Digital Therapeutics Market Size, Trends And Forecast To 2033

The digital therapeutics market size has grown exponentially in recent years. It will grow from $7.05 billion in 2023 to $8.93 billion in 2024 at a compound annual growth rate (CAGR) of 26.7%. The growth in the historic period can be attributed to aging population and chronic diseases, digital health adoption, healthcare costs and efficiency, remote patient monitoring, and pandemic-induced demand
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The digital therapeutics market size is expected to see exponential growth in the next few years. It will grow to $23.49 billion in 2028 at a compound annual growth rate (CAGR) of 27.4%. The growth in the forecast period can be attributed to increasing adoption of personalized medicine, health data interoperability, value-based care models, increasing mental health and well-being focus, healthcare access and equity, growing cybersecurity and data protection, growing demand for population health management. Major trends in the forecast period include expansion of iot devices and sensors, artificial intelligence in healthcare, wearable health technology, technological advancements, and product innovations.

Market Overview -
Digital therapeutics (DTx) are the products that give evidence-based therapeutic treatments to patients through high-quality software applications in order to prevent, manage, or treat a medical ailment or disease.

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Smartphone And Tablet Use Fuels Growth In The Digital Therapeutics Market
The increase in use of smartphones and tablets, coupled with healthcare apps, is expected to propel the growth of the digital therapeutics market in the forecast period. Smartphones and tablet-based healthcare apps have numerous advantages over the lower rate of medication errors, facilitating preventive care, and more accurate staffing. For instance, according to the State of Mobile Internet Connectivity Report 2023 by Groupe Speciale Mobile Association (GSMA), a UK-based non-profit organization, in 2022, more over half of the world's population (54%) possess a smartphone. Therefore, the increasing use of smartphones drives the growth of the digital therapeutics market.

Competitive Landscape -
Major companies operating in the digital therapeutics market include Omada Health Inc., WellDoc Inc., 2Morrow Inc., Livongo Health, Propeller Health, Pear Therapeutics, Canary Health Inc., Noom Health Inc., Mango Health Inc., Akili Interactive Labs, Better Therapeutics, Happify Health, Kaia Health, Medtronic plc, Teladoc Health Inc., Fitbit Health Solutions, EMulate Therapeutics, BigHealth, DarioHealth, IQVIA, JOGO Health, SilverCloud Health, Biofourmis Inc., Prosoma, Virta Health Corp., One Drop Inc., Lark Health, Riva, Xealth, CogniFit Ltd.

Technological Innovation Gaining Popularity In The Digital Therapeutics Market
Technological innovation is an emerging trend gaining popularity in the digital therapeutics market. Major companies operating in the market are focused on developing technologically advanced solutions for digital therapeutics to strengthen their position. For instance, Boehringer Ingelheim, a Germany-based pharmaceutical company, and Click Pharmaceuticals, a US-based prescription digital therapeutics business, have agreed to collaborate on the development and commercialization of a digital medication for schizophrenia patients worth more than $500 million. The treatment named CT-155 will be a mobile app developed on click's technology platform, according to the company.

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Key Segments -

The digital therapeutics market covered in this report is segmented -

1) By Product: Software, Devices
2) By Sales Channel: Business-To-Business (B2B), Business-To-Consumers (B2C)
3) By Application: Preventive Applications, Treatment Or Care-Related Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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