Digital Therapeutics Market will be worth USD 28.21 Billion in 2030 and is expected to grow at a CAGR of 21.36%.

New York, United States, June 21, 2022 (GLOBE NEWSWIRE) -- The Digital Therapeutics industry showcases a high growth rate due to the increasing penetration of smartphones and other electronic gadgets like fitness trackers in the market which are used for the measurement of various human body parameters, increased sales of electronic consumer goods used for the measurement of different human core vitals and increased investment in the sector. Additionally, the number of devices that can be integrated into the digital therapeutics ecosystem is rising with advancing technologies.

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Critical Insights in the Digital Therapeutics Market:

• North America holds the highest market share in the market, with over 40% of the total revenues in the market.
• By application, the diabetes market holds the highest market share due to the high number of patients.
• By Sales Channel, the business-to-consumer (B2C) segment currently holds the highest market share due to increasing awareness of the use of digital therapeutics in the treatment of patients.
• By Product, the software segment dominated the market because of the increased use of applications on smartphones being increasingly used as solutions in the digital therapeutics market.

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Key factors responsible for worldwide market growth: -

• With the rise in chronic diseases such as cancer, diabetes, asthma, obesity and osteoporosis, among other diseases, the market for digital therapeutic products and services would increase. According to the CDC, cigarette smoking causes heart disease and stroke and is responsible for nearly 1 in 4 deaths of smokers. Further, the risk of diabetes increased by 30 to 40% for people who smoke than those who refrained from it. Therefore, the market would see an increased demand.
• Globally, the geriatric population is witnessing a massive surge. According to US Census Data, there are approximately 24.1 million citizens who are over the age of 65. According to Eurostat, in the EU, 1 out of 5 citizens is above the age of 65. With an ageing population, there would be increased cases of various physiological and neurological diseases, and hence, there will be a further need for digital therapeutic products and services.
• The technological advancement in the field is led by companies such as PEAR Therapeutics and Hinge Health that are enabling patients to improve their neuropsychiatric and musculoskeletal health, respectively.
• The increased use of mobile phones, too, has led to a growth in the market as smartphone apps have become an important tool that assists patients with their conditions.

Segmentation Analysis of the Digital Therapeutics Market in the report developed by SMR:

By Sales Channel

Business to Consumer

• Patients
• Caregivers

Business to Business

• Payers
• Providers
• Pharmaceutical Companies
• Employers
• Others
  
  

By Product Type

• Device
• Software

Based on Application

• Preventive
• Prediabetes
• Nutritional
• Lifestyle Management
• Obesity
• Others

Treatment / Care - related

• Diabetes
• CNS Disorders
  • Mental Health
  • Other Digital Therapeutics

Other Disorders

• Musculoskeletal disorders
• Smoking Cessation
• Medication Adherence
• Gastrointestinal Disorder
• Rehabilitation and Patient Care
• Chronic Respiratory disorder
• Cardiovascular Diseases
• Substance Abuse and Addiction Management
• Other Treatment / Care Applications
  
  

By Region

North America

• Canada
• USA
• Rest of North America
  
  

Europe

• Germany
• France
• Italy
• United Kingdom
• Spain
• Rest of Europe

Asia Pacific

• Japan
• India
• China
• South Korea
• Rest of Asia Pacific
  
  

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Rest of the World

By Sales Channel, the ‘Business to Business’ segment had the highest market share.

The segment dominated the market due to the increasing awareness of the providers, employers, pharmaceutical companies and payers about the increased benefits associated with digital therapeutics. There is also an increased willingness by the companies to invest and develop techniques to assimilate traditional drug regimens along with digital innovations. Sanofi invested in the app Happify Health to aid MS (multiple sclerosis) patients to aid them in conditions such as anxiety and depression.

By Product Type, the ‘Software’ segment had the highest market share.

The integration of digital therapeutic software into smartphones is the reason why the market is growing with a high CAGR. According to research, as of 2021, there are over 6.2 billion smartphone subscriptions globally, with the number set to rise to 7.7 billion subscriptions by the year 2027. The value of the digital health market stood at USD 66.5 billion in 2021, with over 87 million people in the US who use a fitness or health app every month. The number of health-related apps for smartphones surpassed a total of over 350,000, with over 90,000 added in the year 2020 alone. The top 3 categories which account for over half the disease-specific apps are mental health, diabetes and cardiovascular diseases. With an increase in the use of health and fitness applications and the rise in digital health expenditure, we would see the market for digital therapeutics enhance.

By Application, ‘Treatment / Care - Related’ dominates the market share.

There are several diseases that can integrate the use of digital therapeutics in their treatment and/or care plans. One of the major uses is the tracking and treatment of diabetes. According to the CDC, there are over 37 million people living with diabetes in the US. Hence, there has been a proliferation of apps that aid in maintaining diabetes. Some examples are MySugr, BezzyT2D and Beat Diabetes. According to the CDC, approximately 3 out of 4 children between the ages of 3 - 17 suffer from depression and anxiety, and nearly 1 out of 2 children had behavioural problems. Further, the US spends USD 3.4 trillion on health care for diseases that can be reversed or modified using behavioural change techniques. Given that digital therapeutics can aid in such treatments; we can see an increase in the market for the same.

By Region, ‘North America’ held the highest market share.

North America dominates the market for the same due to increased investments in the sector, government initiatives that support the industry and overall infrastructure presence for developing the market. In 2021, Hinge Health received USD 400 million in series E funding. The overall Digital health start-up ecosystem managed to raise USD 5.1 billion in the same year. Hence, with increasing investments, the market is showing an upward trend in the demand as well as the supply.

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A list of Major Players in the Digital Therapeutics industry are:

• Fitbit, Inc.
• Pear Therapeutics
• Voluntis, Inc.
• 2MORROW, Inc.
• Medtronic, PLC
• Kaia Health
• Click Therapeutics, Inc.
• Livongo Health, Inc.
• GSK Digital Therapeutics
• Viridian Therapeutics
• Akili Interactive Labs, Inc.
  
  

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Key Updates from the Market:

• In June 2022, Pear Therapeutics held a conference wherein it presented its financials and study data. The research was published in the peer-reviewed journal ‘Advances in Therapy’. The company saw a 12% higher prescription recommendation for its addiction app, reSET.
  
  
• In June 2022, Hanmi Pharmaceuticals and KT (formerly Korea Telecom) announced that they have jointly invested in the digital therapeutics firm Digital Pharm. The investment is aimed at improving Digital Pharm’s digital therapeutics program that is aimed at treating alcohol and nicotine addiction; the investment will also help develop a separate program which aids in the treatment of attention deficit hyperactivity disorder (ADHD).
  
  
• In June 2022, Sidekick and Eli Lilly announced their collaboration to work on an integrated digital therapeutics solution for patients having breast cancer. The solution is one that helps patients manage their cancer better through stress management schedules, sleep schedules, the physical activities they should be doing, and the diet that is to be followed.
  
  
• In June 2022, Cara Care raised USD 7 million in funding after becoming the first digital therapeutics company that is approved for prescription use by the German healthcare system. The investment will be used to expand Cara’s presence into other territories as well as expand their portfolio.
  
  

• In June 2022, Swing Therapeutics received USD 10.3 million in series A funding to further develop their digital therapeutics program on fibromyalgia, which is a musculoskeletal disease with extreme symptoms for the patients.
  
  

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