd. (India), Twill Inc. (US), Better Therapeutics, Inc (US), Mindstrong (US), Kaia Health (Germany), BehaVR Inc (US), Ayogo (Canada), Mindable Health GmbH (Germany), Virta Health Corp (US), Hinge Health, Inc. (US), Orexo AB (Sweden) and Freespira (US).The players in the market focus on providing effective products to cater to the unmet needs of customers, increase profitability, and gain a competitive edge in the market.
Noom, Inc. (US) is among the world leaders digital therapeutics market in providing high-quality solutions for weight management, diabetes prevention, and stress reduction. Noom has been awarded multiple grants from the National Institutes of Health and provided the first mobile application recognized by the US CDC as a certified diabetes prevention program. Noom, Inc. launched a program called Noom Mood to expand its behavioral change approach to other conditions, including diabetes, hypertension, and sleep. The company is present in New York (US), Berlin (Germany), Seoul (South Korea), and Tokyo (Japan).
Teladoc Health, Inc. (US) is one of the prominent players digital therapeutics market. The company uses proprietary health signals and personalized interactions to improve health outcomes. It mainly targets diabetes, hypertension, weight management, diabetes prevention, and mental health. Teladoc Health, Inc. launched the Chronic Care Complete program, a chronic condition management solution to help individuals improve their health outcomes while living with multiple chronic conditions. Its programs, such as Chronic Care Complete and myStrength, have been accelerated by the 2020 merger with Livongo, further developing Teladoc Health’s ability to deliver true whole-person care with fully integrated clinical and digital solutions responsive to market needs. The merger between Teladoc and Livongo is one of the most significant integrations of competencies and skills in digital health.
Omada Health, Inc (US) is one of the leading player digital therapeutics market. The company provides integrated, virtual care across chronic conditions, a top clinical need for employers and health plans. the company secured USD 73 million from its investors to develop digital care health programs focusing on preventable chronic conditions. The company is focusing on broadening its product offerings beyond diabetes—the company launched the Physician-guided Care Program, a virtual cardiometabolic clinic for hypertension and diabetes patients. The company also partners with many employers, payers, healthcare systems, and pharma companies.
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Recent Developments:
· Philips and Wellbeing Digital Solutions: Philips announced the acquisition of Wellbeing Digital Solutions (WDS). WDS is a digital therapeutics company that develops digital solutions to improve patient engagement and outcomes in chronic conditions. The acquisition will allow Philips to expand its portfolio of digital health solutions and capabilities in chronic disease management and remote care.
· Novartis and Akili Interactive Labs: Novartis announced that it has entered into a definitive agreement to acquire Akili Interactive Labs, a digital therapeutics company focused on developing treatments for neurological and psychological conditions. Through the acquisition, Novartis will gain access to Akili’s digital therapeutics platform, which includes a library of clinical evidence and a portfolio of digital therapeutics programs in development.
· Merck and HealthPrize Technologies: Merck announced that it has entered into a definitive agreement to acquire HealthPrize Technologies, a digital therapeutics company focused on helping patients stay on top of their medications. The acquisition will enable Merck to enhance its digital health offerings and expand its presence in the digital therapeutics market.
· Illumina and GRAIL: Illumina announced that it has entered into a definitive agreement to acquire GRAIL, a digital therapeutics company focused on developing and commercializing multi-cancer early detection products. Through the acquisition, Illumina will gain access to GRAIL’s patented technologies and products, which will enable the company to expand its portfolio of healthcare solutions.
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The key questions answered in Digital Therapeutics Market report:
1. What are the key trends in the digital therapeutics market?
2. What are the major drivers of the digital therapeutics market?
3. What are the key challenges faced by the digital therapeutics market?
4. What are the key opportunities for the digital therapeutics market?
5. What are the key strategies adopted by market players in the digital therapeutics market?
6. What are the key product offerings of the leading companies in the digital therapeutics market?
7. What is the competitive landscape of the digital therapeutics market?
8. What are the estimated growth rates for the digital therapeutics market in the forecast period ?
