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Global Digital Therapeutics Market to Reach US$12.1 Billion by the Year 2026
Digital therapeutics (DTx), an emerging trend in the rapidly growing mobile health (mHealth) space comprises software programs that blend medical intervention with digital platforms for treatment of medical disorder or conditions. Digital therapeutics enables improved health monitoring, prevention and management leading to improved health outcomes and reduced healthcare expenditure. With rising penetration of smartphones and internet usage, digital therapeutics can offer basic medical guidance, work in combination with drug regimens, use cognitive stimulation to induce behavioural changes, connect with wearables and medical equipment through the use of mobile apps. Rising incidences of chronic diseases, growing geriatric population, technological advancements, benefits of digital therapeutics, and pressing need to curb rising healthcare costs are key growth drivers spurring significant growth in the global market. Strong adoption of digital platforms like smartphones, apps, electronic wearables, mobile internet; growing focus on value based care; and rising venture capital investments in digital health based business models spur growth in the market. The momentum is likely to accelerate further with advent of next-generation technologies such as IoT and Artificial Intelligence (AI), as these `high-tech` modalities hold immense potential to augment roll out of DTx interventions as a complementary product or as a complete replacement to traditional therapeutics.
Amid the COVID-19 crisis, the global market for Digital Therapeutics estimated at US$2.6 Billion in the year 2020, is projected to reach a revised size of US$12.1 Billion by 2026, growing at a CAGR of 27.7% over the analysis period. B2B, one of the segments analyzed in the report, is projected to grow at a 28.8% CAGR to reach US$13.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the B2C segment is readjusted to a revised 19.2% CAGR for the next 7-year period. This segment currently accounts for a 12.9% share of the global Digital Therapeutics market.
The U.S. Market is Estimated at $1.4 Billion in 2021, While China is Forecast to Reach $909.2 Million by 2026 Select Competitors (Total 108 Featured) -
The Digital Therapeutics market in the U.S. is estimated at US$1.4 Billion in the year 2021. The country currently accounts for a 41.8% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$909.2 Million in the year 2026 trailing a CAGR of 28.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 23.8% and 22.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 27% CAGR while Rest of European market (as defined in the study) will reach US$1.2 Billion by the end of the analysis period. The United States and Europe represent key markets, led supported by well-developed digital infrastructure that provides the foundation for DTx. In Asia-Pacific region, growth is driven by rising prevalence of chronic illnesses and growing geriatric population.
- Better Therapeutics, Inc
- Biofourmis Inc.
- Canary Health, Inc.
- Click Therapeutics, Inc.
- Fitbit Health Solutions
- Happify, Inc.
- Pear Therapeutics, Inc.
- Voluntis, Inc.
- Wellthy Therapeutics Pvt Ltd