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(IT-NEWSWIRE.COM, August 26, 2024 ) The report "Digital Therapeutics Market by Offerings (Platform, Virtual Reality/Games), Revenue Model (Subscription, Value Based), Application (Therapy (Diabetes, Obesity, CNS, Respiratory, CVD), Drug Adherence, Rehab/Patient care) - Global Forecast to 2028", is projected to reach USD 21.9 billion by 2028 from USD 6.1 billion in 2023, at a CAGR of 29.1%.
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The predominant factors fueling market growth include governmental initiatives supporting technological advancements and progress in the digital therapeutics field to mitigate escalating healthcare costs. Conversely, challenges to market growth stem from patient reluctance to adopt digital therapeutics and the instability of payment models.
The largest segment in the digital therapeutics market was acquired by treatment/care-related applications.
The digital therapeutics market's application segment is divided into preventive and treatment/care-related applications. In 2022 the treatment/care-related applications segment secured the market's largest share. Key drivers for this segment include the rise in healthcare costs and the cost-effective solutions offered by digital therapeutics. The market growth is further fueled by rising prevalence of disorder cardiovascular diseases, diabetes, substance abuse among others. Rising awareness regarding preventable disease such as prediabetes and obesity is estimated to drive the growth of preventable application segment. Digital therapeutics designed for prediabetes often include comprehensive lifestyle modification programs. These programs address key factors such as diet, physical activity, stress management, and sleep patterns. They provide personalized interventions to help individuals adopt healthier habits and manage their prediabetic condition.
The B2B segment represents the largest and fastest-growing category in the market over the forecast period.
The sales channel segment in the digital therapeutics market is categorized into business-to-business (B2B) and business-to-customer (B2C). In 2022, the B2B segment held the largest market share. This is attributed to the growing partnerships between prominent digital therapeutics providers and payers, providers, and employers, aimed at expanding their customer base. This collaboration significantly contributes to the increased sales of digital therapeutics solutions.
North America led the digital therapeutics market in 2022.
In 2022, the North American countries held the dominant market share, with Europe following closely behind. The North American market is anticipated to exhibit the highest CAGR. This growth is fueled by factors such as gradual improvement of reimbursement structures, and increasing investments in digital therapeutics in the region. The US has witnessed a significant rise in chronic disease incidence, and managing a greater volume of patients poses a major challenge to the healthcare system in the country. Moreover, there is a greater focus on reducing rising healthcare costs. These factors are projected to drive the market in the coming years.
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Key Players
Prominent players in the digital therapeutics market include Noom, Inc (US), Teladoc Health, Inc. (US), Omada Health, Inc. (US), WellDoc, Inc (US), Biofourmis (US), Better Therapeutics, Inc (US), Amalgm Rx (US), CogniFit Inc (US), Headspace Health (US), Propeller Health (US), Virta Health Corp (US), 2Morrow, Inc. (US), Realizedcare (US), Canary Health (US), Twill Inc. (US), Click Therapeutics, Inc. (US), Akili, Inc. (US), Cognoa, Inc (US), Wellthy Therapeutics Pvt. Ltd. (India), Kaia Health (Germany), Ayogo (Canada), Mindable Health GmbH (Germany), Hinge Health, Inc. (US), and Freespira (US).
MarketsandMarkets™
Mr. Rohan Salgarkar
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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