Overview of This Study:
The study involved four major activities in estimating the current size of the global digital therapeutics market. Exhaustive secondary research was conducted to collect information on the market, its peer markets, and its parent market.
Research Methodologies Followed:
Primary Research
In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, to obtain and verify the critical qualitative and quantitative information as well as assess the prospects of the market.
Secondary Research
Secondary research was mainly used to identify and collect information for the extensive, technical, market-oriented, and commercial study of the digital therapeutics market. Secondary sources include directories; databases such as Bloomberg Businessweek, Factiva, and Wall Street Journal; white papers; and annual reports that were used to obtain key information about major players, market classification, and segmentation according to industry trends, regional/country-level markets, market developments, and technology perspectives.
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Revenue Gains Expectations: Global digital therapeutics market is projected to reach USD 13.1 billion by 2026, at a CAGR of 31.4% during the forecast period. Growth in this market is primarily driven by the rising focus on preventive healthcare, significant increase in venture capital investments and benefits of digital therapeutics.
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.
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.
Recent Developments:
· 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.
· 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
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Based on Sales, the B2B segment is expected to account for the largest share of the Digital Therapeutics Market, by Sales in 2021
This is attributed to growing awareness among providers, payers, and employers about the benefits of digital therapeutics and the inclination of pharmaceutical companies to integrate digital therapeutics with their drug products
North America region is expected to grow at the highest growth rate during the forecast period
The market in North America is expected to grow at the highest CAGR. Factors such as the influx of new startups, 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.
